CHICAGO, August 4, 2015 /PRNewswire/ --
According to a new market research report, "Oilfield Communications Market by Communication Technologies (Cellular Network, VoIP, Unified Communications, M2M, Microwave Communication, WiMax, VSAT, TETRA, Fiber Optics, WAN, LAN), Band Type (L Band, Ku Band, HTS) - Global Forecast to 2020", published by MarketsandMarkets, Oilfield Communications Market is estimated to grow from USD 2.6 Billion in 2015 to USD 3.7 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 7.4%.
Browse 79 Tables and 52 Figures spread through 176 Pages and in-depth TOC on "Oilfield Communications Market"
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The market report defines and divides the oilfield communications market into several sub-segments along with a detailed analysis and forecasting of revenues generated from each division. It also provides a detailed insight into the drivers and restraints for the market and identifies the opportunities, challenges, and ongoing market trends.
Communication solutions for the oil and gas industry help to gain a holistic view of the operations; help to keep pace with vibrant markets, customer needs, and regulations. Oilfield Communication services and solutions are defined and judged by possessing the capability to reduce the time, cost and required expertise to provide fast and reliable communication in harsh environments. The solutions are primarily aimed at achieving the operational efficiency targets set by the oil and gas companies and the services are aimed at enabling smarter and coordinated decision-making, mitigating the risks and vulnerabilities of market by the use of efficient tools and techniques along with meeting the end-to-end needs of all the allied industries spanning the entire oil and gas industry value chain.
The drivers, restraints, and opportunities along with the time-impact analysis have been identified in the report. The drivers for this market are listed as increasing demand for offshore oilfield communication solutions, increasing ICT expenditure, and telecom-based technological growth. The restraint for this market is stringent regulations and compliances over the oil and gas industry, and resistant approach by oilfield operators. Evolution of digital oilfields, discovery of subsea oilfields, and predictive maintenance in wireless technology have been acknowledged as the opportunities in this market; whereas, insufficient hardware services for underwater communications, and aging workforce in the oil and gas industry are the major challenges.
MarketsandMarkets has extensively divided the Oilfield Communications Market by communication network technology: cellular, VSAT, fiber optic, microwave, and TETRA communication networks; by solution: upstream, midstream, and downstream solutions; by field site: onshore and offshore; by service: professional services, integration services, and cloud hosted services; by region: North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA), and Middle East and Africa (MEA).
MarketsandMarkets forecasts that the global Oilfield Communications Market is estimated to grow from USD 2.6 Billion in 2015 to USD 3.7 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 7.4%. On geographical grounds, North America (NA) is forecast to be the biggest market for oilfield communications market, followed by Middle East and Africa (MEA).
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