5G to Revolutionize the Oil & Gas Industry in the Next 7 Years. The Market is Expected to Grow More than 500% by 2030 – Arizton – Yahoo Finance
CHICAGO, Nov. 30, 2022 /PRNewswire/ — According to Arizton’s latest research report, the 5G in oil & gas market will grow at a CAGR of 25.81% from 2023-2030. The competitive scenario in the global 5G oil & gas market is rapidly growing due to digitization. The fast-changing technological environment can adversely affect companies as customers expect continual innovations and upgrades. The market is consolidated, with few players providing 5G networks in the oil & gas industry with high functionality. The 5G in the oil & gas market structure is in oligopoly state, characterized by a few top players who have significant influence in the market. Vendors are now focusing on developing their portfolios to drive growth. Vendors are actively investing in R&D and collaborating with stakeholders for better insights and revenue growth.
The global 5G in oil & gas market is expected to witness an absolute growth of 527.49% (by value) during the forecast period due to the increased need to enhance operational efficiency in the capital-intensive oil & gas industry and the need for effective network technology operations at remote sites.
Moreover, the integration of the digital twin in the oil & gas industry is on the rise. Around 74% of organizations are expected to adopt digital twins by 2025, per Ericsson. The high adoption of digital twins offers significant opportunities to 5G players due to the strong requirement for cellular networks that can transfer massive amounts of data with low latency and enable oil & gas operators to successfully operate digital twin technologies irrespective of locations and weather conditions.
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5G in Oil & Gas Market Report Scope
Report Attributes
Details
Market Size (2030)
USD 27.48 Billion
Market Size (2023)
USD 4.38 Billion
CAGR (2023-2030)
25.81 %
Estimated Year
2023
Forecast Year
2023-2030
Market Segments
Spectrum, Application, and Geography
Geographic Analysis
The U.S., Europe, China, Saudi Arabia, and Others
Largest Market
China
Key Leading Players
Athonet, Cisco, Ericsson, Hitachi Energy, Huawei, Niral Network, Nokia, Sierra Wireless, Alibaba Cloud, Fuze, Google (Google Cloud), Intrado, Microsoft (Microsoft Azure), NTT, Qualcomm, Samsung, Sateliot, Verizon, Windstream, and ZTE
Competitive landscape
The business overview, product & service offerings, key strategies, key strengths, and key opportunities
Market Dynamics
Expanding Upstream Production Activity
Increasing Adoption of Digital Twin
Industry 4.0 To Boost 5G in Oil & Gas Market
Increased Penetration of 5G Network & SD-WAN
Page Number
320
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Digitization of Oilfields Boosting the Market Growth
Digitization of oilfields or a digital oilfield is the latest oil & gas industry trend. Digital oilfield is the umbrella term for technology-centric solutions that allow companies to leverage limited resources. Oil & gas companies actively adopt digital transformation, driven by advances in automation, sensing technologies, and data analytics. Emerging nations of China, India, Mexico, and other countries in APAC, along with North America’s and Europe’s developed economies, are also expected to witness growth in digital oilfields. The U.S. and Canada are the leading countries in North America that integrated smart technology across their oilfield operation. In Canada, ARC Resources (Canada’s third-largest energy company) installed various digital assets for the exploration, production, and development of the oil & gas industry. Recently, the company decided to optimize the control systems for multi-well natural gas production for effective decision-making.
The integration of the digital twin in the oil & gas industry is on the rise. This is primarily due to its extensive benefits of storing historical data, providing blueprints of real-time data, and maintaining repositories for all assets, which enables oil & gas operators to enhance production efficiency, reduce costs, and leverage profits. For instance, implementing the digital twin in the North Sea offshore oil & gas projects enables operators to save more than $2.03 million on projects.
Recent Launches/Developments in the 5G Oil & Gas Market
In June 2021, Nokia collaborated with system integrator NetNordic to deliver 4G & 5G solutions to Equinor, one of the world’s leading oil, gas, and wind power producers. This strategic collaboration would enable Eqinour to strengthen this performance in identifying real-time problems and taking quick action.
In August 2020, Petronas announced leveraging 5G technology in the oil & gas industry as a part of the Malaysian Government’s 5G deployment strategies.
In January 2021, STC and Huawei signed an MOU with Saudi Aramco to study the application of 5G in the oil & gas industry. This collaborative relationship would leverage economic growth and societal benefits globally.
In 2022, Petrobras announced that it plans to deploy a 5G network across its 46 offshore and onshore sites by the end of 2024
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Upstream Segment is Expected to Generate Substantiative Demand in the Next 7 Years.
The upstream oil & gas industry includes the search for potential crude oil & natural gas fields, the drilling of wells, and their operation. The upstream segment of the oil & gas industry is highly regulated and capital-intensive, thus impacting the overall exploration and production process.
There is an increase in the integration of digital footprint (IoT, A.I., and cloud computing) in the upstream segment of the oil & gas industry. This is primarily due to the increased focus of companies to enhance production efficiency, minimize human interference, and save costs and time in drilling. Integrating digital technology in upstream applications can help oil & gas industry operators cut production costs significantly. The global 5G in the oil & gas market by upstream application was valued at $2.19 billion in 2023 and is expected to reach $13.50 billion by 2030.
Why Should you Buy this Research Report?
The report covers detailed coverage of 5G technology, its integration in the oil & gas sector, benefits and use cases around 5G incorporation, company developments related to 5G, development scenarios in various countries, and case studies.
CAGR of the market during the forecast period.
Estimation of the 5G oil & gas market size.
Predictions on upcoming trends and changes in consumer behavior.
Analysis of the market’s competitive landscape and detailed information on vendors
Key Vendors
Athonet
Cisco
Ericsson
Hitachi Energy
Huawei
Niral Network
Nokia
Sierra Wireless
Other Prominent Vendors
Alibaba Cloud
Fuze
Google (Google Cloud)
Intrado
Microsoft (Microsoft Azure)
NTT
Qualcomm
Samsung
Sateliot
Verizon
Windstream
ZTE
The report considers the scenario of the 5G in oil & gas and its market dynamics for 2023−2030. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.
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Market Segmentation
Spectrum:
High-Band
Low-Band
Mid-Band
Application:
Upstream
Midstream
Downstream
Geography:
The U.S.
Europe
China
Vietnam
Middle East & North Africa
Saudi Arabia
Rest of the World
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Table of Content
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of The Study
4.3.1 Market Segmentation by Material Type
4.3.2 Market Segmentation by Product Type
4.3.3 Market Segmentation by Application
4.3.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Static & Dynamic Seals
7.1.2 Oil and gas Seals Market Comparison 2019 & 2025
7.2 Impact Of COVID-19
7.2.1 Production & Consumption Insights
7.3 Global Economy: 2019
7.4 Global Oil and Gas Industry Outlook
7.4.1 Overview
7.4.2 Midterm Outlook Up To 2022
7.4.3 Long-term Outlook Up to 2025 and beyond
7.4.4 Factors Impacting Demand
8 Market Opportunities & Trends
8.1 Smart Oil Filed Innovation
8.2 Developments in Sealing Products in Adherence to Challenging Environment
8.3 Adoption of Enhanced Oil Recovery (EOR) Technique
9 Market Growth Enablers
9.1 Increasing Upstream Production Activities
9.2 Huge Consumption of Oil and Gas Globally
9.3 Unconventional Oil Production in U.S. & Beyond
10 Market Restraints
10.1 Shift to Renewable & Alternative Energy Sources
10.2 Adverse Impact Of COVID-19
11 Market Landscape
11.1 Market Overview
11.1.1 Key Insights
11.2 Market Size & Forecast
11.3 Five Forces Analysis
11.3.1 Threat of New Entrants
11.3.2 Bargaining Power of Suppliers
11.3.3 Bargaining Power of Buyers
11.3.4 Threat of Substitutes
11.3.5 Competitive Rivalry
12 Material
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.2.1 Competitive Market
12.3 Elastomers
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Market by Geography
12.4 Thermoplastics
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Market by Geography
12.5 Others
12.5.1 Market Overview
12.5.2 Market Size & Forecast
12.5.3 Market by Geography
13 Product
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 O-Rings
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 U-Cup Seals
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Back-Up Rings
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Spring Energized Seals
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
13.7 Others
13.7.1 Market Overview
13.7.2 Market Size & Forecast
13.7.3 Market by Geography
14 Application
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.2.1 Upstream
14.2.2 Downstream
14.2.3 Midstream
14.3 Downstream Oil and Gas Industry
14.3.1 Market Overview
14.3.2 Oil and Gas Refinery Insights
14.3.3 Market Size & Forecast
14.3.4 Market by Geography
14.4 Upstream Oil and Gas Industry
14.4.1 Market Overview
14.4.2 Oil and Gas Production Insights
14.4.3 Key Restraints
14.4.4 Market Size & Forecast
14.4.5 Market by Geography
14.5 Midstream Oil and Gas Industry
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
15.2.1 Middle East & Africa
15.2.2 North America
15.2.3 Europe
15.2.4 APAC
15.2.5 Latin America
16 Middle East & Africa
16.1 Market Overview
16.2 Market Size & Forecast
16.3 Material Type
16.3.1 Market Snapshot & Growth Engine
16.3.2 Elastomers: Market Size & Forecast
16.3.3 Thermoplastics: Market Size & Forecast
16.3.4 Others: Market Size & Forecast
16.4 Product Type
16.4.1 Market Snapshot & Growth Engine
16.4.2 O-rings: Market Size & Forecast
16.4.3 U-cup Seals: Market Size & Forecast
16.4.4 Back-up Rings: Market Size & Forecast
16.4.5 Spring Energized Seals: Market Size & Forecast
16.4.6 Others: Market Size & Forecast
16.5 Application
16.5.1 Market Snapshot & Growth Engine
16.5.2 Downstream Oil and gas Industry: Market Size & Forecast
16.5.3 Upstream Oil and gas Industry: Market Size & Forecast
16.5.4 Midstream Oil and gas Industry: Market Size & Forecast
16.6 Key Countries
16.6.1 Saudi Arabia: Market Size & Forecast
16.6.2 Iran: Market Size & Forecast
16.6.3 Iraq: Market Size & Forecast
16.6.4 UAE: Market Size & Forecast
16.6.5 Rest of Middle East & Africa: Market Size & Forecast
17 North America
17.1 Market Overview
17.2 Market Size & Forecast
17.3 Material Type
17.3.1 Market Snapshot & Growth Engine
17.3.2 Elastomers: Market Size & Forecast
17.3.3 Thermoplastics: Market Size & Forecast
17.3.4 Others: Market Size & Forecast
17.4 Product Type
17.4.1 Market Snapshot & Growth Engine
17.4.2 O-rings: Market Size & Forecast
17.4.3 U-cup Seals: Market Size & Forecast
17.4.4 Back-up Rings: Market Size & Forecast
17.4.5 Spring Energized Seals: Market Size & Forecast
17.4.6 Others: Market Size & Forecast
17.5 Application
17.5.1 Market Snapshot & Growth Engine
17.5.2 Downstream Oil and gas Industry: Market Size & Forecast
17.5.3 Upstream Oil and gas Industry: Market Size & Forecast
17.5.4 Midstream Oil and gas Industry: Market Size & Forecast
17.6 Key Countries
17.6.1 US: Market Size & Forecast
17.6.2 Canada: Market Size & Forecast
18 Europe
18.1 Market Overview
18.2 Market Size & Forecast
18.3 Material Type
18.3.1 Market Snapshot & Growth Engine
18.3.2 Elastomers: Market Size & Forecast
18.3.3 Thermoplastics: Market Size & Forecast
18.3.4 Others: Market Size & Forecast
18.4 Product Type
18.4.1 Market Snapshot & Growth Engine
18.4.2 O-rings: Market Size & Forecast
18.4.3 U-cup Seals: Market Size & Forecast
18.4.4 Back-up Rings: Market Size & Forecast
18.4.5 Spring Energized Seals: Market Size & Forecast
18.4.6 Others: Market Size & Forecast
18.5 Application
18.5.1 Market Snapshot & Growth Engine
18.5.2 Downstream Oil and Gas Industry: Market Size & Forecast
18.5.3 Upstream Oil and gas Industry: Market Size & Forecast
18.5.4 Midstream Oil and gas Industry: Market Size & Forecast
18.6 Key Countries
18.6.1 Russia: Market Size & Forecast
18.6.2 Norway: Market Size & Forecast
18.6.3 Italy: Market Size & Forecast
18.6.4 UK: Market Size & Forecast
18.6.5 Denmark: Market Size & Forecast
19 APAC
19.1 Market Overview
19.1.1 Market Size & Forecast
19.2 Material Type
19.2.1 Market Snapshot & Growth Engine
19.2.2 Elastomers: Market Size & Forecast
19.2.3 Thermoplastics: Market Size & Forecast
19.2.4 Others: Market Size & Forecast
19.3 Product Type
19.3.1 Market Snapshot & Growth Engine
19.3.2 O-rings: Market Size & Forecast
19.3.3 U-cup Seals: Market Size & Forecast
19.3.4 Back-up Rings: Market Size & Forecast
19.3.5 Spring Energized Seals: Market Size & Forecast
19.3.6 Others: Market Size & Forecast
19.4 Application
19.4.1 Market Snapshot & Growth Engine
19.4.2 Downstream Oil and gas Industry: Market Size & Forecast
19.4.3 Upstream Oil and gas Industry: Market Size & Forecast
19.4.4 Midstream Oil and gas Industry: Market Size & Forecast
19.5 Key Countries
19.5.1 China: Market Size & Forecast
19.5.2 India: Market Size & Forecast
19.5.3 Indonesia & Malaysia: Market Size & Forecast
19.5.4 Australia: Market Size & Forecast
19.5.5 Rest Of APAC: Market Size & Forecast
20 Latin America
20.1 Market Overview
20.2 Market Size & Forecast
20.3 Material Type
20.3.1 Market Snapshot & Growth Engine
20.3.2 Elastomers: Market Size & Forecast
20.3.3 Thermoplastics: Market Size & Forecast
20.3.4 Others: Market Size & Forecast
20.4 Product Type
20.4.1 Market Snapshot & Growth Engine
20.4.2 O-rings: Market Size & Forecast
20.4.3 U-cup Seals: Market Size & Forecast
20.4.4 Back-up Rings: Market Size & Forecast
20.4.5 Spring Energized Seals: Market Size & Forecast
20.4.6 Others: Market Size & Forecast
20.5 Application
20.5.1 Market Snapshot & Growth Engine
20.5.2 Downstream Oil and gas Industry: Market Size & Forecast
20.5.3 Upstream Oil and gas Industry: Market Size & Forecast
20.5.4 Midstream Oil and gas Industry: Market Size & Forecast
20.6 Key Countries
20.6.1 Mexico: Market Size & Forecast
20.6.2 Brazil: Market Size & Forecast
20.6.3 Rest of Latin America: Market Size & Forecast
21 Competitive Landscape
21.1 Competition Overview
22 Key Company Profiles
22.1 Enpro Industries
22.1.1 Business Overview
22.1.2 Product Offerings
22.1.3 Key Strategies
22.1.4 Key Strengths
22.1.5 Key Opportunities
22.2 Flowserve Corporation
22.3 John Crane
22.4 Parker-Hannifin Corporation
22.5 IDEX Corporation
22.6 Trelleborg
23 Other Prominent Vendors
23.1 Freudenberg Oil and Gas Technologies
23.2 M.Barnwell Services
23.3 Green Tweed
23.4 CDI Energy Products
23.5 Aesseal
23.6 Saint-Gobain
23.7 Techno A.D.
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Market by Material Type
25.1.1 Market Size & Forecast
25.2 Market by Product Type
25.2.1 Market Size & Forecast
25.3 Market by Application
25.3.1 Market Size & Forecast
25.4 Market by Geography
25.4.1 Market Size & Forecast
25.5 Middle East & Africa
25.5.1 Material Type: Market Size & Forecast
25.5.2 Product Type: Market Size & Forecast
25.5.3 Application: Market Size & Forecast
25.6 North America
25.6.1 Material Type: Market Size & Forecast
25.6.2 Product Type: Market Size & Forecast
25.6.3 Application: Market Size & Forecast
25.7 Europe
25.7.1 Material Type: Market Size & Forecast
25.7.2 Product Type: Market Size & Forecast
25.7.3 Application: Market Size & Forecast
25.8 APAC
25.8.1 Material Type: Market Size & Forecast
25.8.2 Product Type: Market Size & Forecast
25.8.3 Application: Market Size & Forecast
25.9 Latin America
25.9.1 Material Type: Market Size & Forecast
25.9.2 Product Type: Market Size & Forecast
25.9.3 Application: Market Size & Forecast
26 Appendix
26.1 Abbreviations
About Us:
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We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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SOURCE Arizton Advisory & Intelligence
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