Oilfield Communications Market To Reach USD 6.5 Billion By 2032 CAGR: 7.8%. Report By DataHorizzon Research
According to DataHorizzon Research, The oilfield communication market size was valued at USD 3.1 Billion in 2022 and is expected to have a market size of USD 6.5 Billion by 2032 with a CAGR of 7.8%.
Fort Collins, Colorado, Oct. 03, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Oilfield Communication Market Size, Growth, Share, Statistics Report, By Component (Solutions, Services), By Communication Network (VSAT, Fiber Optics, TETRA, Cellular, Others), By Application, By Field Site, By Region Forecasts, 2023-2032.”
According to DataHorizzon Research, The oilfield communication market size was valued at USD 3.1 Billion in 2022 and is expected to have a market size of USD 6.5 Billion by 2032 with a CAGR of 7.8%. The report on the global oilfield communications industry offers a comprehensive overview of the market in the oil industry and relays business insights.
The looming threat of recession across North America and Europe is expected to affect crude oil prices. Due to these situations, oil companies are trying to make changes to reduce costs and improve productivity. Hence, oil companies are adopting digitization methods to minimize the cost and risk of finding oil sources in remote and hazardous environments. Thus, the need for communication systems to enhance operations and safety boosts market growth.
Introducing cloud computing in the oil and gas industry is also responsible for the increased market growth. Exploratory work in oilfields is greatly dependent on data analysis and calculations. Thus, cloud-based services are increasingly being used in oilfields due to their flexibility with infrastructure costs and adaptability to scale. Cloud-based technologies such as computation services have become attractive for maintaining and monitoring the production of units, wells, and oil fields. In addition, cloud technology further facilitates IoT connections between processes and equipment and offers a flexible data management platform.
New technologies in the oil and gas industries have enabled oil companies to enhance safety and increase production and operating profits. Owing to this technological advancement, producers can access deep oil reserves from low-permeability geological formation, which was previously harder and costlier to extract. Software technology development for oil and gas industries has led to the integrating of major technologies such as AI and Big Data analytics. AI in the oil industry monitors machine conditions, inspects facilities, and improves safety. 3D seismic surveys generate a huge amount of data, and oil drilling and production data can be analyzed by big data analytics to improve their decision-making.
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|Report Title||Oilfield Communication Market|
|Market Size in 2022||USD 3.1 Billion|
|Market Size by 2032||USD 6.5 Billion|
|CAGR from 2023 to 2032||7.8%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors|
|By Component||Solutions and Services|
|By Communication Network||VSAT, Fiber Optics, Cellular, TETRA and others|
|By Field Site||Onshore and Offshore|
|By Application||Upstream, Downstream and Midstream|
|Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa|
|Major Market Players||Siemens AG, Huawei Technologies, Hitachi ABB Power Grids, Speedcast, Weatherford, Ceragon, Baker Hughes Incorporated, Tait Communications, Redline Communication, ALE International, Inmarsat PLC, MR Control Systems and RigNet, Inc|
The global oilfield communications market has been segmented based on component, communication network, application, field site, and region. By communication network, VSAT technology dominates the segment. On the other hand, onshore communication accounted for a significant share in 2022 in the field segment. The offshore is expected to grow faster in the following years.
North America is a leading region for the oilfield communications market. An increase in mining activities at onshore locations, the growing use of modernized and many other factors have triggered its demand in the U.S. market. Europe is a prominent market for oilfield communications and is projected to attain promising growth throughout the forecast period.
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Oilfield Communications Market Report Highlights:
- The global oilfield communications market growth is projected at a CAGR of 7.8% by 2032.
- The growing demand for communication technologies in the oilfields largely drives the market growth, and the use of advanced communications such as machine learning, data analytics, and artificial intelligence in the oil industry is expected to propel the market growth.
- The VSAT segment accounted for a significant share in 2022 due to its oilfield reliability.
- The microwave segment is projected to grow high in the forthcoming years owing to the high-end use of radio technology for communication.
- North America is a prominent player in the oilfield communications market and is projected to remain significant in the following years.
- Some prominent players in the Oilfield communications market report include Siemens AG, Huawei Technologies, Hitachi ABB Power Grids, Speedcast, Weatherford, Ceragon, Baker Hughes Incorporated, Tait Communications, Redline Communication, ALE International, Inmarsat PLC, MR Control Systems and RigNet Inc.
Key Developments in the Industry:
- In 2023, British regulators recently sanctioned USD 9.85 Billion to Equinor and Britain’s Ithaca Energy to mass-produce oil and gas under a dedicated infrastructure in the North Sea.
- In 2022, Baker Hughes announced the acquisition of Altus Intervention. With this acquisition, it can integrate well-intervention solutions into its portfolio and provide customers with high-efficiency solutions.
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Oilfield Communication Market Report Segmentation:
Oilfield Communication Market, By Component (2023-2032)
Oilfield Communication Market, By Communication Network (2023-2032)
- Fiber Optics
Oilfield Communication Market, By Field Site (2023-2032)
Oilfield Communication Market, By Application (2023-2032)
Oilfield Communication Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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