The need for improved safety, reduced environmental effects, higher production efficiency, and workforce well-being are all key market drivers
BOULDER, Colo.–(BUSINESS WIRE)–#Analytics–A new report from Navigant Research offers an overview of the key networking and communications technologies being deployed at smart mines and in active digital oilfields, with global market forecasts through 2029.
The advent of powerful, digital technology solutions is changing the face of heavy industry. Now more than ever, analytics, automation, asset management, predictive maintenance, and location/tracking applications, are de rigeur in the mining and upstream oil and gas (O&G) industries. This in turn is making robust, site-wide connectivity imperative, even in the remote, difficult to serve locations where most mines and oil fields are found. Click to tweet: According to a new @NavigantRSRCH report, the total forecast investment in networking and communications equipment at smart mines and upstream digital oilfield production locations is estimated at nearly $3.2 billion in 2020. Navigant Research believes the market is set to grow at a compound annual growth rate (CAGR) of nearly 10% over the next decade.
“Important developments in networking and communications technologies are fueling this trend toward digitization,” says Richelle Elberg, principal research analyst with Navigant Research. “Lower cost, software-defined networking standards, lower latency millimeter-band spectrum-based solutions, and longer battery life for Internet of Things (IoT) sensor networks are just some of the advances that make connectivity more powerful in industrial settings today.”
The need for improved safety, reduced environmental effects, higher production efficiency, and workforce well-being are all key drivers behind growing connectivity and digitization at mines and O&G production sites worldwide. Additionally, new solutions and applications used to enable automated vehicles and robotics will require communications networks to perform jobs once done manually by humans will drive the market further.
The report, Networking and Communications for Smart Mines and Digital Oilfields, provides an overview of the key networking and communications technologies being deployed at smart mines and in active digital oilfields, and provides an overview of the key industry trends, communications technologies, market drivers, and outlook for investment in networking and communications solutions for smart mines and digital oilfields. Wide area and near area networks (WANs and NANs), IoT sensor networks, and workforce communications and tracking networks are all described and included in the market forecasts, which extend through 2029. Wired and wireless, public and private, and low power, wide area technologies are all described and forecast. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Networking and Communications for Smart Mines and Digital Oilfields, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.