PUBLISHER: The Business Research Company | PRODUCT CODE: 1392805
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392805
“Oilfield Communications Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oilfield communications market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oilfield communications? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oilfield communications market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Oilfield communications involve the incorporation and automation of technologies in oilfield operations, aiming to furnish information and reduce the gap between supply and demand. These communications play a crucial role in enhancing equipment productivity, optimizing infrastructure operations, and ensuring the safety of personnel.
The primary communication methods in oilfield operations encompass cellular communication networks, VSAT communication networks, fiber optic-based communication networks, microwave communication networks, and tetra networks. Microwave communication networks, specifically, utilize line-of-sight wireless communication technology employing high-frequency radio wave beams. This technology facilitates high-speed wireless connections for the transmission and reception of voice, video, and data information. The components include solutions and services, and the diverse technologies involved encompass cellular networks, VoIP, unified communications, M2M, microwave communication, WiMAX, VSAT, TETRA, fiber optics, WAN, and LAN. Field sites are situated both onshore and offshore.
The oilfield communications market research report is one of a series of new reports from The Business Research Company that provides oilfield communications market statistics, including oilfield communications industry global market size, regional shares, competitors with an oilfield communications market share, detailed oilfield communications market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield communications industry. This oilfield communications market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion of oil and gas exploration activities, the increasing requirements for remote monitoring and control in oilfields, the demand for real-time data transmission, the growth in offshore drilling operations, and advancements in satellite communication technologies are factors that can be attributed to the growth observed in the historic period.
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 anticipated growth in the forecast period can be linked to the adoption of 5G technology in oilfield communications, a heightened integration of the Internet of Things (IoT), the expansion of digital oilfield initiatives, a focus on cybersecurity within oilfield networks, and the incorporation of artificial intelligence for data analysis. Major trends expected in the forecast period comprise the utilization of edge computing for real-time data processing, the implementation of hybrid communication networks in oilfields, the deployment of autonomous vehicles and drones for oilfield surveillance, advanced data analytics for predictive maintenance, and an increased emphasis on environmental monitoring and sustainability in oilfield operations.
The growth of the oilfield communications market is anticipated to be driven by an increase in oil production. Oil production involves drilling into the earth with the goal of extracting petroleum. Oilfield communications play a crucial role in providing the necessary connectivity, data, and insights to manage production operations efficiently, reduce accidents, and minimize wastage. This results in enhanced production by eliminating communication barriers. For instance, in 2022, the Energy Information Administration (EIA), a statistical agency of the US Department of Energy, reported a global consumption of petroleum and liquid fuels estimated at 99. 4 million b/d, reflecting a 2. 1 million b/d increase from 2021. Consequently, the growth in oil production is a driving factor for the oilfield communications market.
The expansion of the Internet of Things (IoT) integration is expected to contribute to the growth of the oilfield communications market. IoT refers to the network of physical objects embedded with sensors, software, and network connectivity for data collection and exchange. In the oil and gas industry, successful integration of IoT relies on reliable connectivity in remote and challenging environments, facilitated by oilfield communication solutions. As an example, in July 2023, CompTIA, a US-based non-profit trade association, reported that the global IoT market reached $399. 41 billion in 2022, projected to grow to $486 billion in 2023, with connected IoT devices expected to reach 15. 9 billion by 2030. Hence, the surge in IoT platforms is a significant driver for the oilfield communications market.
Technological innovations represent a prominent trend in the oilfield communications market, with major companies focusing on developing new solutions to strengthen their positions. For instance, in May 2022, Baker Hughes, a US-based company in the oilfield communications sector, introduced the MS-2 Annulus Seal, a subsea wellhead technology aimed at reducing operational rig costs and enhancing overall wellhead installation efficiency. This integrated sealing solution, showcased at the 2022 offshore technology conference in Houston, gained adoption by multiple customers in North and South America. The MS-2 Annulus Seal instills operator confidence in well integrity, extends well life, lowers well construction and intervention costs, expands intervention options, and ensures integrity in challenging conditions.
Key players in the oilfield communications market are strategically developing innovative products like the AssetCare Digital Oilfield solutions to fortify their market positions. The AssetCare Digital Oilfield solution is recognized as the only complete, end-to-end digital upstream oil and gas solution in the industry. For instance, in June 2022, mCloud, a Canada-based software solutions company, launched the AssetCare Digital Oilfield solutions, employing cloud-based artificial intelligence (AI) and predictive maintenance to automate production management and continually optimize wellsite performance. Integrated connected worker capabilities enable wellsite operators to address methane emissions and eliminate unscheduled downtime within hours rather than weeks or months.
In April 2021, Viasat, a US-based communication company, completed the acquisition of Rignet for $222 million. This acquisition is part of Viasat's portfolio diversification strategy to address communication challenges faced by its customers. Rignet, a US-based company specializing in oilfield communication, aligns with Viasat's strategic goals in the industry.
Major companies operating in the in the oilfield communications market report are Huawei Technologies Co. Ltd, Siemens AG, Speedcast International Limited, ABB Ltd, Commscope Inc, Inmarsat Plc, Tait Communications, Baker Hughes Incorporated, Alcatel-Lucent S. A, Rad Data Communications, Hughes Network Systems LLC, Ceragon Networks Ltd, RigNet Inc, Airspan Networks, Commtel Networks Pvt. Ltd, GE Digital, Mostar Oilfield Communications, Redline Communications, Inmarsat, Rignet, Hitachi ABB Power Grids, Weatherford, ALE International, MR Control Systems, RigNet Inc., HP Co, SAP AG, Oracle Corp, SAS, Dell EMC, Infobright Inc, International Business Machines Corporation, Actian Corp, ParAccel Inc, Microsoft Corp, Teradata Corp
North America will be the largest region in the oilfield communications market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the oilfield communications market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The oilfield communications market consists of revenues earned by entities by providing cellular communication network. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.