5G to Revolutionize the Oil & Gas Industry in the Next 7 Years. The Market is Expected to Grow More than 500% by 2030 - Arizton

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.

To learn more about the additional trends impacting the future of the market and the positive and negative consequences on the businesses, Download a Free Sample Report.

5G in Oil & Gas Market Report Scope

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. Request for free sample report

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

Read more: https://www.arizton.com/market-reports/5g-in-oil-gas-market

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
• The U.K.
• Norway
• Russia
• Italy
• China
• Vietnam
• Middle East & North Africa
• Tunisia
• Algeria
• Egypt
• Morocco
• Libya
• Sudan
• Turkey
• Saudi Arabia
• Rest of the World
  
  
• Canada
• India
• Brazil
• Mexico
• Venezuela

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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

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SOURCE Arizton Advisory & Intelligence