San Francisco, CA -- (SBWIRE) -- 12/07/2018 -- Global Oilfield Communications Market: Snapshot
Oilfield communications need seamless wireless networks that can offer connectivity across long distances and in difficult conditions. They provide speedy broadband connectivity that helps to run numerous applications simultaneously. In this manner they help to achieve operational efficiency. The market for oilfield communications has made impressive strides over the past few decades due to improving technologies and large number of oilfields being discovered.
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The billion dollar market is expected to make healthy progress over the next couple of years too because of the discovery and development of offshore subsea oilfields and continued progress in technology. The mounting cybersecurity threats and addition of various departments to the industry is also expected to offer avenues of growth to the market.
Among the various geographic regions across which the market for oilfield communications is spread, North America is contributing the most to its growth. This is because the continent is a major producer of oil and gas and is a technology leader too. Many of the big companies focused on improving digital communication are domiciled in the region and hence are driving the market considerably.
The developing economies across the world too are playing a key role in generating demand. Many of the savvy players, as a result, have now shifted their gaze to towards them in order to make a killing.
Overall the market for oilfield communication is highly competitive owing to the surging number of players pulling out all stops to progress. They are seen focusing on cutting edge research and development to build more sophisticated technologies. To that end they are pouring money into building state-of-the-art research facilities and hiring high-skilled employees to come up with effective communication and cyber-security solutions. This will enable the market to clock steady growth over the course of next few years.
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Global Oilfield Communications Market: Overview
The global market for oilfield communication is expected to grow at a strong pace in the next few years. A substantial rise in the number of oil fields across the globe is projected to encourage the growth of the overall market in the next few years. Moreover, the rising emphasis on development and adoption of new and effective communication techniques are anticipated to benefit the key players in the market across the globe.
Global Oilfield Communications Market: Key Trends
The increasing vulnerabilities to cybersecurity threats for the oil and gas industry are anticipated to augment global oilfield communications market in the coming years. Moreover, the integration of several departments in the industry is likely to offer potential opportunities for growth in the next few years. On the flip side, the stringent regulatory framework and the rising risk of inadequate data security and asset security are projected to curtail the growth of the global oilfield communications market in the near future.
Global Oilfield Communications Market: Market Potential
The discovery and development of new subsea oilfields are the key factors that are anticipated to encourage the growth of the global oilfield communications market throughout the forecast period. In addition, the growing demand for advanced and cost-effective solutions in the overall oil and gas industry is predicted to supplement the growth of the market in the coming years. The research and development activities and the emergence of new techniques are some of the other aspects that are projected to fuel the growth of the market in the near future. However, the security of information is expected to act as a key challenge for the key players in the global market.
Global Oilfield Communications Market: Regional Outlook
The global oilfield communications market has been classified on the basis of geography in order to provide a clear understanding for readers and market players. Among the regional segmentation, North America is anticipated to witness a high level of growth in the next few years. This region is considered as one of the major oil and gas producers across the globe, owing to which the market is estimated to encourage the growth of the market in the coming years. In addition, the rising focus of key players on enhancing their digital communication solutions is predicted to supplement the development of the market in the near future.
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Furthermore, the oilfield communications market is estimated to experience a healthy growth in several emerging nations across the globe. The rising focus of the leading players on untapped markets is predicted to generate promising opportunities for key players operating in the oilfield communications market over the forecast period.
Global Oilfield Communications Market: Competitive Analysis
The global market for oilfield communications is fairly competitive in nature and is predicted to witness substantial growth throughout the forecast period. The increasing number of players in the market is estimated to enhance the competitive landscape of the market over the next few years. In addition, the growing focus on research and development activities and innovations are predicted to contribute towards the overall development of the market in the near future.
Some of the prominent players operating in the oilfield communications market across the globe are Siemens AG, Rad Data Communications, Inc., Airspan Networks, Inc., Commtel Networks Pvt. Ltd., Inmarsat PLC, Baker Hughes Incorporated, Huawei Technologies Co. Ltd., Alcatel-Lucent S.A., Rignet, Inc., Speedcast International Limited, Tait Communications, Hughes Network Systems LLC, Commscope, Inc., ABB Ltd., and Ceragon Networks Ltd. Detailed profiles of the mentioned players have been included in the scope of the research report.
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