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5G in Oil & Gas Global Market Report 2023: Integration of AI in Oil & Gas Industry Presents OpportunitiesDUBLIN, 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:
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 or 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:
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KEY QUESTIONS ANSWERED Key Topics Covered: For more information about this report visit https://www.researchandmarkets.com/r/7wbq14 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/5g-in-oil--gas-global-market-report-2023-integration-of-ai-in-oil--gas-industry-presents-opportunities-301725536.html SOURCE Research and Markets |