Hydrocarbons Accounting Solution Market Size, Share, Growth, and Industry Growth by Type (On-Premises and Cloud-Based) By Application (Oil, Natural Gas, and Water) Regional Forecast To 2031

Updated On: 01 April 2024

HYDROCARBONS ACCOUNTING SOLUTION MARKET REPORT OVERVIEW 

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global hydrocarbons accounting solution market size was USD 482.3 million in 2021  and market is projected to touch USD 758.9 Million By 2031, exhibiting a CAGR of 4.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with of hydrocarbons accounting solution market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Extracting hydrocarbon as economically as feasible is the ultimate ambition of all oil and gas operators worldwide. The adoption of hydrocarbon accounting solutions may be used to make their entire system automated and error-free, from the extraction process through the distribution and transportation of oil and gas to purchasers. The need for hydrocarbon accounting solutions in the upstream industry is also rising as oil and gas operators build their operations in distant regions that are sometimes in challenging environmental conditions. Players in the upstream industry are adopting hydrocarbon accounting solutions more frequently for a variety of applications, including production management, reporting and allocation, transport management (which handles transportation data and activity while transporting hydrocarbons through pipelines, trucks, or vessels), and applications related to sales management, revenue management, and other aspects of supply chain management.

COVID-19 Impact: Pandemic-related Disruptions Impacted Market Dynamics

The global economy and society are being impacted by the Covid-19 (coronavirus) pandemic. The effects of this pandemic are spreading daily and are also having an influence on the supply chain, which includes the hydrocarbon accounting solution sector. The COVID-19 situation is causing market uncertainty, a significant slowdown in the supply chain, a decline in corporate confidence, and growing fear among various client sectors. The pandemic's overall impact is having an influence on numerous industries' manufacturing processes, including hydrocarbon accounting solution market share. This research on Hydrocarbons Accounting Solution analyses how Covid-19 has affected numerous business sectors and national marketplaces. Additionally, the studies highlight market trends and provide a prognosis through 2028 that takes the Covid -19 Situation in the Hydrocarbons Accounting Solution industry into account.

LATEST TRENDS

"Introduction of New Technologies to Bolster Market Outlook "

Along the process, businesses have precisely modelled field arrangements and production-sharing contracts to provide a real-world perspective of their operations. They have also captured the end-to-end needs for hydrocarbon production. To ensure a seamless adoption of the digital platform, these businesses have also carried out extensive quality assurance and user training. Therefore, the client’s IT projects to date have been model examples of on-time, on-budget implementations.

The customer in this industry now benefits from complete precision in production accounting and revenue generating. An increase in production margin of 0.5% as a result of the enhanced accounting is a significant accomplishment for a business that strives to wring every last penny of profit out of its operations. Additionally, all of this is possible thanks to a platform that satisfies all regulatory requirements for the business and can be quickly scaled and modified to operate in new markets wherever the need arises. This in turn is the crucial element in the development and a significant driver fueling the global hydrocarbons accounting solution market growth.

HYDROCARBONS ACCOUNTING SOLUTION MARKET SEGMENTATION

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• By type

Depending on hydrocarbons accounting solution given are types: on-premises and cloud-based. The on-premises and cloud-based type will capture the maximum market share through 2031.

• By Application

The market is divided in oil, natural gas and water based on application. The global hydrocarbons accounting solution market players in cover segment like oil and water will dominate the market share during 2023-2031.

DRIVING FACTORS

"Technology Advancements In Cloud Computing And Data Analytics to Fuel Market Share."

The robustness and accuracy of the hydrocarbon accounting software market shares are significantly impacted by technological improvements in cloud computing and data analytics, which enhances end-user adoption of these solutions. Numerous upstream sector applications, such as ERM, reserves management, GIS, land and lease management, well management, and others, may be seamlessly integrated with the majority of hydrocarbon accounting system providers' products. Governmental rules and legislation have not previously restricted upstream industry. However, there is an increasing demand for sophisticated solutions to manage this industry as the market environment around oil and gas producers develops.

"Reduced Expenses And Quickly Adjust To Changing Conditions To Accelerate Market Size"

Thanks to years of experience working with oil and gas operators throughout the world and the resulting market expansion, organisations are now equipped with HaaS (Hydrocarbon Accounting as a Service) and various companies like eDataViz and GSES. The entire end-to-end Cloud enabled Hydrocarbon Accounting (HCA) solution provides upstream oil and gas firms with the business-critical production accounting and reporting they require to run the market effectively. The cloud-hosted, secure, and scalable environment for hydrocarbon management makes it easier to eliminate various silos for managing and sustaining applications, infrastructure, interface, databases, business processes, and management tasks, which in turn is found to be a key factor in the growth of hydrocarbon accounting software market size.

RESTRAINING FACTORS

"Environmental Concerns to Dent Market Prospects During Forecast Period "

For petrochemical firms dealing with historically volatile gas prices, every drop of oil matters. It is simple to discover that gasoline is missing throughout the several steps from the oil field to the pump, but much difficult to determine where it has vanished. For our client, a major U.S. petroleum and natural gas corporation that must divide production among several business partners and shares infrastructure with other industry participants, keeping track of what goes where is very crucial. It is necessary to measure the quantity and quality of petroleum and its products at various points during their extraction, transportation, refinement, storage, and distribution. It is also necessary to carry out allocation, custody transfer, and fiscal activities, as well as stock control and loss prevention.

Hydrocarbon solution providers face a challenge in providing specialised solutions that support various needs while maintaining a profitable business model. This is because different oil and gas operators have different specific requirements across the industry in order to achieve an objective of increased production in cost-effective and efficient ways. In the past, hydrocarbon accounting has often been done at the level of specific fields or operational businesses. But the search for natural gas, shifts in the worldwide market around producers of a field, and more stringent regulations are just a few of the things pushing oil and gas corporations to explore for applications with a more complete approach.

HYDROCARBONS ACCOUNTING SOLUTION MARKET REGIONAL INSIGHTS

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"MEA to Hold Dominant Market Share Through 2031"

The market for hydrocarbons accounting solutions is divided into seven geographical areas: North America, Latin America, Western Europe, Eastern Europe, MEA, and Asia Pacific. Due to the presence of the majority of the world's petroleum firms in these two areas, MEA is anticipated to be the most prominent market among the aforementioned regions, followed by North America. From 2008 to 2012, the areas of Asia-Pacific and South and Central America had the biggest increases in crude consumption. In contrast to Europe, where consumption has been trending downward, the Middle East and Africa have seen a moderate uptick in consumption levels. Since 2008, the demand for petroleum in North America has been essentially stable.

The Middle East leads the world in crude oil production, with Saudi Arabia generating the majority of it. The Russian Federation is one of the largest donors and the European and Eurasian regions follow closely. China, which accounted for approximately 12% of global oil consumption in 2013, is in the vanguard of the Asia-Pacific region in terms of crude consumption. In the Asia-Pacific region, South Korea, Japan, and India are additional big customers. As a single nation, the U.S. used the most crude oil in 2013, making up about 20% of the world's total consumption.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• SAP
• Adept Solutions
• P2 Energy Solutions
• Tieto
• Quorum Business Solutions
• EnergySys
• Schlumberger
• JPL
• Pansoft
• CGI Group
• Wipro Limited
• Infosys

REPORT COVERAGE

This study examines a report with broad studies that describe the businesses in the market that have an impact on the forecasting period. By considering aspects including segmentation prospects, industrial advances, trends, growth size share, restrictions, and others, it provides a thorough analysis based on in-depth research. If the relevant market dynamics or important players change, this study may need to be modified.