Oilfield Communications Market is expected to grow to USD 4.46 billion by 2022
NEW YORK, May 8, 2017 /PRNewswire/ -- Highlights
· Increase in integration of departments in the oil and gas industry is driving the oilfield communications market
· 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.
· The M2M communication solution market is expected to be the fastest growing market in the oilfield communication market during the forecast period.
· M2M communication solution is the fastest growing market that helps in driving the oilfield communications market during the forecast period.
· On the basis of communication network technology, VSAT communication network is expected to hold the largest market share in the oilfield communications market during the forecast period.
"Increase in integration of departments in the oil and gas industry is driving the oilfield communications market"
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.
"The M2M communication solution market is expected to be the fastest growing market in the oilfield communication market during the forecast period"
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.
"On the basis of communication network technology, VSAT communication network 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"
With the development and discovery of new subsea oilfields, MEA is expected to grow at the highest CAGR during the forecast period, whereas, North America is expected to hold the largest market share in the oilfield communications market during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of profiles of primary participants is given below:
- By Company: Tier 1: 27%, Tier 2: 28%, and Tier 3: 45%
- By Designation: C level: 28%, Director level: 30%, and Others: 42%
- By Region: North America: 38%, Europe :32%, and APAC: 30%
The various key vendors profiled in the report are as follows:
1. Huawei Technologies Co. Ltd.
2. Siemens AG
3. SpeedCast International Limited
4. ABB Ltd.
5. CommScope
6. Inmarsat Plc
7. Tait Communications
8. Baker Hughes Incorporated
9. Alcatel-Lucent S.A.
10. Ceragon Networks Ltd.
11. RAD Data Communications, Inc.
12. RigNet Incorporated
13. Hughes Network Systems
14. Airspan Networks
15. Commtel Networks, Inc.
Research Coverage
The oilfield communication market has been segmented on the basis of solutions, communication network technologies, field sites, services, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overview, products and services, key strategies, new product launches, partnerships, agreements, collaborations, expansions, and competitive landscape associated with the oilfield communications market.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the oilfield communications market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to improve their position in the business. The competitive landscape section includes competitive ecosystem, new product developments, partnerships, and mergers & acquisitions.
Read the full report: http://www.reportlinker.com/p04880609/Oilfield-Communications-Market-by-Solution-Communication-Network-Technology-Field-Site-Service-and-Region-Global-Forecast-to.html
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