The global oilfield communications market is segmented on the basis of solutions, communication network technologies, field sites, services, and regions. The oilfield communications market to grow from USD 3.1 billion in 2017 to USD 4.5 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 7.9%. Integration of departments in the oil & gas industry and increasing significance of cyber security are the major driving factors of the -oilfield communications market.
With the development and discovery of new subsea oilfields, the Middle East & Africa (MEA) region is expected to grow at the fastest CAGR in the oilfield communications market during the forecast period. This region has shown huge growth in the telecommunications sector in the past few years and is the fastest growing market during the forecast period. North America is expected to hold the largest market share and expected to grow at second fastest CAGR during the forecast period.
The oilfield communications technologies and solutions enable communication between oilfield sites and offices with reduced time and cost. Despite having the reliable and scalable secured communication solution in the oil industry, there has always been a risk associated while transferring the information. There has been physical as well as cyber-attacks due to the breach of information, which not only cause financial losses but also involves infrastructure loss. For stopping cyber-attacks, oilfield communication companies offer oilfield communication solutions with a plethora of integrated cyber security solutions. The integrated communication solutions are being readily adopted by oil and gas industries for protection of data and intellectual property.
In the oilfield communications network technology market, the microwave communication network market is expected to grow at the highest rate as it provides uninterrupted and secured communication services; whereas VSAT communication network is the second fastest growing market during the forecast period.
In oilfield communications field sites, the offshore communications is expected to grow at the highest CAGR during the forecast period. The offshore communications market consists of communication infrastructure for remote offshore oilfields. With the discovery of multiple offshore oilfields, the market of Latin America is estimated to grow in the future. Among oilfield communications services, professional services segment is expected to grow at the highest CAGR during the forecast period. Professional services include network deployment and customization, maintenance and support services, consulting services, designing, installation, training, network planning, network analysis, and outsourcing services.