April 4, 2020
Geomechanics Software And Services

Geomechanics Software And Services Market Analysis With Top Leading Players

The market for geomechanics software & services is set to grow over the forecast period with a CAGR of 15.7 percent.

Market Insights

The fast digitalization of the oil & gas industry around the globe drives the market. The oil & gas industry is moving rapidly towards advanced technologies to better understand its reservoir resources, improve safety and health, and improve the oil field operating efficiency. One of the primary factors driving market growth is the growing consensus among the oil & gas industry that the industry is at the cusp of the new digital era. Several macroeconomic factors such as disruption, demand and supply, technology advancement along with evolving customer demands also encourage businesses to move to digital business strategies.

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Also acting as a major driver for market growth is the growing demand for seismic and geophysical imaging across the oil & gas, minefield and civil construction sector. The companies are moving towards the images of geomechanics to optimize the oil & gas industry’s exploration activities. In addition, the rising pressure on companies to reduce operating costs is also forcing companies to adopt geomechanics software and services.

The market for geomechanics software and services is segmented by component, type of solution, end-use industry, and region. The market is segmented by component as software and services. In addition, geomechanics software is segmented into stand-alone and integrated. Geomechanics services are classified as consulting, integration and implementation as well as support and maintenance. The market is also fragmented by solutions in the oil and gas industry that are reservoir characterization, reservoir simulation, drilling and manufacturing; mining solutions that include subsidence prediction, mine dewatering & pore pressure analysis, excavation design and analysis, slope stability and others; Civil construction solutions that include rock mechanics, slope stability, tunnel design and analysis support, interaction of soil and rock structures and others; and geomechanics solutions for nuclear waste disposal applications that include rock characterization, acoustic emission monitoring, geomechanical modeling, ultrasonic surveys and others.

The market is also segmented into oil and gas, mining, civil construction, and nuclear waste disposal through end-use industries.The segment of the oil and gas industry is expected to continue to dominate the market over the forecast period as geomechanics software has become an integral part of all aspects of oil extraction from exploration to production in order to improve efficiency and minimize costs.

The rising demand for seismic and geophysical understanding of the oilfields, minefields and construction sites for optimal operation across the respective industries is the major factor contributing to the growth of geomechanic software and services market globally. Furthermore, the companies using the geomechanic software and solutions are also anticipating increased success rate of exploration activities. Nonetheless the uncertain commodity prices and declining CAPEX particularly in IT spending development of resources in mining and oil & gas industries is projected to slightly hinder the market growth during the forecast period.

The prominent vendors of the geomechanics software & services market are CGG, Baker Hughes, Geosteering Technologies, Ikon Science Ltd., HXR Drilling Services, Itasca Consulting Group, Schlumberger Limited, Landmark Solutions (Halliburton), and Rockfield Global Technologie

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