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Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global oil and gas security and service market is expected to grow from USD 29.80 billion in 2020 and to reach USD 43.76 billion by 2028, growing at a CAGR of 4.92% during the forecast period 2021-2028.
The oil and gas security and service market is witnessing significant growth in the past years. This growth is attributed to the increasing trend of bring your own device (BYOD), increasing political instability in the Middle East, rise in regulatory compliances, need to ensure compliance with industry regulations, massive capital costs, the ongoing demand for security, growth in high-profile cyber-attacks, increased traction for vulnerability evaluation and management.
Oil and gas security and services are utilized to preserve a natural gas refinery or oil exploration site. It referred to the safety of operational technology (OT) like supervisory control and data acquisition (SCADA) and distributed control systems (DCS) of the oil & gas market's infrastructure from cyber-attacks and data theft. Oil and gas security and services also allow shield amenities against external menaces while permitting individual entrance levels of employees and contractors over various site locations.
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The global oil and gas security and service market is expected to witness significant growth, owing to increased investment through oil and gas organizations on the network and physical security, and rising trend of protection and vulnerability management. Additionally, both the private and government entities undertook aggressive efforts to improve the aging infrastructure, increasing energy demand, and the rapid consumption of energy resources are also expected to drive the market growth. The high reliance on existing safety solutions is anticipated to restrain the market growth. The need for security-as-a-service (SaaS) and the rise in adoption of the Internet of Things (IoT) create enough opportunities in the market. The challenges for the market growth are vulnerabilities connected among cloud technologies, and difficulties in execution for complex operational technology are anticipated to drive the market growth.
Key players operating in global oil and gas security and service market include Symantec, Cisco Systems Honeywell, United Technologies, Siemens, Intel Security, Microsoft, Waterfall Security, Lockheed Martin, ABB, and among others. To gain significant markets share in the global oil and gas security and service market.
- For example, in July 2019, Cisco obtained Sentryo, a security and visibility solutions provider for Industrial Control Systems (ICS) networks. By consolidating Sentryo's abilities among its network architecture, Cisco can produce IoT advantages to the oil and gas sector.
- For example, in June 2018, Honeywell launched a new connected gas discoverer that listens for exposures ultrasonically, ancillary fixed gas detectors to better preserve amenities and workers against deadly toxic and explosive gas exposures.
Managed services segment dominated the market and held the largest market share of 59.25% in the year 2020
On the basis of component, the global oil and gas security and service market is segmented into services and solutions. The services segment is further sub-segmented into system design, risk management services, integration, and consulting, and managed services. Managed services segment dominated the market and held the largest market share of 59.25% in the year 2020. This growth is attributed to increasing levels of cyber-attacks and terrorist activities. Besides, the managed services offer end-to-end security solutions, including managed network security services, managed menace vulnerability & monitoring assessment, SCADA protection.
Network security segment dominated the market and held the largest market share of 61.15% in the year 2020
On the basis of security type, the global oil and gas security and service market is segmented into network security and cyber security. Network security segment dominated the market and held the largest market share of 61.15% in the year 2020. This growth is attributed to an increasing in the usage of Internet of Things (IoT) technologies.
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Midstream segment dominated the market and held the largest market share of 40.18% in the year 2020
On the basis of operation, the global oil and gas security and service market is segmented into downstream, midstream, and upstream. Midstream segment dominated the market and held the largest market share of 40.18% in the year 2020. This growth is attributed to the generate a humungous amount of data through pipelines.
Regional Segment of Oil And Gas Security And Service Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global oil and gas security and service market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 30.17% in the year 2020. This growth is attributed to the emerging advancements in technology and the rising demand for stricter safety and authentication methods to preserve sensitive data. The market in the Asia Pacific is expected to witness significant growth, owing to the start of new oil and gas projects in nations such as China and India. Further, the expanded foreign player participation in the industry is also anticipated to the market growth.
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About the report:
The global oil and gas security and service market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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