Global Oil and Gas Process Simulation Software Market is expected to register a steady CAGR of 4.98% in the forecast period of 2019-2026. This rise in market value can be attributed to the higher adoption of innovative and advanced technologies resulting in higher efficiency of operations.
Major Market Competitors/Players: Global Oil and Gas Process Simulation Software Market
AVEVA Group plc; Chemstations Inc.; Bryan Research & Engineering, LLC; KBC; Honeywell; Aspen Technology, Inc.; Kongsberg Group; Schneider Electric; Process Systems Enterprise; GSE Systems; ProSim; Virtual Materials Group Inc.; Tieto; ANSYS, Inc.; Siemens; HEXAGON; Dassault Systèmes and PTC Altair Engineering, Inc.
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Market Definition: Global Oil and Gas Process Simulation Software Market
Process simulation software is a type of software service in which the production method is virtually created to pick out any flaws or drawbacks in the manufacturing method of certain components. The application of this software in the production/processing of oil & gas simply mean the application of this software in the oil & gas industry which results in higher efficiency in the production cycle as well as providing enhanced safety to the working environment.
- Increasing adoption of automation systems resulting in growth of simulation software services because of adoption of Industry 4.0; this factor is expected to drive the growth of the market
- Better understanding of the product requirements, structuring of chemicals with the usage of these processes; this factor is expected to drive the growth of the market
- Higher efficiency and effectiveness of the operational cycle minimizing the chances of any faults and resulting in reduced cost of production are factors driving the growth of the market
Table of Content:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Global Oil and Gas Process Simulation Software Market Landscape
Part 04: Global Oil and Gas Process Simulation Software Market Sizing
Part 05: Global Oil and Gas Process Simulation Software Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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- High cost associated with the software service is expected to restrain the growth of the market
- Complications associated with the interpretation of simulated processing to real life operations; this factor is expected to restrain the growth of the market
Segmentation: Global Oil and Gas Process Simulation Software Market
- By Component
- By Operation Type
- Heavy Oil
- By Application
- Oil & Gas Processing
- Cryogenic Processes
- Green Engineering
- Asia Pacific
- South Korea
- North America
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- United Arab Emirates
Key Developments in the Market:
- In February 2018, Tieto announced that they had agreed to acquire Petrostreamz. This acquisition is expected to expand the solution capabilities for the upstream division of oil & gas industry.
- In September 2016, Honeywell announced the launch of a new version of process modelling software for the oil & gas, refining, petrochemical, chemical and power industries. The product termed as “UniSim Design Suite Release 450”, with the newest version focused on features such as safety, heat-exchangers, flow-assurance and sub-sea operations and refining support.
Competitive Analysis: Oil and Gas Process Simulation Software Market
Global oil and gas process simulation software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of oil and gas process simulation software market for global, Europe, North America, Asia-Pacific and South America.
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