The oilfield communications market is expected to grow at a CAGR of 5.4%, from US$3.8 billion in 2022 to US$6.4 billion by 2032.
Increasing investments in?network?infrastructure, rising?demand for oilfield communications?from oil and gas operators to scale the production of mature?oilfields, and rising technological advancements for?communication?across?oilfields?are expected to drive the?adoption of the oilfield communications market.
Businesses that provide?oilfield communications solutions and services?are expected to see a significant drop in?oilfield communications market?growth?due to the COVID-19 pandemic-led global lockdown.
The pandemic caused?oilfield communications companies?to face liquidity crises, healthier companies to diversify their businesses, and companies to face a skilled workforce shortage when the?oilfield communications market?recovers due to layoffs during the lockdown.
Demand for?oilfield communications?has risen rapidly, and companies are investing heavily in exploring new?oil fields, particularly in the Asia Pacific.
The reliable and fast network enables?oil and gas?companies to discover new remote offshore and onshore?oilfields, which may influence the?oilfield communications market’s key trends and opportunities.
The major oil exploration companies that are establishing operations in harsh and remote areas are driving up?demand for?oilfield communications?solutions.
Most of the major oil exploration companies are advancing their technologies in response to the increasing?demand for high bandwidth communication.
- The US oilfield communications market is expected to reach US$ 2.2 billion by 2032, growing at a 4.9% CAGR through 2032.
- The UK oilfield communications market is expected to be worth US$ 278.2 Million by 2032, with a CAGR of 4.4% between now and then through 2032.
- By 2032, the Chinese oilfield communications market is expected to reach US$ 442.0 Million, growing at a 4.7% CAGR.
- A Japanese oilfield communications market is expected to be worth US$ 367.4 million by 2032, growing at a 4.0% annual rate until then.
- South Korea is expected to have a US$ 215.3 million oilfield communications market by 2032, with a CAGR of 3.3% through 2032.
- The onshore segment of the oilfield communications market’s field site category is expected to grow at a CAGR of 4.9% through 2032.
- The oilfield communications market component sectors’ services segment will grow at a CAGR of 5.2% through 2032.
A new market research report on Oilfield Communications says that Huawei Technologies Co., Ltd., Siemens AG, Speedcast, Weatherford International plc, and Ceragon are among the legacy players’ vendors. The research offers a comprehensive competition analysis of these top competitors in the oilfield communications market, including oilfield communications market growth, oilfield communications market share, oilfield communications market adoption trends, and important market strategies.
Read the latest issue of Oilfield Technology in full for free: Spring 2022
Oilfield Technology’s first issue of 2022 begins with analysis from Wood Mackenzie on the disconnect between surging oil prices and US oil production growth and investment. The rest of the issue is dedicated to features covering sand removal technology, dissolvable frac plug technology, digitalisation of offshore operations, annular intervention, oilfield chemicals, subsea compression systems and smart instrument measurement.
Exclusive contributions come from TETRA Technologies, NOV, Archer, Expro, Locus Bio-Energy Solutions, AES Drilling Fluids, MAN Energy Solutions and Winters Instruments.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/23092022/oilfield-communications-market-is-expected-to-grow-at-a-cagr-of-54-from-2022-2032/