DUBLIN--(BUSINESS WIRE)--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.
- Integration of Departments in the Oil and Gas Industry
- Rising Vulnerabilities to Cybersecurity Threats for Oil and Gas Industry
- Stringent Regulatory Norms
- Perceived Risk of Inadequate Data Security, Asset Security, Monitoring, and Maintenance
- Development and Discovery of New Subsea Oilfields
- Rising Demand for Cost-Effective Solutions in the Oil and Gas Industry
- Security of Information
- Downturn of the Oil and Gas Industry
- 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
- 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