Oil field Equipment Market Size, Share, Forecast, 2032

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The Oilfield Communications Global Market Report 2023 by The Business Research Company, provides oilfield communications market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/oilfield-communications-global-market-report

According to The Business Research Company’s Oilfield Communications Global Market Report 2023, the global oilfield communications market size will grow 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 market size of the oilfield communications is expected to grow to $4.86 billion in 2027 at a CAGR of 6.6%.

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.

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The oilfield communications market is segmented:

1) By Communication Network: Cellular Communication Network, VSAT Communication Network, Fiber Optic-Based Communication Network, Microwave Communication Network, Tetra Network

2) By Component: Solutions, Services

3) By Technology: Cellular Network, VoIP, Unified Communications, M2M, Microwave Communication, WiMAX, VSAT, TETRA, Fiber Optics, WAN, LAN

4) By Field Site: Onshore, Offshore

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.

The oilfield communications market report table of contents includes: