Global Oilfield Communication Market Research Report

The global oilfield communication market is expected to grow from $2,401.9 million in 2014 to $3,231.6million by 2019, at a CAGR of 6.1% during the period 2014 to 2019. The market is primarily driven by the increasing in demand for oil by major regions, and the offshore drilling process beneath seabed, which is required with VoIP and Video conferencing for real time data tracking.

Oil exploration companies need data from both onshore and offshore sites. The companies need help of communication technology to create a product that would ease these concerns of the companies.  Many companies provide best-in-class equipment to transfer real time data from exploration places to data centers. This real time data helps companies to automate their process and also helps in increasing the efficiency, productivity, and profitability of the company.

The global oilfield communication market is growing as as result of the growing demand for oil in major regions. In all major region regions such as North America, Asia-Pacific, and Europe, the overall requirement of oil is increasing due to the rising vehicular, domestic, and international air traffic. The Americas alone consume more than 25% of oil in all over world. Due to the high consumption, companies present in the region require real time data communication to fulfill the demand for oil. Another important factor is faster connectivity. In exploration and extraction process of crude oil, fast and reliable data links are required, which transfer the real time data. Mainly in the European region, offshore oilfields are more in number than onshore, and this offshore process requires VoIP and video conferencing, thereby boosting the growth of the oilfield communication market.