Global Geomechanics Software and Service Market was valued US$1324.0 Mn in 2017 and is estimated to reach US$4321.0 Mn by 2026 at a CAGR of 15.93 %.
Geomechanics Software and Service market is segmented by Component, by Solution type, & by Region. By component, the market is segmented as software and services. Geomechanics software are further segmented into standalone and integrated. Geomechanics services are classified into consulting, integration & implementation, and support & maintenance.
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Based on solution type into oil and gas industry solutions which are reservoir characterization, reservoir simulation, mining solutions which comprise subsidence prediction, mine dewatering & pore pressure analysis, excavation design and analysis, slope stability, and others, civil construction solutions which are rock mechanics, slope stability, tunnel design and support analysis, soil and rock structure interaction and others, and geomechanics solutions for nuclear waste disposal applications which are rock characterization, acoustic emission monitoring, geomechanical modelling, ultrasonic surveys and others. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Geomechanics solutions analyse the rock and soil mechanics of the field area to identify the opportunities and mitigate risk. Capital intensive industries such as oil and gas, and mining, and environmental impact of operations of nuclear waste disposal and civil construction industries demand high level of geomechanical study to manage the costs and to minimize environmental impact. With increasing awareness of green initiatives, geomechanical studies have been gaining prime importance, and thus the use of geomechanics software and services.
Regional segmentation of the geomechanics software and services market includes North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the geomechanics software and services market due to increasing adoption of exploration technologies in oil and gas and mining industries. Asia Pacific is likely to observe strong growth opportunities during the forecast period due to rising investments in oil and gas and mining industries.
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Key players of the geomechanics software and services market are Schlumberger Limited, Ikon Science Ltd., Rockfield Global Technologies, Itasca Consulting Group, Baker Hughes Global (a GE Company), Geosteering Technologies, HXR Drilling Services, CGG, and Landmark Solutions â€“ Halliburton, among others.
Scope of Geomechanics software and service Market:
Global Geomechanics software and service Market, by Component Type:
Global Geomechanics software and service Market, by Solution Type:
Oil and Gas
Nuclear Waste Disposal
Global Geomechanics software and service Market, by Region:
Middle East & Africa
Key Players Analysed in the Global Geomechanics software and service Market