The growing demand from Oil and Gas operators to scale the production of mature oilfields and reservoirs is expected to drive the market of the Global Oilfield Communications Market during the forecast period of 2024-2028.
According to TechSci Research report, Oilfield Communications Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global Oilfield Communications market is anticipated to register a robust growth during the forecast period, 2024-2028. The Global Oilfield Communications Market is growing on account of increasing demand for cloud-based services in oilfield infrastructure. The high usage of energy coupled with increasing offshore oil production and ultra-deep water drilling discoveries are enabling the oilfield communications market. Oilfield communications technology is rising in popularity within the Industry 4.0 revolution and Business 3.0 concept to achieve business success. The increasing demand to reduce operational costs and rising investments in enhancing network infrastructure across the globe are helping enterprises reduce customer effort, transfer data, improve organization’s operational process, and allow automation. Furthermore, the growing need for automated business process in various enterprises, as well as the growing demand for 5G infrastructure to digitalize the business operations and increasing innovations in the network communication technologies to accommodate changing consumer demands are some of the key factors driving the growth of the Global Oilfield Communications Market.
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The Oilfield Communications market is segmented on the basis of service, communication network, field site, solution, and region. Based on service, the market is further bifurcated into professional service and managed service. Based on communication networks, the market is segmented into cellular communication network, VSAT communication network, fiber optic-based communication network, microwave communication network and tetra communication network. Based on the field site, the market is bifurcated into onshore communications and offshore communications. The solution segment is further categorized into M2M communication, asset performance communication, unified communication, VoIP solutions, video conferencing, pipeline supervisory control and data acquisition, fleet management communication, oilfield to control centre data communication, and Wi-Fi hotspot.
Based on communication network, the microwave communication network segment is expected to dominate the global oilfield communication market during the forecast period owing to its ability to operate without any fiber-optic infrastructure and the relative ease of setting up a wireless network. The standard installation and marine-grade microwave communication network is a much more cost-effective, highly reliable and easily available solution for offshore-to-land and offshore-to-offshore connectivity than optical fiber. The microwave segment greatly surpasses the capacity and latency capabilities of traditional satellite communications. Furthermore, the increasing advancement in the integrated operations (IO) coupled with highly reliable microwave equipment with customized antenna stabilization technologies are more reliable to utilize this application. Thus, the microwave communication network segment is growing, enabling the growth of global oilfield communications market during the forecast period.
Based on field site, the offshore communications segment is expected to dominate in the global oilfield communication market. The high growth of this segment is attributed to the increasing adoption of cloud-based infrastructure by enterprises that are seeking to analyze and manage the supply chain process, saving CapEx by automating many operations and monitoring customer data. Moreover, the offshore oil and gas exploration continues to expand at a rapid pace post Covid-19 pandemic, many offshore rigs, ships, floating storage and offload facilities and other vessels are increasingly performing the coordination between offshore vessels and with onshore facilities. Furthermore, advancements in industrial technology, changes in business models and tighter regulatory constraints necessitate closer monitoring, more remote control, and maintenance of equipment, and more offloading of tasks and personnel from offshore to onshore locations. These trends are greatly in demand for capacity of offshore communications, thus leading to the higher deployment of offshore communications in the global oilfield communications market.
Key market players in the oilfield communications market:
- Siemens AG.
- Huawei Technologies Co. Ltd
- Baker Hughes Incorporated
- Inmarsat PLC
- Speedcast International Limited
- ABB Ltd
- RigNet Inc
- Alcatel-Lucent International
- Tait Communication
- ALE International
On July 27, 2022: The energy giant Baker Hughes announced the purchase of AccessESP, a prominent provider of innovative technology for artificial lift solutions. The purchases will contribute to the transformation of core oil and gas operations by lowering costs and downtime for operators.
On May 19, 2022: Centennial Resource Development and Colgate Energy Partners announced the mergers and acquisitions of equals transaction. The deal will create a company valued at around $7 billion, inclusive of $1.4 billion in debt currently held by Colgate. The company is aiming to further increase its scale and drives accretion across all the key financial and operating metrics.
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“MEA is estimated to hold the largest market share in the global oilfield communications market owing to the increasing number of oil refineries and numerous exploration activities across the region. This is due to the presence of established companies that are focusing on adopting advanced automation solutions to automate their processes at a faster pace to meet the surge in market demand. Moreover, the high penetration rate of automation solutions and growing adoption of 5G infrastructure and digitalization initiatives are fueling the market growth in the region. Furthermore, supportive government policies and increasing investment for technology has also been positively influencing the market with a continuous urge for launching new service plans and platforms during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oilfield Communications Market Segmented By Service (Professional Service, Managed Service), By Communication Network (Cellular Communication Network, VSAT Communication Network, Fibre Optic-based Communication Network, Microwave Communication Network and Tetra Communication Network), By Field Site (Onsite Communication and Offshore Communication), By Solution (M2M Communication, Asset Performance Communication, Unified Communication, VoIP Solutions, Video Conferencing, Pipeline Supervisory Control and Data Acquisition, Fleet Management Communication, Oilfield to Control Center Data Communication, Wi-Fi Hotspot), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of Global Oilfield Communications Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Oilfield Communications Market.
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