New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oilfield Communications Global Market Report 2023" - https://www.reportlinker.com/p06443913/?utm_source=GNW
A., Rad Data Communications, Hughes Network Systems LLC, Airspan Networks, Commtel Networks Pvt. Ltd., GE Digital, Mostar Oilfield Communications, and Redline Communications
The global oilfield communications market grew from $3.52 billion in 2022 to $3.77 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oilfield communications market is expected to grow to $4.86 billion in 2027 at a CAGR of 6.6%.
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.
Oilfield communications refer to technologies that integrate and automate oilfield operations to provide information and decrease the supply and demand gap. The oilfield communications are used to boost equipment productivity, optimize infrastructure operations, and keep personnel safe.
North America will be the largest region in the oilfield communications market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this oilfield communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main communications for oilfield communications are cellular communication networks, VSAT communication networks, fiber optic-based communication networks, microwave communication networks, and tetra networks.A microwave communication network refers to a line-of-sight wireless communication technology that uses high-frequency beams of radio waves to provide high-speed wireless connections that can send and receive voice, video, and data information.
The components are solutions and services.The various technologies involved cellular networks, VoIP, unified communications, M2M, microwave communication, WiMAX, VSAT, TETRA, fiber optics, WAN, and LAN.
The field sites are onshore and offshore.
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 growth of the oilfield communications market.
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.
In April 2021, Viasat, a US-based communication company, acquired Rignet for an amount of $222 million.With this acquisition, Viasat intends to broaden its portfolio diversification strategy and address its customers’ communication challenges.
Rignet is a US-based company operating in oilfield communication.
The countries covered in the oilfield communications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The oilfield communications market research report is one of a series of new reports 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.
Read the full report: https://www.reportlinker.com/p06443913/?utm_source=GNW
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