Future Market Insights
Innovation in technology has revolutionized the way in which the oil and gas industry operates. Dependence on technology and web-based communication has increased the need for cyber security in the oil and gas sector. Oil and gas security and services deals with physical and network security across both, offshore and onshore operations. Services are provided across remote reservoirs as well as during the production and further processing of oil. Monitoring services have enabled the detection of problems, such as pipeline issues and have helped in achieving solutions in a shorter span of time. They has also helped in the timely detection of disasters and have reduced maintenance cost. Increasing government regulations and development of policies and framework ensuring the protection and security of oil and gas systems has led to growth of the oil and gas security and services market. Thus, the oil and gas security and services market is expected to show moderate growth over the forecast period.
Oil and Gas Security and Services Market: Dynamics
Oil and gas security and services market: Drivers
The oil and gas security and services market is driven by increasing government regulations to ensure security in all stages of oil and gas exploration, processing, transportation and storage. Governments have crafted numerous cyber security strategies and developed related policies and framework to ensure optimum security in the oil and gas sector. This has led to growth of the global oil and gas security and services market.
Oil and gas security and services market: Restraints
Lack of awareness about latest oil and gas security and services offerings, especially among the developing regions of Asia Pacific and the Middle East and Africa is a major factor restraining growth of the market.
High operational cost is another major factor restraining growth of the market.
Oil and gas security and services market: Trends
Remote sensing and monitoring is the latest trend in the global oil and gas security and services market. Pipeline monitoring, which includes blasts, leakages, etc. and other services can be carried out from a remote location. Remote monitoring has enabled real-time reservoir management. Remote monitoring is done for both, onshore and offshore applications. Companies have invested in newer IT infrastructure and solutions to provide optimum security in the oil and gas sector.
Oil and Gas Security and Services Market: Segmentation
The global oil and gas security and services market can be segmented on the basis of application, type and region.
On the basis of application, the global oil and gas security and services market can be segmented into:
Exploration and Drilling
Processing and Storage
Transportation, Pipeline and Distribution
On the basis of security type, the global oil and gas security and services market can be segmented into:
Network security/Cyber Security
Oil and Gas Security and Services Market: Regional Outlook
North America is expected to hold a dominant share in the oil and gas security and services market owing to the adaption of latest technologies and awareness in the region. Asia Pacific is expected to show significant growth in the oil and has security and services market. This can be attributed to the flourishing oil and gas industry in the region, which has led to a surge in the demand for oil and gas security and services. The Middle East and Africa region is also expected to be a lucrative market for oil and gas security and services due to the increasing number of cyber-attacks in the region.
Oil and Gas Security and Services Market: Market Participants
Examples of some of the market participants identified across the value chain in the global oil and gas security and services market are:
General Electric, Intel Corporation, ABB, Siemens AG, Honeywell International Inc., Cisco Systems Inc., Symantec Corporation, Lockheed Martin Corporation, Thales Group, Johnson Controls, Microsoft Corporation, Parsons Corporation
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