Oilfield Communications Global Market Report 2022: Ukraine-Russia War Impact
Major players in the oilfield communications market are Huawei Technologies Co. Ltd. , Siemens AG, Speedcast, ABB Power Grids Ltd, Ceragon Networks Ltd, RigNet Inc, Commscope, Inmarsat PLC, Tait Communications, Baker Hughes Incorporated, Alcatel-Lucent S.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oilfield Communications Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372075/?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 is expected to grow from $3.28 billion in 2021 to $3.56 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. 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, affecting many markets across the globe. The market is expected to grow to $4.77 billion in 2026 at a CAGR of 7.6%.
The oilfield communications market consists of the sale of oilfield communications by entities (organizations, sole traders, and partnerships) that are used to boost equipment productivity, optimise infrastructure operations, and keep personnel safe. Oilfield communications refer to technologies that integrate and automate oilfield operations to provide information and decrease the supply and demand gap.
The main communications for oilfield communications are cellular communication networks, VSAT communication networks, fibre 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, fibre optics, WAN, and LAN.
The field sites are onshore and offshore.
North America will be the largest region in the oilfield communications market in 2021.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.
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 USA-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 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.
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