Global Process Simulation Software in Oil and Gas Market Overview:
Process simulation software is a program or application that allows oil and gas plants, pipelines, and other important equipment to be designed and modeled. These design tools assist project managers, site engineers, and site workers in fully understanding the product/operation in a virtualized environment, allowing them to build the plant, pipeline, and other structures as needed. Oil and gas firms can use the software to reduce the risk of error and optimize the total cost of production. One of the primary aspects that are projected to provide new chances for the growth of process simulation software in the oil and gas industry over the forecast period is increasing investment in AR/VR-based 3D simulation tools/solutions.
Growth Drivers
- Increasing adoption of innovative and advanced technologies to enhance the efficiency of operations
- Rising drilling activities globally and overall IT expenditure by oil and gas companies
Roadblocks
- Complications associated with the interpretation of simulated processes to real-life operations
Opportunities
- Surging demand for automation systems in oil and gas industries
- Growth and expansion of oil and gas industry
Challenges
- High initial investment associated with oil and gas process simulation
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Aspen Technology (United States), Honeywell Process Solutions (United States), AVEVA Group (United Kingdom), Process System Enterprise (United Kingdom), Chemstations (United States), Kongsberg Gruppen (Norway), GSE Systems (United States), Virtual Material Group (Canada), ProSim (France) and EQ-Comp (India). Analyst at AMA Research see Global Players to retain maximum share of Global Process Simulation Software in Oil and Gas market by 2026. Considering Market by Operation , the sub-segment i.e. Off-shore will boost the Process Simulation Software in Oil and Gas market. Considering Market by Software , the sub-segment i.e. Cloud-based will boost the Process Simulation Software in Oil and Gas market. Considering Market by Services , the sub-segment i.e. Consultancy will boost the Process Simulation Software in Oil and Gas market.
Latest Market Insights:
In July 2021, KBC announces the release of Petro-SIM® 7.2 process simulation software, which is at the core of KBC’s award winning process digital twin. This release expands simulation capabilities for renewable fuels, an expanding variety of bio feedstocks, energy efficiency, and environmental protection. New tools account for emissions from combustion sources and manage energy efficiency. Process design engineers benefit from the integration with MySEP technology.
In June 2021, Baker Hughes and C3 AI announced that KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, will deploy artificial intelligence (AI) technology from the BakerHughesC3.ai (BHC3) alliance to enhance KBC’s existing software portfolio for oil and gas process simulation, supply chain optimization, and energy management.
What Can be Explored with the Process Simulation Software in Oil and Gas Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Process Simulation Software in Oil and Gas Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Process Simulation Software in Oil and Gas
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Process Simulation Software in Oil and Gas market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Process Simulation Software in Oil and Gas market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations, Process Simulation Software in Oil and Gas Provider and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.