Recording a Y-o-Y growth of 3.8%, the Europe hydrocarbons accounting solution business size reached US$ 135.9 million in 2022. Over the forecast period, demand for hydrocarbon accounting solutions in Europe is predicted to rise with a CAGR of 4.5%. Total hydrocarbons accounting solution revenue in Europe is expected to grow from US$ 141.3 million in 2023 to US$ 207.5 million by 2033.
Analysis of Hydrocarbon Accounting Solution Industry Outlook
| Attributes | Key Insights |
|---|---|
| Europe Hydrocarbon Accounting Solution Base Value (2022) | US$ 135.9 million |
| Estimated Europe Hydrocarbon Accounting Solution Revenue (2023) | US$ 141.3 million |
| Projected Value (2033) | US$ 207.5 million |
| Value CAGR (2023 to 2033) | 4.5% |
Hydrocarbon accounting solutions (HASs) are gaining wider popularity across Europe. This is because these solutions allow the oil and gas industry to accurately track, manage, and account for the production, distribution, and financial aspects of hydrocarbon products, such as crude oil, natural gas, and refined petroleum products.
The primary purpose of a hydrocarbon accounting solution is to ensure the precise measurement and accounting of hydrocarbon volumes and revenues. They enable companies to optimize operations, comply with regulations, and maximize profitability.
Hydrocarbon accounting solutions provide real-time visibility into operations, enabling optimization, efficiency, and data-driven decision-making while maintaining data security and transparency. These features are expected to fuel their demand across Europe through 2033.
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From 2018 to 2022, the Europe hydrocarbon accounting solution business experienced a CAGR of 3.7%, reaching a valuation of US$ 135.9 million in 2022. For the assessment period, the target business is set to progress at a CAGR of 4.5%.
| Historical CAGR (2018 to 2022) | 3.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.5% |
Europe is actively transitioning towards cleaner and more sustainable energy sources. This transition necessitates a shift in energy accounting practices, with a growing emphasis on tracking renewable energy generation, reducing carbon emissions, and ensuring responsible resource management.
Several European energy companies operate across multiple countries, each with its own regulations, currencies, and tax regimes. They are widely employing hydrocarbon accounting solutions to improve their productivity and reduce overall costs.
Hydrocarbon accounting solutions that efficiently handle cross-border operations and currency conversion are in high demand. These solutions help companies streamline their financial and accounting processes and ensure compliance across diverse jurisdictions.
Europe is known for its stringent energy and environmental regulations. Companies operating in the energy sector are required to comply with complex reporting and emissions standards. To meet these regulations, hydrocarbon accounting solutions are essential.
The energy industry in Europe is undergoing a digital transformation, incorporating technologies like the Internet of Things (IoT), big data analytics, and artificial intelligence. Hydrocarbon accounting solutions are evolving to provide real-time data analysis, predictive modeling, and automation, enabling energy companies to optimize operations, improve efficiency, and enhance decision-making.
The upstream sector of the oil and gas industry is experiencing a significant upsurge in the demand for hydrocarbon accounting solutions in Europe. This growing demand is opening doors to numerous opportunities for the development and enhancement of these solutions, addressing the unique challenges and complexities of the upstream industry.
Hydrocarbon accounting solutions equipped with advanced data analytics offer a comprehensive view of reservoir performance. They help operators make informed decisions regarding drilling and extraction.
By optimizing reservoir management, companies extend the life of their assets, boost production, and ensure sustainable resource utilization. The surging demand for hydrocarbon accounting solutions in the upstream industry is creating lucrative opportunities for revenue growth.
With growing environmental concerns and the rise of environmental, social, and governance (ESG) reporting, companies are seeking hydrocarbon accounting solutions that enable them to track and report their environmental impact. These solutions are integral in helping companies demonstrate their commitment to responsible environmental and social practices, which is increasingly important for stakeholders and investors.
Semi Annual Update
| Particular | Value CAGR |
|---|---|
| H1 | 5.2% (2022 to 2032) |
| H2 | 5.8% (2022 to 2032) |
| H1 | 6.2% (2023 to 2033) |
| H2 | 6.7% (2023 to 2033) |
The below table shows the estimated growth rates of key countries in Europe. Among these, BENELUX and France are set to record higher CAGRs of 5.5% and 3.7%, respectively, through 2033.
| Countries | Projected CAGR (2023 to 2033) |
|---|---|
| Spain | 1.8% |
| France | 3.7% |
| United Kingdom | 2.4% |
| Italy | 1.2% |
| BENELUX | 5.5% |
The United Kingdom hydrocarbons accounting solution business size is set to reach US$ 29 million in 2033. Over the assessment period, demand for hydrocarbon accounting solutions in the country will likely rise at 2.4% CAGR.
Several factors are expected to stimulate growth in the United Kingdom during the forecast period. These include rising focus on sustainability in oil and gas sector and surging demand for cloud-based hydrocarbons accounting solutions.
Thanks to their flexibility, scalability, and cost-effectiveness, cloud-based hydrocarbons accounting solutions are gaining wider popularity in the United Kingdom. They allow companies to access their accounting data and applications remotely. Growing usage of these cloud-based solutions is expected to boost growth.
The below section shows the on-premises segment dominating the Europe hydrocarbon accounting solution business, exhibiting a CAGR of 3.1%. On the other hand, cloud-based hydrocarbons accounting solution category is set to witness a higher demand, growing at 5.9% CAGR through 2033.
Based on end user, the oil and gas midstream companies are expected to generate lucrative revenue-generation opportunities for hydrocarbon accounting solution providers in Europe. The target segment is poised to exhibit a CAGR of 6.0% between 2023 and 2033.
Growth Outlook by Solution
| Solution | Value CAGR |
|---|---|
| Cloud-based Hydrocarbons Accounting Solution | 5.9% |
| On-premises Hydrocarbons Accounting Solution | 3.1% |
As per the latest analysis, the on-premises hydrocarbons accounting solution segment is expected to retain its dominance across Europe. This is due to several advantages of on-premise solutions, including enhanced security.
With a valuation of US$ 91.0 million, the on-premises segment held a dominant business share of 67.3% in 2022. In the forecast period, demand for on-premises hydrocarbon accounting solutions across Europe is set to rise at 3.1% CAGR.
Europe has stringent data privacy laws, most notably the General Data Protection Regulation (GDPR). These regulations require companies to have strong control over their data and ensure its protection. On-premises solutions enable organizations to maintain data sovereignty by hosting their data locally, thereby reducing concerns related to data privacy and complying with the region's strict regulations.
On-premises solutions provide a higher degree of customization and integration capabilities. Energy companies in Europe often have complex and unique requirements due to variations in regulatory frameworks across different countries. On-premises solutions allow organizations to tailor their accounting systems to align with specific compliance needs and seamlessly integrate with existing legacy systems and infrastructure.
Security remains a paramount concern in the energy sector. On-premises solutions offer a higher level of control over data security, as companies implement their security protocols and access controls. This control is vital in protecting sensitive data related to hydrocarbon accounting, which includes financial transactions and environmental compliance.
Growth Outlook by End User
| End User | Value CAGR |
|---|---|
| Oil and Gas Exploration and Production (EP) Companies | 5.3% |
| Oil and Gas Midstream Companies | 6.0% |
| Oil and Gas Refineries | 2.9% |
| Energy Trading and Risk Management (ETRM) Firms | 5.5% |
| Government Regulatory Agencies | 2.4% |
| Others (Oilfield Services Companies, Energy Consulting Firms) | 1.2% |
As per the latest report, oil and gas midstream companies are expected to remain leading end users of hydrocarbon accounting solutions across Europe. The target segment is set to register a CAGR of 6.0% over the forecast period.
Midstream oil and gas companies engage in intricate and multifaceted operations, including the transportation, storage, and distribution of hydrocarbons. These operations involve numerous processes, assets, and data points that require sophisticated accounting solutions to manage effectively.
The midstream sector faces stringent regulations, particularly in Europe, where compliance with environmental and safety standards is paramount. Hydrocarbon accounting solutions are crucial for tracking, reporting, and ensuring adherence to these complex regulatory requirements, making them indispensable for midstream companies.
Midstream operations involve a vast network of pipelines, storage facilities, and transportation assets. Efficiently integrating and managing data from diverse sources, such as sensors and IoT devices, is a top priority. Hydrocarbon accounting solutions facilitate real-time data integration and analysis, enabling better decision-making and operational efficiency.
With increasing emphasis on environmental sustainability and emissions reduction, midstream companies are under pressure to accurately monitor and report their environmental impact. As a result, they are adopting hydrocarbon accounting & production reporting solutions.
Hydrocarbon accounting solutions are instrumental in tracking emissions and facilitating sustainability reporting to meet environmental targets and stakeholder expectations. They are becoming key for midsize companies to boost productivity and comply with regulations.
Key players are constantly evolving and adapting to the dynamic energy industry landscape. They are employing different strategies to remain competitive and meet the evolving needs of their clients.
Key Developments in the Europe Hydrocarbon Accounting Solution Business
Companies are investing in research and development to create cutting-edge solutions that improve efficiency in measuring, allocating, and reporting hydrocarbon resources. This innovation includes advanced analytics, real-time data integration, and predictive modeling to optimize operations and decision-making.
Top players are also implementing strategic partnerships and collaborations. By forming alliances with other technology providers, software companies, or industry experts, they are expanding their offerings and providing comprehensive solutions to their clients.
Vendors seek opportunities in emerging fields where regulatory and compliance requirements are evolving, offering their expertise and solutions to meet the needs of these fields. This expansion also helps diversify their client base and reduce dependence on established sectors.
Mergers and acquisitions (M&A) represent a strategic move to consolidate the hydrocarbon accounting solution landscape. Vendors acquire smaller competitors, specialized technology companies, or complementary services to expand their product portfolio and customer base.
| Attribute | Details |
|---|---|
| Estimated Business Value (2023) | US$ 141.3 million |
| Projected Business Value (2033) | US$ 207.5 million |
| Anticipated Growth Rate (2023 to 2033) | 4.5% CAGR |
| Historical Data | 2018-2022 |
| Forecast Period | 2023-2033 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Solution, End User, Countries |
| Key Countries Covered | Germany, France, United Kingdom, Italy, Spain, Benelux, Nordics, Rest of Western Europe, Russia, Poland, Hungary, Rest of Eastern Europe |
| Key Companies Profiled | P2 Energy Solutions; Emerson; CGI Group Inc.; Quorum Software; EnergySys; Schlumberger; Accrete Petroleum Ltd; Adept Solutions; SAP |
Total business value in Europe is set to reach US$ 141.3 million in 2023.
Demand in Europe is expected to rise at 4.5% CAGR through 2033.
The business size is set to reach US$ 207.5 million by 2033.
Oil and gas exploration and production (EP) companies held a share of 37.8% in 2022.
Thriving at 5.9% CAGR, demand remains high for cloud-based hydrocarbons accounting solutions.
P2 Energy Solutions, Accrete Petroleum Ltd, EnergySys, and Quorum Software.
A specialized software utilized by oil & gas industry to track and manage the movement of hydrocarbons
Hydrocarbon accounting is crucial as it ensures timeliness and accuracy of hydrocarbon quantities.
1. Executive Summary
1.1. Industry Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Business Overview
2.1. Business Coverage / Taxonomy
2.2. Business Definition / Scope / Limitations
3. Key Trends
3.1. Integrated Data Management
3.2. Regulatory Compliance
3.3. Mobility and Remote Access
3.4. Digital Transformation
3.5. Others
4. Key Use Cases
4.1. Field Data Management
4.2. Production Monitoring and Management
4.3. Volumetric and Contractual Allocation
4.4. Payment Processing
4.5. Revenue Distribution
4.6. Contract Pricing and Valuation
4.7. Royalty and Taxation
4.8. Others
5. Pricing Analysis
5.1. Pricing Models
5.1.1. Subscription-based
5.1.2. Perpetual Licenses
5.2. Global Average Pricing Analysis
6. Business Background
6.1. Macro-Economic Factors
6.2. Forecast Factors - Relevance & Impact
6.3. Value Chain
6.4. COVID-19 Crisis – Impact Assessment
6.4.1. Current Statistics
6.4.2. Short-Mid-Long Term Outlook
6.4.3. Likely Rebound
6.5. Key Dynamics
6.5.1. Drivers
6.5.2. Restraints
6.5.3. Opportunities
7. Demand (Value in US$ Million) Analysis 2018 to 2022 and forecast, 2023 to 2033
7.1. Historical Value (US$ Million) Analysis, 2018 to 2022
7.2. Current and Future Value (US$ Million) Projections, 2023 to 2033
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Industry Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution
8.1. Introduction / Key Findings
8.2. Historical Business Size (US$ Million) Analysis By Solution, 2018 to 2022
8.3. Current and Future Business Size (US$ Million) Analysis and Forecast By Solution, 2023 to 2033
8.3.1. Cloud-based Hydrocarbons Accounting Solution
8.3.2. On-premises Hydrocarbons Accounting Solution
8.4. Business Attractiveness Analysis By Solution
9. Industry Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User
9.1. Introduction / Key Findings
9.2. Historical Business Size (US$ Million) Analysis By End User, 2018 to 2022
9.3. Current and Future Business Size (US$ Million) Analysis and Forecast By End User, 2023 to 2033
9.3.1. Oil and Gas Exploration and Production (E&P) Companies
9.3.2. Oil and Gas Midstream Companies
9.3.3. Oil and Gas Refineries
9.3.4. Energy Trading and Risk Management (ETRM) Firms
9.3.5. Government Regulatory Agencies
9.3.6. Others (Oilfield Services Companies, Energy Consulting Firms)
9.4. Business Attractiveness Analysis By End User
10. Industry Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Introduction / Key Findings
10.2. Historical Business Size (US$ Million) Analysis By Country , 2018 to 2022
10.3. Current and Future Business Size (US$ Million) Analysis and Forecast By Country, 2023 to 2033
10.3.1. Western Europe
10.3.1.1. Germany
10.3.1.2. France
10.3.1.3. United Kingdom
10.3.1.4. Italy
10.3.1.5. Spain
10.3.1.6. Benelux
10.3.1.7. Nordics
10.3.1.8. Rest of Western Europe
10.3.2. Eastern Europe
10.3.2.1. Russia
10.3.2.2. Poland
10.3.2.3. Hungary
10.3.2.4. Rest of Eastern Europe
10.4. Business Attractiveness Analysis By Country
11. Business Structure Analysis
11.1. Industry Analysis by Tier of Companies
11.2. Business Share Analysis of Key Vendors
12. Competition Analysis
12.1. Competition Dashboard
12.2. Matrices for End-use Industry Footprint/Coverage, By Vendors
12.3. Competition Deep Dive
12.3.1. Business Overview
12.3.2. Product Portfolio
12.3.3. Key Partners/Client Footprint
12.3.4. Industry Coverage
12.3.5. Go-To-Market Approach & Strategies
12.3.6. Recent Developments (Partnerships, Mergers)
12.4. Major Vendors Offering Hydrocarbons Accounting Solution:
12.4.1. P2 Energy Solutions
12.4.2. Accrete Petroleum Ltd
12.4.3. Adept Solutions
12.4.4. EnergySys
12.4.5. OGAB Engineering
12.4.6. Tieto
12.4.7. Quorum Software
12.4.8. Schlumberger
12.4.9. Infosys
12.4.10. Accenture
12.4.11. SAP
12.4.12. Wipro
12.5. Startups Ecosystem in O&G/Energy Accounting Technology:
12.5.1. Merrick Systems
12.5.2. CarbonsChain
12.5.3. OGsys
12.5.4. Corptex Systems
12.5.5. W Energy Software
12.5.6. Origo Oil & Gas Software
12.5.7. NativeEnergy
12.5.8. Persefoni
13. Assumptions and Acronyms Used
14. Research Methodology
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Hydrocarbons Accounting Solution Industry Analysis in Europe
