Oil and Gas Production Monitoring Software Market to Cross $ 2.0 Billion by 2024

Technological advancements and rising demand for oil & gas to fuel global oil and gas production monitoring software market through 2024

According to a report published by TechSci Research on “Global Oil and Gas Production Monitoring Software Market By Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, the global oil and gas production monitoring software market is forecast to cross $ 2.4 billion by 2024, as oil and gas production monitoring software provides real-time monitoring and control and intervention services to improve oil & gas production and to maintain the production line to deliver on-time processing in lesser duration. Moreover, rising need for energy efficiency, protection and immediate fault detection in the power distribution network is expected to drive the oil and gas production monitoring software market, globally, during the forecast period.  

By application, the global oil and gas production monitoring software market has been categorized into onshore and offshore. Onshore segment accounted for majority of the global market in 2018 and is also expected to register a healthy growth rate during the forecast period. Anticipated growth of the onshore segment can be majorly attributed to the large number of onshore drilling activities around the world, which in turn are resulting in demand for oil and gas production monitoring software.

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North America appeared as the largest oil and gas production monitoring software market across the globe in 2018 and is expected to continue its market dominance during the forecast period as well. With major projects related to oil and gas production being approved in North America, the region is witnessing growth in oil & gas rig activity levels, thereby boosting demand for the oil and gas production monitoring software in the region.

“The oil & gas market is receiving huge investments and witnessing activities to maintain oil production levels, as existing fields deplete. With the oil and gas industry growing, the need to improve production is a must. This in turn is creating a healthy prospect for the oil and gas monitoring software market all around the world.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Oil and Gas Production Monitoring Software Market By Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the global oil and gas production monitoring software market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global oil and gas production monitoring software market.

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