Drilling software help to design a drillable trajectory inside a subsurface model. Also, it helps to recognize and mitigate operational risks and fulfill drilling requirements. Drilling software is a comprehensive solution for drilling engineers to incessantly monitor and analyze the drilling operations. Implemented workflows support operational efficiency, wellbore assurance and risk mitigation and optimized drilling performance.
The drilling industry face a huge challenge related to improved performance of drilling process, which include determining quantitative values related to drilling process. During pre-drill phase, advanced software are used to ensure success in various manner. Oil well drilling detection is a crucial step to optimize drilling process. Some of the processes include rock collapse, fracture gradients, pore pressure, drilling loads and many more. Advanced software can be used to collect the data and facts based upon oil well situations and support the management to evaluate drilling work in more precise manner and contribute in accurate planning of drilling.
Drivers and restrain factor of the market
Increasing demand of technologically advanced products at various stages of drilling process, rising focus from government to boost drilling activities, result-oriented working of software, cost efficient method, time-saving tool, support the regulatory compliance of the sector and many more are market driving factors. Some of the restraining factors of the market are lack of IT professional skills, scaling the business globally, cyber security issues, and others.
Major players in the market
Pegasus Vertex Inc., Drillsoft, Stormont Energy, HXR Drilling Services, Sandvik, Quorum Software, Rigzone, NeoFirma, Halliburton are some major key players present in the market. The market players adopt various market specific strategies. The competitive strategies fall under various categories such as product launches, mergers and acquisitions, agreements, partnerships, collaborations, joint venture and many more.
Recent key development in the market
Product Launch, September 2019: Sandvik launched an updated underground rock excavation software named iSURE 8.0 which is used to assist in geological interpretation.
Acquisition, September 2019: ZYFRA has invested $9million to acquire stake in Geosteering Technologies (GTI), a vendors of smart drilling software.
Acquisition, August 2019: Helmerich & Payne acquired DrillScan, a provider of drilling engineering software for the oil and gas industry. The terms of the deal were not disclosed in media.
Leading region and fastest growing region
The European market is expected to grow considerably, owing to complex geographical conditions and pipeline structure in region. The region has witnessed high investments with in IT development that include the software development in the region. Additionally, focus from European government is supporting the market growth to innovate the technological advancement in the oil and gas sector. However, the Asia-Pacific regional growth is estimated to grow highest during the forecast period.
The global Drilling Software market is segmented into various sub-groups. The market is segmented under component and application.
The component segment is sub-segmented and further segmented as:
- Based on Software
- Based on Services
- Technology Consulting
- Training/Study Material
The application segment is sub-segmented and further segmented as:
- Based on Drilling Planning
- Well Planning Orchestration
- Automated Engineering, Design, and Validation
- Offset Well Analysis
- Trajectory Planning & Real Time Well Path Monitoring
- Based on Drilling Operations
- Drilling Analysis
- Real Time Hole Conditioning Monitoring
- Torque & Drag Modelling
- Rig Hydraulics
- Well Control Monitoring
- Pressure Control
- Blow-Out Control
- Underbalanced Operations
- Rig Operational Performance
- Process Automation
- Data Management and Monitoring
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