(PRWEB) August 15, 2014
In recent years, there has been enormous development in various regional economies worldwide. This progress has led to more investments in infrastructure and higher deployment of technology. Due to this, the overall demand for oil has surged globally. Thus, the need for a higher number of oilfields and efficient communications with them has increased. This trend is expected to continue in the near future; therefore, the demand for the oilfield communication market is poised to remain high.
The overall revenue of the global oilfield communications market is estimated at $2,366.5 million as of 2014 and this market is poised to be worth $3,183.9 million by the end of the year 2019, at a CAGR of 6.1% between 2014 and 2019.
North America consists of some of the most developed nations. This has led to a greater need for oilfield communication solutions. Also, oil companies require real-time data. This has fueled the demand for efficient oilfield communication solutions.
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The overall revenue of the North American oilfield communications market is estimated at $658.8 million as of 2014, and this market is poised to be worth $933.2 million by the end of the year 2019, at a CAGR of 7.2% during the forecast period.
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The top players that lead the North American market are Harris CapRock communications with 34% followed by RigNet with a market share of 27%. Other enterprises providing services in the North American oilfield communication market are ITC Global, Hughes Network Systems, and others.
Browse through the market data tables, figures and detailed ToC on the “North America Oilfield Communication Market”.
Europe Oilfield Communication Market
The oilfield communications market in the European region is has currently been valued at $454.1. This market is projected to reach a value of $545.7 million by the end of 2019, at a CAGR of 3.7% between the 2014 and 2019. Hermes Datacommunications International Ltd., Harris CapRock Communications, and RigNet are some of the prominent companies delivering oilfield communication services in this region. The driving force behind the rising demand of this market is the growing exploration and extraction of crude oil, thus requiring higher-quality oilfield communication solutions. Also, the economic growth in the region has fueled this demand in the region.
Asia-Pacific Oilfield Communication Market
The Asia-Pacific region is closer to water bodies. Hence, persisting rough weather conditions make communication difficult. Also, there is a tremendous requirement of oil. These factors in turn boost the demand in the oilfield communications market. The oilfield communications market in the Asia-Pacific region has been estimated at $349.8 million as of 2014 and is poised to reach $448.0 million by the end of the year 2019, at a CAGR of 5.1% from 2014 to 2019. Major vendors in the APAC market are RigNet, Huawei Technologies, Hughes Network Systems, Harris CapRock Communications, and others.
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