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Global Oilfield Communications Market: Trends & Future Outlook | 2024 To 2033 Key Players Huawei Technologies Co. Ltd, Siemens AG, Speedcast International Limited, ABB Ltd, Commscope Inc.
Global Oilfield Communications Market Share
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Oilfield Communications Market 2024 Key Insights:
• 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%.
• Oilfield Communications Market Rides The Wave Of Increasing Production
• Baker Hughes' Breakthrough Subsea Technology
• North America will be the largest region in the oilfield communications market in 2023
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