The global Oilfield Communications Market was valued at US$ 3.50 Bn in 2018 and is expected to reach US$ 6.81 Bn by 2026 with a CAGR growth rate of 8.74% in the forecast period from 2019 to 2026.
The oil and gas industry is accelerating rapidly in terms of technology adoption as well as better user expectations for reliable, high-performance connectivity. The network users working at offshore/onshore expect fast and uninterrupted internet connectivity across the area. The firms associated with the energy sector are always looking for new techniques to increase efficiency and create competitive advantages through automation and real-time data analysis. Satellite communications technology is highly available, providing coverage ubiquitously. Oilfield communications require a consistent and competent wireless network that can function over long distances and under harsh weather conditions and this is driving the growth for Oilfield communications. Oilfield communication networks and technologies supply lightning broadband speeds, thereby sustaining several applications that ultimately develop the operational efficiency and safety of the oilfield operations.
Rising demand for offshore oil field communication solutions, new projects in drilling for oil in extreme conditions and rising implication of cyber security are some of the key factors fuelling the Oilfield Communications Market growth. However, factors such as strict government regulatory norms and probable risk in data and asset security are hindering the growth of oilfield communications market. Growing demand for cost-effective solutions in the oil and gas industry provides ample of opportunities for Oilfield Communications Market growth. In addition to this, market growth is also due to the increasing need for cybersecurity in the oil & gas industry. In the global oilfield communications market, Asia Pacific is anticipated to grow with the highest CAGR during the forecast period majorly due to the rising investments in R&D activities and rapidly increasing oilfield excavation activities in this region.
Key Players Influencing the Market
- ABB Ltd.
- Airspan Networks Inc.
- BAKER HUGES INCORPORated
- Ceragon Networks Ltd.
- CommScope Holding Company, Inc.
- Commtel Networks Pvt. Ltd.
- Huawei Technologies Co. Ltd.
- Hughes Network Systems LLC
- Inmarsat plc
- RAD Data Communications
- Rignet, Inc.
- Speedcast International Limited
- Tait Communications
- NOKIA COrporation (ALCATEL-LUCENT)
- Siemens AG
The Oilfield Communications Market globally is segmented by services into managed services and professional services; by communication network technology into tetra network, fiber-optic based communication network, microwave communication network, cellular communication network, and VSAT communication network; by field site into onshore communications and offshore communications; and by solution into midstream communication solutions, downstream communication solutions, and upstream communication solutions. Geographically, the Oilfield Communications Market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
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