Market Overview:
According to the new research report published by The Insight Partners, titled “Oilfield communications Market – Global Analysis and Forecast to 2026”, the global oilfield communications market is expected to reach US$ 6812.7 million in 2026, registering a CAGR of 8.74% during the forecast period 2019-2026.
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In 2018, North America accounted for the largest share in the oilfield communications market. APAC region is expected to be the fastest growing region in the oilfield communications market. The demand for oilfield communications is anticipated to be robust, pertaining to 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 major factors fuelling the market growth.
In the recent few years, oilfield communications market has noticed noteworthy M&A and partnership activity. Some of the significant deals include, in 2019 Airspan Networks Inc. and CTIconnect collaborated to Help Wisp’s and Rural Carriers. This partnership is expected to give their clienteles access to the leading edge and entire range of the Airspan portfolio of products and services, while leveraging the strong market position of CTIconnect. In the similar year, another initaitaive is taken by CertifiedSafety and RigNet Inc. In this, both the companies has signed a partnership agreement to introduce a new, state-of-the-art solution that integrates CertifiedSafety’s “SmartConnect” connected worker solution with RigNet’s IntelieLive platform. Another initiative in respect to acquisition is undertaken by CommScope completed its acquisition of ARRIS International plc. Through this acquisition, CommScope is anticipated to drive profitable growth in new markets and shape the future of wired and wireless communications in 2019.
Based on communication network technologies, the VSAT communication network is expected to dominate the oilfield communications market during the forecast period followed by fiber optic-based communication network and tetra network. The VSAT communication network captures a significant share of the oilfield communications network market and is growing continuously due to plenty of VSAT solutions are provided for oil industry such as telephony, Internet, SCADA/M2M services, file transfer, and VPN services. These services are used by exploration teams, drilling crews, production teams, oil refineries, tanker fleets, pipeline operators, remote offices, and various offshore applications.
Key findings of the study:
The US holds the largest oilfield communications market share in the North America region. The US is witnessing a drastic boom in the energy and oil sector and has raised the production of oil and gas in North America. The strong productivity in oilfield has also increased the demand for digital oilfield to face complex challenges faced by support staff, field personnel, accounting personnel, and more. Digital oilfield facilitates oil & gas companies to improve their business processes quickly and increase overall productivity. This factor would help the US market to sustain its share in the oilfield communications market.
In APAC region, India is expected to be the fastest growing country. the region is witnessing a massive demand in oil & gas industry driven by industrialization and urbanization. High demand from the users has propelled the entire oil & gas industry towards growth and has resulted in more oil & gas projects. Few steps are undertaken for development purpose of the offshore oilfields. The government of India allowed 100% of FDI in many of the areas including petroleum products, natural gas, refineries, and others. The increasing investments, building new gas terminals, and growth in strategic contracts with the developed markets is expected to drive the market in India.
Merger and acquisition are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
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Some of the key players operating in the oilfield communications market are 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), and Siemens AG.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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