The “Geomechanics Software And Services Market By Component, By Solution, By Application – Growth, Future Prospects And Competitive Analysis, 2020 – 2028” report has been added to ResearchAndMarkets.com’s offering.
This research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
The Increasing Demand Among Oil & Gas Industry to Enhance the Performance is Driving the Growth of Geomechanics Software & Services Market
Globally, the geomechanics software & services market is expected to grow with a CAGR of 15.7% during the forecast period from 2020 to 2028. The market is driven by the growing demand among the oil & gas industry to enhance the performance of the drilling, reduce non productive time, and optimize wellbore contact. Due to the uncertain prices of the oil & gas commodities and increasing competition, the oil & gas companies are looking for more advance ways to reduce the cost of operation and gain operational efficiency. This is augmenting the demand of geomechanics software and services among the organizations to provide advance tools and service for optimizing the operational performance.
The geomechanics software and services enables organization to analyze the subsurface pressure, optimize refinement of fluids, and casing of fracture design. Furthermore, the solutions allow the geoscientists and engineers to enhance the operational safety, increase drilling efficiency and complete the design. These are the major factors that are augmenting the demand for geomechanics software and solutions among the organizations. However, the lack of skilled professionals in the oil & gas industry is acting as a major inhibitor for the growth of the market.
Services is Estimated to Grow Significantly During the Forecast Period
Blast Furnaces Market Will Showcase Neutral Impact During 2020-2024 | Large Installed Base of Blast Furnaces to Boost the Market Growth
Technavio has been monitoring the blast furnaces market and it is poised to grow by USD 869.14 mn during 2020-2024, decelerating at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Blast Furnaces Market 2020-2024 (Graphic: Business Wire)
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization
The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. Danieli & C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., IHI Corp., Larsen and Toubro Ltd., MECON Ltd., Metallurgical Corp. of China Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., Primetals Technologies Ltd., and SMS Group GmbH are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Large installed base of blast furnaces has been instrumental in driving the growth of the market.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level,