Oilfield Communications Market Projected to Reach $4.5 billion by 2022

Browse 66 market data tables and 68 figures spread through 145 pages and in-depth TOC on "Oilfield Communications Market"

(EMAILWIRE.COM, February 28, 2020 ) According to a research report "Oilfield Communications Market by Solution (M2M, Asset Management, VOIP, Unified Communication, Pipeline SCADA) Communication Technology (Cellular, VSAT, Tetra, Microwave), Service (Professional, Managed Services), and Region - Global Forecast to 2022", published by MarketsandMarkets, the global oilfield communications market size is expected to grow from USD 3.1 billion in 2017 to USD 4.5 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 7.9%.

Emerging digital oilfields is considered as the primary driving factor for the oilfield communications market. However, the integration of departments in the oil and gas industry and rising vulnerability to cybersecurity threats are some of the major factors accelerating the growth of the oilfield communications market. The introduction of cloud services and video conferencing is also contributing to the oilfield communication sector.

Major vendors in the oilfield communications market are:
• Huawei Technologies Co. Ltd (China)
• Siemens AG (Germany)
• SpeedCast International Limited (China)
• ABB Ltd. (Switzerland)
• CommScope (US)
• Inmarsat Plc (UK)
• Tait Communications (New Zealand)
• Baker Hughes Incorporated (US)
• Alcatel-Lucent S.A. (France)
• Ceragon Networks Ltd. (US)

The fleet management communication solution enables efficient data management and communication of fleets from exploration and production sites to storage and refining facilities. The minimum risk associated with vehicle investment, reduced transportation cost, enhanced efficiency, and improved productivity are some of the factors responsible for the largest market size of fleet management communication among solutions. Advanced communication solutions and increasing investment in cost-effective digital oilfield solutions are also boosting the growth of the oilfield communications market.

Among communications network technology, the microwave communication network segment is expected to grow at the highest growth rate as it provides uninterrupted and secure communication services. The microwave communication network is beneficial for rapid network deployment, as high-frequency microwaves have higher bandwidth and enormous information-carrying capacity. However, Line of Sight (LoS) propagation of microwaves, limits its deployment in difficult terrain.

North America is expected to hold the highest market share in the oilfield communications market during the forecast period owing to the companies seeking advanced digital communication solutions for their onshore and offshore field operations. As the region has one of the strongest economies, it is open for adoption of new and advanced technology and exploration facilities. The advanced extraction techniques have explored multiple oil and gas shale regions in the extremely remote areas which have, in turn forced the companies to opt for high-end communication systems for effective business operations.

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