5G in Oil & Gas Global Market Report 2023: Integration of AI in Oil & Gas Industry Presents Opportunities
DUBLIN, Jan. 19, 2023 /PRNewswire/ -- The "5G in Oil & Gas Market - Global Outlook & Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global 5G in oil & gas market is expected to grow at a CAGR of 25.81% during 2023-2030. 5G is amongst the key technologies that are gaining significant importance in the oil & gas sector. The oil & gas market includes operational activities conducted under extreme weather conditions and severe environmental challenges.
Operation in these conditions face challenges such as low latency network connectivity, cybersecurity issues, and managing the network at remote locations. These things mandate the use of strong communication technology. 5G is one of the prominent technologies that effectively moderates these issues, as it offers ultra-high speed coupled with low latency communication between production sites and vessels. Increased use of 5G-enabled systems such as drones, robotics, and artificial intelligence (AI) enhances operational efficiency, thus, driving adoption in the oil & gas sector, further propelling the growth of the 5G in oil & gas market.
Key Advantages of 5G:
Streamlining growing complexity in the operational activities.
Managing the increasing competition from renewable resources.
Supports improving margins by minimizing cost.
Helps in timely maintenance and prevents equipment failure.
Increases operational efficiency by employing decreasing unmanned downtime.
The 5G network provides robust connectivity and smooth communication essential for daily operational activities.
MARKET TRENDS & OPPORTUNITIES
Industry 4.0 To Boost 5G in Oil & Gas Market
Industry 4.0 is currently essential for all entities engaged in the production and manufacturing processes. Evolution in the utility sector mandates the incorporation of Industry 4.0 in day-to-day activities. The utility sector is an integral part of the new industrial revolution era. Transformations such as process automation, integrating machines for predictive diagnostics and maintenance, equipment health tracking, and digitizing other operational parameters require the integration of Industry 4.0 in the energy sector. Oil & gas companies across the globe are also mandating incorporation of Industry 4.0 in daily operational activities. Oil & gas companies, especially in the upstream sector, are incorporating the advantages of industry 4.0 to enhance their overall operations. This is also required to remain relevant in the market due to the rising competition from the increasing demand for renewable energy, electric vehicle, and new hydrocarbon sources. Industry 4.0 also enables unmanned drilling operations, forecast maintenance needs, and enable asset management. Modernizing services and solution offerings in tandem with the improvising industry practices is set to be the key to growth over the next few years.
Growing Adoption of Digitization in Oilfield
Oil & gas companies are proactively implementing digital transformation techniques in their operations, which can contribute towards the 5G in oil & gas market growth. The advancement in automation processes, sensing technologies, and data analytics drives these developments. Digitization in the oilfield or digital oilfield is the concept that integrates business processes with digital technologies such as IoT, AI, augmented reality, VR, digital twin, and cloud systems. This process supports companies by collecting real-time data from sensors, pressure and temperature meters, tank-level sensors, and others. Assimilation of such advanced technologies increases any oil or gas field's operational efficiency.
Segmentation by Application:
Segmentation by Spectrum:
Segmentation by Geography:
Middle East & North Africa
Rest of the World
Other Prominent Vendors
Google (Google Cloud)
Microsoft (Microsoft Azure)
Market Opportunities & Trends
Recent Developments in 5G Technology
Recent Launches/ Developments in the 5G Oil & Gas Market
Digitization of Oilfields
Integration of AI in Oil & Gas Industry
Adoption of Enhanced Oil Recovery Technique
Market Growth Enablers
Expansion of Upstream Production Activity
Adoption of Digital Twin
Industry 4.0 Implementation in Oil & Gas Industry
Increased Penetration of 5G Network & Sd-Wan
5G Adoption Barriers
Shift Toward Renewable & Alternate Energy Sources
KEY QUESTIONS ANSWERED
1. How big is the 5G in oil & gas market?
2. Which region dominates the global 5G in oil & gas market?
3. Who are the key players in the global 5G in oil & gas market?
4. What is the growth rate of the global 5G in oil & gas market?
5. What are the key driving factors in the 5G in oil & gas market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
9 5G Outlook
10 Case Study Analysis
11 Market Opportunities & Trends
12 Market Growth Enablers
13 Market Restraints
14 Market Landscape
21 Saudi Arabia
22 Rest of the World
23 Competitive Landscape
24 Key Company Profiles
25 Other Prominent Players
26 Report Summary
27 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/7wbq14
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SOURCE Research and Markets