Global $3.05 Billion Oilfield Communications Market by Solution, Communication Network Technology, Field Site, Service, and Region - Global Forecast to 2022 - Research and Markets
Research and Markets has announced the addition of the "Oilfield
Communications Market by Solution, Communication Network Technology
(Cellular Communication, VSAT, Fiber Optic, Microwave, and Tetra
Network), Field Site, Service, and Region - Global Forecast to 2022"
report to their offering.
The oilfield communications market size is estimated to grow from USD
3.05 billion in 2017 to USD 4.46 billion by 2022, at a Compound Annual
Growth Rate (CAGR) of 7.9%.
Integration of departments in the oil and gas industry and increasing
significance of cyber security are some of the driving factors of the
oilfield communications market. However, stringent regulatory norms and
perceived risk for inadequate data security, asset security, monitoring,
and maintenance are some of the restraining factors that may hamper
business critical functions in the oilfield communications market.
M2M communication solution is the fastest growing market that helps in
driving the oilfield communications market during the forecast period.
This solution allows quick exchange of information without any data loss
and also manages large volumes of data produced, transmitted, and stored
in the digital oilfield environment. The fleet management communication
solution is expected to hold the largest market share in the oilfield
communications market during the forecast period.
The VSAT communication network is expected to have the largest market
share during the forecast period because of its ability to sustain in a
harsh environment, cost-effectiveness, flexibility, high network
performance, and large data broadcast capability. In VSAT communication
network type, fixed VSAT network is expected to have the largest market
share in the oilfield communications market during the forecast period.
Middle East & Africa (MEA) is expected to grow at the highest rate
during the forecast period.
Market Dynamics
Drivers
-
Integration of Departments in the Oil and Gas Industry
-
Rising Vulnerabilities to Cybersecurity Threats for Oil and Gas
Industry
Restraints
-
Stringent Regulatory Norms
-
Perceived Risk of Inadequate Data Security, Asset Security,
Monitoring, and Maintenance
Opportunities
-
Development and Discovery of New Subsea Oilfields
-
Rising Demand for Cost-Effective Solutions in the Oil and Gas Industry
Challenges
-
Security of Information
-
Downturn of the Oil and Gas Industry
Regulations
-
The Petroleum and Natural Gas Regulatory Board (PNGRB) Act (India)
-
Safety of Offshore and Oil and Gas Operations Directive (Europe)
-
National Offshore Petroleum Safety and Environmental Management
Authority (NOPSEMA), Australia
-
Health and Safety Executive (HSE), United Kingdom
Companies Mentioned
-
ABB Ltd
-
Airspan Networks, Inc.
-
Alcatel-Lucent S.A.
-
Baker Hughes Incorporated
-
Ceragon Networks Ltd.
-
Commscope, Inc.
-
Commtel Networks Pvt. Ltd.
-
Huawei Technologies Co. Ltd.
-
Hughes Network Systems LLC
-
Inmarsat PLC
-
Rad Data Communications, Inc.
-
Rignet, Inc.
-
Siemens AG
-
Speedcast International Limited
-
Tait Communications
For more information about this report visit http://www.researchandmarkets.com/research/4qtqdr/oilfield
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509005954/en/
Copyright Business Wire 2017
Source: Business Wire
(May 9, 2017 - 9:08 AM EDT)
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