European Oil and Gas Analytics Market size is expected to witness a lucrative growth between 2021 and 2027, according to a latest forecast report by Graphical Research.
Europe Industry growth is owing to rising CAPEX across O&G along with increasing demand for effective real-time field data analysis will augment the business outlook. Oil & gas data analytics includes field data observation for efficient production well performance prediction. Additionally, growing investments in the E&P coupled with rising number of green fields to provide easy operations in line with cost feasibility will boost the market deployment.
Ongoing emphasis on process digitization across the oil & gas domain to accelerate efficient labor productivity coupled with minimal operating costs will drive oil & gas analytics demand. Stringent government HSE regulations and norms to ensure safer field operations will further propel market revenue. Furthermore, customized security protocols, data security, and large data repositories will propel data analytics demand across the entire oil & gas value chain.
The oil and gas analytics market is anticipated to grow at a significant CAGR during the forecast period on account of efficient uptime, lower cost of ownership, and complete system & configuration control. Additionally, low maintenance, easy accessibility, high data security, and affordability will positively influence the market demand. Moreover, product scalability, rapid deployment, and low energy costs will complement the industry outlook.
Browse detailed statistical insights from the report, “Europe Oil & Gas Analytics Market Forecast 2027 By Application (Upstream, Midstream, Downstream), By Deployment (On-Premise, Hosted), By Service (Professional, Cloud, Integration), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Cloud-based services segment will gain remarkable momentum over the projected timeframe owing to their faster and highly accurate results compared to other techniques. Moreover, these services have minimal infrastructure requirements in server installation, resulting in reduced infrastructure costs and thereby supporting the market growth. The ongoing adoption of cloud-based integrated big data & business intelligence analytics for efficient process optimization by several oil & gas companies will further enhance service penetration.
The rapid boost in deep-sea operations along with increasing unconventional drilling technologies will stimulate oil & gas analysis in the upstream sector. The ability of easy remote monitoring, improved reservoir management, and efficient seismic data management will further enhance data analytics services in the region. In addition, growing demand for digital solutions across the upstream, midstream, and downstream oil & gas sectors will boost the market spectrum.
The Norway oil and gas analytics market will experience substantial growth through 2027 on account of ongoing extensive E&P activities. For instance, in 2021, Norway energy companies, Equinor and Aker BP plan to develop four oil & gas fields with a total cost of USD 1.69 billion. The overall expected production from the two developments was estimated to be over 58.2 million barrels of oil, which is equivalent to a field's lifetime.
The oil & gas industry is recovering from the low demand for crude oil due to the pandemic outbreak in 2020. Several companies are adopting digital techniques for data management & analysis coupled with efficient future production forecast and cost optimization. In addition, the cloud analytics techniques adoption by major players in their workflows will accelerate efficiency and productivity.
The European oil and gas analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Europe Market, By Deployment
Europe Market, By Services
Europe Market, By Application
- Exploration and Drilling Analytics
- Field Surveillance and Monitoring Analytics
- Production Planning and Forecasting Analytics
- Equipment Maintenance Management Analytics
- Asset Performance Analytics
- Workforce Management Analytics
- Pipeline SCADA Analytics
- Fleet Analytics
- Storage Optimization Analytics
- Commodity Trading Analytics
- Demand Forecasting Analytics
- Pricing Analytics
- Refining Analytics
The above information has been provided for the following countries: