U.S. oil & gas analytics market forecast will be driven by large scale deployment of data gathering tools including sensors, IIoT and IoT, facilitating requirement for smart analytical platforms. Increasing investments in upstream oil and gas exploration activities and infrastructure development including refineries, storage terminals and pipelines will stimulate business expansion. In 2018, U.S. oil & gas analytics size had reached USD 825 million in yearly revenues.
The United States has recently moved from being a net importer of oil, petroleum products and natural gas to a net exporter. The U.S. oil & gas sector contributes around USD 1.5 trillion towards the country’s gross domestic product and the growth of which has been mainly driven by production of shale gas. In 2019, production of oil & gas has hit records with crude oil exceeding 12,000,000 barrels/day and natural gas exceeding 100,000 million cubic feet/day.
Request for a sample copy of this research [email protected] https://www.decresearch.com/request-sample/detail/4418
Increasing stringency in cyber security regulations will contribute towards heightened demand for more agile analytical software. Moreover, growing concerns over large data repositories will boost the demand for advanced analytical tools, favoring industry growth over the coming years. Estimates suggest that U.S oil & gas analytics market size will register a 14.5% CAGR through 2025.
Focus on production optimization
With abundance of proven O & G reserves along with exploration of unconventional reserves in the region, the focus is shifting towards production optimization. As per the U.S. Department of Energy, the proven gas reserves in the country surged by 85% in 2019. This is further encouraging industry players to deploy IoT and IIoT across drilling and production assets for overall optimization.
Increasing adoption of data gathering devices for production optimization and risk assessment platforms in the current unpredictable industry scenario may further bolster the demand for advanced AI & analytical tools as they allow effective management of overall O&M costs.
Rising O&G infrastructure spending
Exponential increase in O&G infrastructure spending will positively impact the adoption of analytics across various divisions. Surging volumes of O&G supplies has fueled the requirement for additional infrastructure across the United States with Southwest and Northeast regions contributing over 36% and 19% of the total infrastructure investments. The gathering, processing and refining divisions generated revenue of USD 4.9 billion and USD 5.2 billion respectively in 2017, as per API.
Increasing requirement of gas pipelines to transport the incremental capacity along with the need for additional crude oil network to facilitate the transport of surging supplies from West Texas to refineries will expand investments in the O&G analytical tools in the coming years.
Paradigm shift towards hosted applications
The O&G industry is witnessing a shift from on-premise deployment to hosted applications on account of advantages like reduced costs, automatic system updates and easy data sharing and integration. The shift is primarily due to associated high maintenance and upgradation cost of the on-premise deployments along with the chances of hardware deterioration with time and permanent data loss.
Growing demand for enhanced network security and easy collaborations will boost the demand for hosted applications through 2025.
Over the past years, O&G companies have faced several industry-specific challenges, such as difficulties with performance improvement, lack of visibility into complex operational processes, logistics complexity, meeting environmental regulations and equipment life cycle management. However, proliferation of big data analytics has not only solved theses troubles but continues to assist in streamlining key oil & gas operations, like exploration, drilling, production as well as delivery, in the upstream, midstream and downstream sectors.
About Us: –
DecResearch.com, powered by GMI, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed ‘Table of Contents’ for reports being regularly published by GMI. Via this platform, users not only get to answers to their questions about these reports, they also have an additional avenue to talk to the sales and research teams of GMI to learn more about the topics of their interest.
Contact Us: –
Website: – https://www.decresearch.com
Email: [email protected]