At 5.6% CAGR, Oilfield Communications Market Size to hit USD 3.36 Billion in 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Aug 24, 2022, 08:30 ET

LONDON, Aug. 24, 2022 /PRNewswire/ -- Oilfield Communications Market is valued at USD 3.36 Billion in 2020 and expected to reach USD 4.91 Billion by 2027 with the CAGR of 5.6% over the forecast period. Increasing vulnerabilities to cyber security threats for oil and gas industry and integration of departments in the oil and gas industry are some of the major factor driving the growth of the Global Oilfield Communications Market.

Oilfield Communications Market Size, Share, Statistics & Trends Analysis Report By Product (Standalone DPI, Integrated DPI), By Application (Government, Internet Service Provider, Enterprises, Education, Others) Based On Region, And Segment Forecasts, 2021 - 2027 - Increasing vulnerabilities to cyber security threats for oil and gas industry and integration of departments in the oil and gas industry are some of the major factor driving the growth of the Global Oilfield Communications Market.

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Oilfield Communications Market: Market Scope

The global oilfield communications market has seen a consistent amount of growth in the past few years and is going to see good amount of growth in the coming years too. The growth is going to take place due to the many different factors like increase in investments in the enhancement of network infrastructure, growth in demand from the oil and gas operators for scaling production of mature oilfields as well as rise in the technological advancements for the communication across the oilfields is going to likely drive the adoption of this market.

Oilfield Communications Market: Segmentation Analysis

The oilfield communications market is segmented into the TErrestrial Trunked RAdio (TETRA) network, Very Small Aperture Terminal (VSAT) communication network, fiber optic-based communication network, cellular communication network and microwave communication network. The segment of VSAT is going to be the one which is going to hold the highest share in the market in the coming years. This is because the communication network is going to enable the data access at a higher speed and the video conferencing and telephonic conferencing. This helps in the remote crews staying connected to its counterparts and the smooth functioning of operations is maintained.

The oilfield communications market has further been segmented into onshore and off shore based on the field site. There is a complexity in the deep-water drilling in addition to the increase in the adoption of the oilfield communication techniques in these regions like Middle east where the most oilfields are located will see the growth of the industry at a great level.

By Solution Type:

M2M Communication
Unified Communications
VoIP Solutions
Video Conferencing
Wired/wireless Communication
Others

By Communications Network Technology:

Cellular Communication Network
VSAT Communication Network
Fiber Optic-Based Communication Network
Microwave Communication Network
TETRA Network

By Field Site:

Onshore Communication
Offshore Communication

By Service:

Professional Services
Managed Services

Oilfield Communications Market: Key Drivers

The oilfield market communications growth has been growing because of a change in the way communications take place in oilfield communication. For many years, the oil and gas industries have relied on their own networks of telecommunications. These are privately owned and maintained and are used for managing the day to day works and coordinating the emergency services in crisis times. Many of the mission-critical networks in the world today are facing a multi-faceted challenge.

At first, there is a need for modernization. The present-day requirements like real-time data, sophisticated controls and monitoring closer to the edge of the network along with monitoring nearer to the network edge and a higher-level security place newer demands on the current infrastructure and exceed the ability of the narrowband networks. Secondly, there is a need for ensuring the quality communication. The oil and gas communications need resilient and reliable as well as high-capacity networks which are able to operate over the larger areas even in the extreme conditions of environment.

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In the recent past, there have been cyber attackers that have been attacking the crude oil companies and the gas companies as this industry is currently employing the connected technologies like the Artificial intelligence and internet of things. The various areas of oil and gas businesses are carrying many different risks and demand the different levels of strategies.

Among upstream operations, the development drilling and production have the higher profiles of cyber risks while the seismic imaging has lower profile of risk. The growth in the need to digitalize a business, create e-stores and enter the seismic data into the other disciplines can elevate the risk profiles in the coming years. Apart from the critical infrastructure status of the industry, complex computations, physical operational processes and networking processes spread all over the world making the industry very vulnerable to the cyberattacks.

Oilfield Communications Market: Competitive Analysis

Some of the major oilfield communications Companies are Huawei, Siemens, Hitachi ABB Power Grids, Speedcast, Weatherford, Ceragon, RigNet, Hughes, Redline Communications, MR Control Systems, Tait Communications, Honeywell, Intel, GE Digital, PTC, Commtel, MoStar Communications, DAMM Cellular Systems, BlueJeans, Nesh, Sensia, Ondaka, Sensalytx, and WellAware. The global oilfield communications key players are now working on the progress of the market through innovation and new product launches. It is critical that there are newer products being launched in the market to give the customers variety in terms of the products they want to buy.

Huawei Technologies Co., Ltd.
Halliburton
Siemens
Tait Communications
Inmarsat plc.
ALE International
Ceragon
RAD
RigNet
Airspan
Harris Corporation
Hughes Network Systems LLC.
ITC Global
Commtel Networks
ERF Wireless, Inc.
Redline Communications
Others

Oilfield Communications Market: Key Trends

Oilfield communications trends suggest that the pandemic has slowed the growth of the oil and gas industry down. The global expansion of the pandemic further brought the demand and oil price significantly down. Because of the pandemic, almost every country was impacted, there were many governments which ordered lockdowns all over the world. This has also resulted in a major decline in the activities related to transportation and that has impacted the demand for the oil and gas. There were reports which suggest that the oil demands went down considerably. There were significant declines in the businesses which were providing the oilfield communication solutions and services and the decline in the growth was due to the global lockdowns which were imposed in a very limited time.

The oil and gas industry has also faced a crisis because of the war due to the oil prices. The pandemic has resulted in the inefficient companies facing crisis because of the healthier companies diversifying their businesses as well as changing their models of businesses and companies facing a shortage of the skilled workforce even after the market saw a rebound post the interruptions by the coronavirus pandemic. Further, the global geopolitical situations being vulnerable has resulted in there being an issue with regard to the oil prices as the demand and supply factors have faced a major disruption.

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Oilfield Communications Market: Regional Analysis

Oilfield communications statistics suggest that Europe is going to be biggest market in terms of the market size whereas it is the Middle East and Africa or the MEA segment which will show the greatest amount of growth in the period. This is a growth that can be attributed to the number of oil refineries increasing and many different exploration activities taking places across the different regions. The countries in this region have many sites and refineries and the complex systems will drive the need for telecommunication.

On Special Requirement Oilfield Communications Market Report is also available for below region:

North America

U.S., Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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