The Oilfield Communications Market is expected 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% during the forecast period, as per a report by MarketsandMarkets.
Why development and discovery of new subsea oilfields offers an opportunity?
The oil and gas industry has been flooded with many players, who have come up with the rapid discovery of oilfields in the last century. Presently, as the market seems to be saturating fast, the companies are now increasingly looking at subsea oil exploration globally to meet the increasing energy demands. In the past 2 years, there have been more than 5 subsea oilfield discoveries globally, including fields in Mozambique, East Malaysia, and Pakistan. Subsea oil and gas technology is advancing rapidly to meet the requirements of the increasingly demanding production environments: deeper water, greater distances from the shore, and higher reservoir temperatures and pressures. The most sought after technology being developed and improved in this domain is moving fluid processing to the floor of the sea, which reduces infrastructure costs and production costs, greatly improving the Return on Investment (RoI) for the companies involved in this market.
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How security of information remains a challenge?
Despite having reliable and scalable secured communication solutions in the oil and gas industry, there have always been risks associated while transferring the information. There have been physical as well as cyber-attacks due to a breach of information, which not only causes financial losses, but also involves infrastructure losses. The cyber-attackers try to gather as much as information for harming the energy infrastructure. For instance, there was a cyber-attack on Saudi Aramco, an oil and gas company in the Middle East region in 2012. The attack affected thousands of computers within hours, and the company had to use fax machines and typewriters forcibly. This incident led to operational turmoil at Saudi Aramco. The oil field communication solutions are developed considering almost all the prospects for the security of information, but there is always a risk of cyber threats and attacks. For instance, STUXNET, a computer worm, attacked the SCADA systems in 2010. With the advancement of technology in the communication systems, new challenges have also evolved pertaining to security of information.
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Major vendors in the oilfield communications market are Huawei Technologies Co. Ltd (China), Siemens AG (Germany), SpeedCast International Limited (China), ABB Ltd. (Switzerland), CommScope (US), Inmarsat Plc (UK), Tait Communications (New Zealand), Baker Hughes Incorporated (US), Alcatel-Lucent S.A. (France), Ceragon Networks Ltd. (US).
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