Advance Market Analytics published a new research publication on “Global Process Simulation Software in Oil and Gas Market Insights, to 2027”. The growth of Process Simulation Software in the Oil and Gas market was mainly driven by increasing R&D spending across the world.

Source - Digital Journal

Process simulation software is a program or application that allows oil and gas plants, pipelines, and other important equipment to be designed and modeled. These design tools assist project managers, site engineers, and site workers in fully understanding the product/operation in a virtualized environment, allowing them to build the plant, pipeline, and other structures as needed.

Major players profiled in the study are:

Aspen Technology (United States), Honeywell Process Solutions (United States), AVEVA Group (United Kingdom), Process System Enterprise (United Kingdom), Chemstations (United States), Kongsberg Gruppen (Norway), GSE Systems  (United States), Virtual Material Group (Canada), ProSim (France), EQ-Comp (India)

Oil and gas firms can use the software to reduce the risk of error and optimize the total cost of production. One of the primary aspects that are projected to provide new chances for the growth of process simulation software in the oil and gas industry over the forecast period is increasing investment in AR/VR-based 3D simulation tools/solutions.

In June 2021, Baker Hughes and C3 AI announced that KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, will deploy artificial intelligence (AI) technology from the BakerHughesC3.ai (BHC3) alliance to enhance KBC's existing software portfolio for oil and gas process simulation, supply chain optimization, and energy management.