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.
Due to the rising need for oilfield communications and the use of these technologies in massive oilfields and offshore sites, North America is predicted to dominate the oilfield communications industry. The area is anticipated to become one of the largest markets throughout the forecast period as a result of quickly increasing production and exploration activities as well as recently discovered shale resources.
The fastest growth is anticipated in the Middle East and Africa (MEA) during the projection period. Many of the rigs, refineries, and exploration sites in the MEA area employ traditional control systems, which will further accelerate market expansion. The Middle East oilfield communications sector has been extensively investing in the digital market to boost its crude recovery rate because its manufacturing costs are significantly lower than the present oil pricing.
While Europe is anticipated to overtake North America in terms of market share for oilfield communications. The oilfield communications technology industry is expanding incrementally in Europe, and this development is projected to have a beneficial effect on market potential over the next years.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/19102022/oilfield-communications-market-expected-to-grow-at-cagr-of-54-from-2022-2032/
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