The ever-increasing demand for crude oil is a key driver for the satellite services market for the oil & gas industry. The era of easy oil is over. The rise in demand for this favored energy source is creating need for exploring new oil and gas deposits across the world. The new reserves of oil and gas are being discovered in deeper, offshore environments. The future of the oil & gas industry lies mostly in offshore environments. This presents growth opportunities for the satellite services market for the oil & gas industry.
Though the oil & gas industry is currently suffering due to low oil prices, it is likely to recover in the next few years. On the other hand, increased use of renewable energy sources could be one of the major restraints for the industry. However, along with renewable energy sources, natural gas has emerged as one of the most favored fuels in recent times. Thus, the satellite service market for the oil & gas industry is likely to expand at a significant rate in the near future.
Geographically, North America holds a major share of the global satellite services market for the oil & gas industry. The region has several players that offer satellite services and is also one of the major producers of oil and gas. Middle East & Africa is known for its oil and gas reserves and hence, the region is estimated to be a lucrative market for satellite services in the near future. Asia Pacific is home to some of the major petroleum refineries in the world. This presents growth opportunities for the market in the region.
Major players operating in the satellite services market for the oil & gas industry are ESOA, Ground Control, DHI GRAS A/S., i-cubed, LLC. ESRI, Infosat Communications, Castor Networks, ND SatCom GmbH, Network Innovations, Datasat Communications, Orange Business Services, and Hughes Network Systems LLC.
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