The “Oilfield Communications Market by Component, Communication Network (VSAT Communication Network, Fiber Optic Communication Network, Microwave Communication Network), Field Site, Application and Region – Global Forecast to 2025” report was added to ResearchAndMarkets.com offer.
The size of the global petroleum communications market grew from $ 3.4 billion in 2020 to $ 4.5 billion by 2025, at a compound annual growth rate (Cagr) of 5.5% over the period of forecast
Various factors such as increased investment in improving network infrastructure, increasing demand from oil and gas operators to increase production from mature oilfields and increasing technological advancements for communication between oilfields are expected to boost adoption of the oilfield communications market.
Companies providing communication solutions and services for the oilfield are expected to experience a significant decline in growth for a short period. The oil and gas industry is also facing a crisis due to an oil price war. The pandemic could result in inefficient companies facing liquidity crunch situations, healthier companies diversifying their activities and changing their business models, and companies facing a shortage of skilled labor when the market rebounds due to layoffs during the lockdown.
Services segment is expected to grow at a higher CAGR during the forecast period
The oilfield communications market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid rate during the forecast period. This growth can be attributed to the growing need of oil and gas companies to save time and money in exploration, drilling and production operations.
Microwave Communication Networks Segment Expected To Grow At The Highest CAGR During The Forecast Period
The oilfield communications network market has been segmented into VSAT communications network, TETRA network, cellular communications network, fiber optic communications network, and microwave communications network. The microwave communication networks segment is expected to grow at a rapid rate during the forecast period. The growth can be attributed to its ability to operate without any fiber optic infrastructure and the relative ease of setting up a wireless network.
Intermediate Applications Segment Is Expected To Grow At The Highest CAGR During The Forecast Period
The oilfield communications market is segmented on the basis of upstream, midway and downstream application. Since onshore sites require periodic inspections to obtain early detection of events that could cause pipeline failure or create hazardous conditions, it is important to protect these pipelines from leaks and corrosion in order to protect the pipeline. environment and to protect the public against the appearance of any danger. state. This is leading to the adoption of oilfield communication solutions for onshore field sites.
Among field sites, the offshore segment is expected to grow at a higher CAGR during the forecast period
The oilfield communications market is segmented on the basis of field site into onshore and offshore. With global lockdown and the practice of working from home as the need arises, businesses are turning to cloud-based infrastructure to manage and monitor customer data and analyze the supply chain process. There will be continued growth in demand for offshore infrastructure services and spending on specialized software, communications equipment, and telecommunications services.
Among regions, Middle East and Africa (MEA) will experience growth at the highest CAGR during the forecast period
MEA has witnessed the advanced and dynamic adoption of new technologies and is expected to register the highest CAGR during the forecast period. This growth can be attributed to the growing number of oil refineries and the extensive exploration activity in the region.
The report includes the study of major players offering communication solutions and services for oilfields. It profiles the major vendors in the global oilfield communications market.
The main suppliers in the global oilfield communications market are Huawei (China), Siemens (Germany), Hitachi ABB Power Grids (Switzerland), Speedcast (Australia), Weatherford (United States), Ceragon (United States) , RigNet (US), Hughes (US), Redline Communications (Canada), MR Control Systems (Canada), Tait Communications (New Zealand), Honeywell (US), Intel (US), GE Digital (US), PTC (US), Commtel (India), MoStar Communications (US), DAMM Cellular Systems (Denmark), BlueJeans (US), Nesh (US), Sensia (United States), Ondaka (United States), Sensalytx (United Kingdom) and WellAware (United States).
For more information on this report, visit https://www.researchandmarkets.com/r/fxjs4m
See the source version on businesswire.com: https://www.businesswire.com/news/home/20201215005659/en/
Laura Wood, Senior Press Director
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