The global market for Oilfield Communications is projected to reach US$5.3 billion by 2024, driven by slow recovery in oil prices and demand; continued pressure on profitability exerted by high production costs and lower oil prices and the resulting focus on improving safety, productivity and profitability of oil and gas drilling activities.
Benefits of digital oilfield driving its popularity among well operators include:
- reduced cost of drilling and onsite operations;
- easy and timely maintenance of key production assets and reduced risk of downtime;
- easy compliance with environmental and safety regulations;
- and higher productivity of human and machine resources;
- improved financial bottom line.
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Company and Industry News & Stories
- Global Marine Completes Two Fibre Optic Cable Installations in UK North Sea and Norway for Tampnet
- RigNet Acquires Auto-Comm and SAFCON in a Move to Expand its Services Portfolio in the Energy Sector
- Huawei Introduces eLTE-DSA Solution Designed to Build an Energy Internet of Things (IoT) in the Oil & Gas Industry
- Moog Focal Introduces QSS Module Crafted for Seamless Integration of Serial Interface Sensors with Modern Ethernet-based Control Systems
- Speedcast Bags VSAT License to Operate in Iraq in a Bid to Provide Managed Network Services for an International Oilfield Services Group in the Country
Outlook in Key Market Segments
- Through 2024, Oilfield Communications Solutions will remain the largest market, followed by Oilfield Communications Services.
- Oilfield Communications Solutions are projected to witness the fastest growth supported by growing investments in SCADA for real-time monitoring of production and integration of drilling data to support business and scientific decisions.
Product Definition & Scope
- Oilfield communication includes all the communication technologies used in oilfields for providing support to oil & gas companies that need advanced monitoring, automation, and reporting technology. Oilfield communication technologies and networks offer lightning broadband speeds, providing support to various applications, thereby improving the safety and operational efficiency of oilfield operations cost-effectively. The industry includes several types of services, solutions, field site communications, and communication network technologies. Key components and technologies of the oilfield communications industry include machine to machine (M2M) communication, unified communication, video conferencing, and WiMAX, and several other advanced technologies.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2024
Geographic Markets Analyzed
- US, Canada, Europe (UK, Russia, Norway and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa (Iran, Saudi Arabia, and Rest of Middle East & Africa), and Latin America (Brazil, Mexico and Rest of Latin America)
Market Segmentation & Classification
- Solutions, and Services
- Upstream, Midstream, and Downstream
- ABB Ltd.
- Huawei Technologies Co., Ltd.
- Inmarsat plc
- ITC Global
- SpeedCast International Limited
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