Oilfield Communications Market 2018 To 2023; Booming CAGR of 6.72% with Foremost Key Players | SIEMENS AG, SPEEDCAST INTERNATIONAL LIMITED, ABB, COMMSCOPE, INMARSAT, TAIT COMMUNICATIONS, BAKER HUGHES INCORPORATED

The global oilfield communications market was valued at USD 2.85 billion in 2017, and is expected to reach USD 4.21 billion by 2023 at a CAGR of 6.72% over the forecast period (2018-2023). The market is segmented by solution into M2M communication, asset performance communication, unified communication, VoIP, video conferencing, pipeline scada, fleet management communication, oilfield to control center data communication, and Wi-Fi hotspot type of solutions. The market is also segmented by communication network, field site, and region.

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Growing Adoption of Cloud-based Services is the Major Driver for the Market
With growing adoption of cloud-based services, oil companies are compelled to use oil field communication. This keeps their offshore sites connected with the inshore site about production stats, which helps in better supply chain management. The smooth flow of materials is very important for oil companies as their profitability is highly dependent upon the turnover and downtime needs to be avoided.

Key Developments in the Market
September 2017 - Recon got several contracts totaling approximately RMB 6.1 million, or approximately USD 0.9 million, to develop four Internet-of-things oil and gas production projects for three plants of PetroChina Changqing Oilfield Company.

The major players include –
HUAWEI TECHNOLOGIES CO. LTD, SIEMENS AG, SPEEDCAST INTERNATIONAL LIMITED, ABB LTD, COMMSCOPE, INC., INMARSAT PLC, TAIT COMMUNICATIONS, BAKER HUGHES INCORPORATED, ALCATEL-LUCENT S.A., CERAGON NETWORKS LTD., RAD DATA COMMUNICATIONS, INC., RIGNET, INC. HUGHES NETWORK SYSTEMS LLC, AIRSPAN NETWORKS, INC., and COMMTEL NETWORKS PVT. LTD, amongst others.

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Microwave Communication Network is expected to Grow Fastest in the Forecast Period
Microwave transmission equipment can be used for various communication applications such as cellular, radio telecommunication, broadband, satellite, radar, and navigation. The reducing profit margins from mobile networks have induced mobile network operators (MNOs) to focus more on generating their revenue from data rather than voice to increase their profitability. There is an increasing demand for data, and this will compel MNOs to upgrade their infrastructure. Upgrading the transport network includes cost of equipment and services and requires at least 30% of the overall project cost. This high cost is mainly due to the high price of equipment for the optical transport-based network. Whereas, deploying a microwave network costs less than the deployment of the fiber network. Microwave deployment allows fast go-to-market reach and has a much lesser footprint than the fiber network.

North America is Expected to Hold the Largest Market Share in the Oilfield Communications Market During the Forecast Period
North America is the pioneer in this market and is expected to grow at a highest rate as it is the largest oil and gas producer, with companies seeking advanced digital communication solutions for their onshore and offshore field operations. Many oil producing companies are headquartered in the United States. Most of the companies pilot new services in the country before global launches and deployment. Fast adoption of new technology in this country and growing focus on global communication is pushing the market forward.

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