NEW YORK, The Offshore Oil And Gas Communications Market by Application (upstream, midstream, and downstream) and Geography (North America, Middle East and Africa, APAC, South America, and Europe) – Forecast and Analysis 2022-2026 will be driven by factors such as increasing investments in enhancing network infrastructure. With ISO 9001:2015 certification, Technavio has been proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the offshore oil and gas communications market between 2021 and 2026 is USD 1.35 bn. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
Market Driver Market Challenges
Factors such as the increasing investments in enhancing network infrastructure are driving the market. The oil and gas industry has relied on its own telecommunications networks for decades. These networks are used for handling day-to-day operations and coordinating emergency assistance. Many mission-critical networks face the need to modernize. The demands related to infrastructures, such as real-time data, sophisticated control and monitoring closer to the network edge, and high-level security, are increasing significantly. The need for good communication is also important. Oil and gas field communications necessitate dependable, durable, and high-capacity wireless networks that can operate across broad areas and in harsh environments.
Factors such as increasing cybersecurity risks will challenge market growth. Cyber attackers have been targeting crude oil and gas businesses. Development drilling and production have the highest cyber risk profiles among upstream operations, while seismic imaging has a lower risk profile. The increased need to digitize, eStore, and integrate seismic data into other disciplines could increase the company’s risk profile in the future. Apart from its critical infrastructure classification, the upstream industry’s sophisticated computation, networking, and physical operational procedures scattered throughout the world make it highly vulnerable to cyberattacks.
Market Segmentation
By application, the offshore oil and gas communications market report is segmented into upstream, midstream, and downstream. The upstream segment will have significant market share growth during the forecast period. Improved upstream communication systems have enabled subsea advances and remote unmanned offshore sector tasks to be revolutionized. As more oil and gas projects are being built worldwide, the upstream offshore oil and gas communications market segment is likely to grow.
By geography, the market has been segmented into North America, Middle East and Africa, APAC, South America, and Europe. North America will be the leading region with 42% of the market’s growth during the forecast period. The US and Canada are the key countries for the offshore oil and gas communications market in North America.
Some Companies Mentioned
ABB Ltd. AT and T Inc. Baker Hughes Co. Ceragon Networks Ltd. CommScope Holding Co. Inc. Commtel Networks EchoStar Corp. General Electric Co. Hitachi Ltd. Honeywell International Inc. Mostar Communications PTC Inc. Redline Communications Group Inc. Siemens AG Speedcast International Ltd. Tait International Ltd. Viasat Inc. Weatherford International Plc Curtiss Wright Corp. Huawei Investment and Holding Co. Ltd.To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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