Process Simulation and Optimization Market Size, Share & Industry Analysis, By Component (Software, Services), By Deployment (On-Premise, Cloud-Based), By Operation Type (Off-shore, On-shore) By Applications (Upstream, Midstream, Oil and Gas Processing, HSE SystemsOthers) And Regional Forecast, 2024-2032

The process simulation and optimization software encompass various solutions to enhance output throughout the asset lifecycle. Simulation solutions have been developed for data storage, visualization, data management, and basic analytics, which is essential to support process optimization. With the growing industrialization and technology development, demand for process simulation and optimization solutions has accelerated. Process simulation companies have started enhancing capabilities in plant safety and process analytics. This solution helps to improve the product’s quality and energy. Technology trends such as artificial intelligence, machine learning, and analytics facilitate efficiently designing and analyzing each process efficiently during production and exploration. After the industry 4.0 revolution, oil and gas industries have started realigning investments for operational efficiencies. The companies are increasingly investing in the latest technologies such as augmented reality (AR) or virtual reality (VR) to enhance process simulation and optimization solutions. This factor is anticipated to cultivate new opportunities for the process simulation and optimization market growth during the forecast period.

Furthermore, the growing adoption of cloud-based process simulation solutions is also driving the market growth. Cloud-based solutions help companies increase their reliability, life span, and uptime of their plant infrastructure, which ultimately upsurges return on investment (ROI). Increasing investment in AR or VR based three-dimensional simulation tools is another fact that is probable to create new opportunities for market growth. Cloud computing technology has developed a software-as-a-Service (SaaS) model that transforms simulation to higher-value agile services that provide scalable web access for legacy software. Thus, the SaaS model of process simulation and optimization would further expected to accelerate market growth.

Key Market Driver -

• Rising proliferation of the advanced technologies such as artificial intelligence, virtual reality, machine learning, and analytics to drive the market growth • Increasing demand for cloud-based simulation software to accelerate the adoption

Key Market Restraint -

• Lack of standardization to hamper the market growth

Key Players Covered:

The global process simulation and optimization market is intense competition. Prominent companies are taking active measures to develop featured products that meet the best of customer needs. Most vendors are investing their efforts into the research and development activities to advance their product line. New product launches and enhancements in the existing portfolio helps companies to uplift their market value. Partnerships, collaborations, mergers, and acquisitions are the key players' ultimate business strategies to expand their product and business portfolio. In September 2019, Siemens AG acquired Process System Enterprise, Ltd. to enlarge its digital solution offerings for process industries.

Prominent companies in the global market include Aspen Technology Inc, Honeywell International Inc., KBC Advanced Technologies Ltd (Yokogawa Electric Corporation), AVEVA Group plc, Process System Enterprise, Ltd, Chemstations Inc., Kongsberg Gruppen ASA, GSE Systems, Inc., Schlumberger Limited., ProSim S.A., Schneider Electric SE, Bryan Research & Engineering, LLC, INOSIM Software GmbH, and among others.

Regional Analysis:

North America is expected to hold a significant share in the process simulation software in the oil and gas market. Technology investments and increasing digitalization are the significant trends that contribute to the market growth. The presence of substantial companies further flourishing market growth across North America.

The trend of digitization and factory automation supports the process simulation and optimization solution demand across Europe. Significant technology investments further accelerate market growth in the near future.

The Asia-Pacific is likely to emerge as a most opportunistic area for the market to grow in the coming years. This growth is attributed to the rapid industrialization across the developing Asian nations. As most manufacturing companies have located in the region, the region is considered the global manufacturing hub. Thus, the presence of many manufacturing companies is another crucial factor in driving the market growth. The increasing trend of digitization and automation is stimulating the demand for process simulation and optimization solutions. Some of the prominent vendors' key strategies contain acquisitions, business expansions, and investments that are further likely to propel market growth across the region.

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Segmentation

Key Industry Developments

• June 2020: KBC Advanced Technologies Ltd partnered with OLI Systems, Inc. to enhance the simulation capabilities of its process simulation and optimization solution ‘Petro-SIM – 7.1’ through the digital twin technology. The enhanced solution offers a real-time prediction of corrosion, fouling, and scaling to increase asset safety, reliability, and profitability.


• February 2020: Baker Hughes Company and C3.ai launched an artificial intelligence (AI) based process optimization application named ‘BHC3 Production Optimization’. The application allows operators to better future project production, to view real-time production data, and to optimize operations for enhanced oil and gas production rates