03-14-2019 08:55 PM CET - IT, New Media & Software

Oilfield Communications Market is expected to reach USD 4.21 billion by 2023 at a CAGR of 6.72% over the forecast period (2018-2023)| Top Players - HUAWEI TECHNOLOGIES CO. LTD, SIEMENS AG, SPEEDCAST INTERNATIONAL LIMITED, ABB LTD, COMMSCOPE, INC., amongst

Press release from: Market Prognosis

Market Analysis:

North America to Hold the Largest Market Share
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. Fast adoption of new technology in this country and growing focus on global communication is pushing the market forward.

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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. Microwave transmission equipment can be used for various communication applications such as cellular, radio telecommunication, broadband, satellite, radar, and navigation. 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 which us reason for its fast growth.

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Market Segments:
Oilfield Communications Market is segmented by:
1. Solution: M2M Communication, Asset Performance Communication, Unified Communication, VoIP, Video Conferencing, Pipeline Scada, Fleet Management Communication, Oilfield to Control Center Data Communication, Wi-Fi Hotspot, Others
2. Communication Network: Cellular Communication Network, Vsat Communication Network, Fiber Optic-Based Communication Network, Microwave Communication Network, Tetra Network
3. Field Site: Onshore Communications, Offshore Communications
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

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.

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This release was published on openPR.
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