The Oilfield Communications by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oilfield Communications, The oilfield communications market size has grown strongly in recent years. It will grow from $3.65 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to expansion of oil and gas exploration activities, remote monitoring and control needs in oilfields, demand for real-time data transmission, growth in offshore drilling operations, advances in satellite communication technologies.
The oilfield communications market size is expected to see strong growth in the next few years. It will grow to $4.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to adoption of 5g technology in oilfield communications, increased integration of internet of things (iot), expansion of digital oilfield initiatives, emphasis on cybersecurity in oilfield networks, integration of artificial intelligence for data analysis,. Major trends in the forecast period include edge computing for real-time data processing, hybrid communication networks for oilfields, autonomous vehicles and drones for oilfield surveillance, advanced data analytics for predictive maintenance, emphasis on environmental monitoring and sustainability in oilfield operations.
Increasing oil production is expected to propel the growth of the oilfield communications market going forward. Oil production refers to the act of drilling a hole in the earth in the hope of producing petroleum. Oilfield communications provide the required connectivity, data, and insights to control production operations and reduce accidents and wastage, thereby enhancing production by eliminating communication hindrances. For instance, in 2022, according to the Energy Information Administration (EIA), a US Department of Energy statistical agency, the global consumption of petroleum and liquid fuels is estimated to be 99.4 million b/d, an increase of 2.1 million b/d from 2021. Therefore, increasing oil production is driving the oilfield communications market growth.
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The oilfield communications market covered in this report is segmented –
1) By Communication Network: Cellular Communication Network, VSAT Communication Network, Fiber Optic-Based Communication Network, Microwave Communication Network, Tetra Network
2) By Component: Solutions, Services
3) By Technology: Cellular Network, VoIP, Unified Communications, M2M, Microwave Communication, WiMAX, VSAT, TETRA, Fiber Optics, WAN, LAN
4) By Field Site: Onshore, Offshore
Top Major Players
Huawei Technologies Co. Ltd
Siemens AG
Speedcast International Limited
ZABB Ltd
Commscope Inc
Technological innovations are a key trend gaining popularity in the oilfield communications market. Major companies operating in the oilfield communication market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Baker Hughes, a US-based company operating in oilfield communications, launched a new subsea wellhead technology, the MS-2 Annulus Seal, to save operational rig costs by helping lower overall wellhead installation costs because of fewer rig trips. This integrated sealing solution was launched and exhibited at the 2022 offshore technology conference in Houston and adopted by multiple customers in North and South America. The MS-2 Annulus Seal brings increased operator confidence in good integrity and extends well life, helps to lower the cost of well construction and intervention, expands intervention options, and ensures security and confidence of good integrity in challenging conditions.
The oilfield communications market report table of contents includes:
1. Executive Summary
2. Oilfield Communications Market Characteristics
3. Oilfield Communications Market Trends And Strategies
4. Oilfield Communications Market – Macro Economic Scenario
5. Global Oilfield Communications Market Size and Growth
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31. Global Oilfield Communications Market Competitive Benchmarking
32. Global Oilfield Communications Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Oilfield Communications Market
34. Oilfield Communications Market Future Outlook and Potential Analysis
35. Appendix
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