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Oilfield Communications Market Trends, Top Companies, Share, Growth And Forecast 2033
Oilfield Communications Market
As per the report, 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 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%.
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Oilfield Communications Market Rides The Wave Of Increasing Production
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.
Baker Hughes' Breakthrough Subsea Technology
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 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
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Major companies operating 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
Contents of the report:
1. Executive Summary
2. Oilfield Communications Market Report Structure
3. Oilfield Communications Market Trends And Strategies
4. Oilfield Communications Market - Macro Economic Scenario
5. Oilfield Communications Market Size And Growth
…..
27. Oilfield Communications Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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