The oilfield communications solution market is expected to increase from USD 3.4 billion in 2020 to USD 5.2 billion by 2028, at a CAGR of 5.5% during the forecast period, between 2021 and 2028. The oilfield communications market is driven by the integration of departments in the oil and gas sector and growing importance of cyber security.
Strict regulatory standards and perceived danger of insufficient data security, asset protection, monitoring, and maintenance are some factors limiting the oilfield solutions communications market.
Market Trends, Drivers, Restraints, and Opportunities:
- The market is likely to expand due to rising need for cost-effective communication solutions, increase in collaborative efforts from many departments in the oil & gas sectors, quick adoption of LTE and 4G networks, and technical advancements in microwave communication networks.
- Rising technology improvements for improved communication across oilfields, increasing expenditures in network infrastructure, and growing demand for oilfield communication solutions from oil & gas operators are projected to boost the market.
- The market is growing due to rising energy consumption, fast technological developments for the removal of legacy communication, and growing concern about the security and safety of on-shore personnel.
- Some of the constraining aspects in the oilfield communications solutions market include severe regulatory regulations and perceived risk of insufficient data protection, asset security, monitoring, and maintenance.
Scope of the report:
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Attributes
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Details
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Report Title
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Oilfield Communication Solutions Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Type (Cellular Communication Network, VSAT Communication Network, Fiber Optic-based Communication Network, Microwave Communication Network, and Tetra Network), Services (Managed and Professional Services), Solutions (M2M Communication, Asset Performance Communications, Unified Communication, and Others), Field Site (Onshore and Offshore), Applications (Upstream, Midstream, and Downstream)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Huawei, Hitachi ABB Power Grids,Weatherford, Hughes, Redline Communications,Tait Communications, Honeywell,GE Digital, PTC, Commtel, MoStar Communications, and DAMM Cellular Systems
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The report on the global oilfield communication solution market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Oilfield Communication Solution market insights:
The Microwave Communication Network segment to hold significant market share
In the terms of types, the market is divided into cellular communication network, VSAT communication network, fiber optic-based communication network, microwave communication network, and tetra network. Microwave communication networks are commonly employed for off-shore to land and off-shore to off-shore connectivity. They are less expensive than an optical fiber communication network and surpass traditional satellite communications, in terms of capability and latency (VSAT). Fiber-optic communication is more expensive than microwave communication; therefore, it is used as an alternative to fiber-optic communication and VSAT communication.
M2M Communication segment held substantial market share in 2020
On the basis of solutions, the oilfield communication solution market is fragmented into M2M communication, asset performance communications, unified communication, and others. The M2M communication software segment is expected to grow at a rapid pace during the forecast period, as it provides rapid data transmission without data loss. Secure gateway devices, remote accessibility, low latency, and robust hardened devices are all features of M2M communication software. Segment growth is driven by increasing competition.
Offshore communication segment to grow during the forecast period
Based on field location, the market is bifurcated into onshore and offshore segments. The onshore sector is projected to be driven by the difficulty of deep-water drilling and rising use of oilfield communications techniques in countries in the Middle East and North America, where a majority of oilfields are located onshore.
Midstream segment to expand during the forecast period
Based on applications, the oilfield communications solution market is divided into upstream, midstream, and downstream. The midstream segment is estimated to expand at a rapid CAGR during the forecast period, which may be due to midstream operators' rising desire to acquire a better understanding and management of data, which results in intelligent decision making, safe conditions, enhanced efficiency, and high profitability.
Middle East & Africa to hold key market share
In terms of regions, the oilfield communications solution market is split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is anticipated to hold a key share of the market, while the market in the Middle East & Africa (MEA) is expected to expand at a high CAGR during the forecast period due to rising number of oil refineries and many exploration operations across the region. Countries in the MEA have a plethora of exploration sites, rigs, and refineries, and complicated control systems dispersed throughout the region, which are estimated to propel the oilfield communications market.
Segments
By Types
- Cellular Communication Network
- Vsat Communication Network
- Fiber Optic-Based Communication Network
- Microwave Communication Network
- Tetra Network
By Services
- Managed
- Professional Services
By Solutions
- M2M Communication
- Asset Performance Communications
- Unified Communication
- Others
By Field Sites
By Applications
- Upstream
- Midstream
- Downstream
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Huawei
- Hitachi ABB Power Grids
- Weatherford
- Hughes
- Redline Communication
- Tait Communications
- Honeywell
- GE Digital
- PTC
- Commtel
- MoStar Communications
- DAMM Cellular Systems
Competitive Landscape
Key players in the oilfield communication solution market are Huawei, Hitachi ABB Power Grids,Weatherford, Hughes, Redline Communications,Tait Communications, Honeywell,GE Digital, PTC, Commtel, MoStar Communications, and DAMM Cellular Systems. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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