By 2032, it is expected to have grown to US$ 3,437 million, up from US$ 1,766 million in 2022, at a compound annual growth rate of 6.9%. The market’s demand for geomechanics software and services is being boosted by the increase in exploration activities, civil construction projects, and global oil and gas price uncertainty.
In the next ten years, there will be an increase in the need for geomechanics software and services due to the frequency of accidents in the oil and gas industry and environmental issues with hydraulic fracturing and mining.
The science of geomechanics examines the theory and practical use of mechanical behaviours of geological materials.
Additionally, the volume of civil construction and 3D or 4D designs for the projects will create high growth prospects for the geomechanics software and services market.
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Key Takeaways
- Japan is predicted to grow by 9.2% CAGR between 2022 and 2032.
- The global geomechanics software and service market are currently valued at US$ 1766 Mn, with a CAGR of 6.9% during the forecast period.
- Segment sales for oil and gas geomechanics software and service will grow at a CAGR of 8.1% during the forecast period.
- According to market research, the U.S. market has reached a value of US$ 994.8 Million and is expected to grow at a CAGR of 7.9% during the forecast period.
- The market value of the Service components has reached a CAGR of 13.6% during the forecast period.
- South Korea recorded a CAGR of 5.2% CAGR during the forecast period.
“Through the rise in government-initiated projects for mining and civil construction in developing regions, geomechanics software and service technology will continue to grow strongly in the future years.”
Competitive Landscape
Key players that have been profiled in the report are Schlumberger Limited, Ikon Science Limited, Baker Hughes (a GE Company), Itasca Consulting Group, Inc., Rockfield Global Technologies, Geosteering Technologies, Landmark Solutions – Halliburton and CGG, HXR Drilling Services. Innovative products and technologies will allow customers to benefit from new technologies.
- In May 2021, Mott MacDonald Ventures, a global consulting company that predominates in the field of engineering, made an investment in the Spanish software and engineering start-up firm SAALG Geomechanics. Analyzing ground behavior can be done using SAALG’s Daarwin software during the construction phase of civil engineering and construction projects. With the aim of covering every phase of a civil project in the future, from planning to designing to building, and maintaining, the company will apply scaled models to the whole lifecycle.
- In May 2021, Ikon Science launched Curate, a scalable and cloud-based knowledge management system designed to help users make more informed decisions. Curate lets energy companies democratize data and learn from business data inside a single workspace, allowing them to access all subsurface data through streamlined workflows. Companies can use Curate to accelerate exploration, reduce portfolio risk, and plan and optimize wells, so they can drive more profits while preserving human resources and capital.
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Key Segments
By Component:
- Software
- Standalone
- Integrated
- Services
- Consulting
- Integration and Implementation
- Support and Maintainance
By Solution type:
- Oil and Gas
- Reservoir Characterisation solutions
- Reservoir Simulation solution
- Drilling solutions
- Production solutions
- Mining
- Subsidence Prediction
- Mine dewatering and pore pressure analysis
- Excavation Design and Analysis
- Slope Stability
- Others
- Civil Construction
- Rock Mechanics
- Slope Stability
- Tunnel Design and Support Analysis
- Soil and Rock Structure Interaction
- Others
- Nuclear Waste Disposal
- Rock Characterization
- Acoustic Emission Monitoring
- Geomechanical Modeling
- Ultrasonic Surveys
- Others
By End-use Industry:
- Mining
- Civil Construction
- Oil and Gas
- Waste Disposal
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
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Table of Content
1. Preface | Geomechanics Software and Service Market
1.1. Market Scope
1.2. Market Segmentation
1.3. Key Research Objectives
2. Assumptions and Research Methodology
2.1. Research Methodology
2.1.1. List of Primary and Secondary Sources
2.2. Key Assumptions for Data Modeling
3. Executive Summary: Global Market
4. Market Overview
4.1. Introduction
4.2. Global Market – Macro Economic Factors Overview
4.2.1. World GDP Indicator – For Top 20 Economies
4.2.2. Key Regional Socio-Political-technological Developments and Their Impact Considerations
4.3. Key Market Indicators
4.3.1. Growth Trend Analysis, by Industry
4.4. Porter’s Five Forces Analysis
4.5. PESTEL Analysis
4.6. Ecosystem Analysis
4.7. Market Dynamics (Growth Influencers)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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