Oil & Gas Global Security Market on Rise
The global oil and gas security market is estimated to be $23.23 billion in 2013 and is expected to grow to $29.98 billion in 2018, according to a recent report. This represents an estimated Compound Annual Growth Rate of 5.2 percent from 2013 to 2018.
In the current scenario, the exploration and drilling application security continues to be the largest segment, in terms of spending and adoption, for oil and gas security solutions. This is followed by refineries and storage security.
In terms of regions, North America is expected to be the biggest market on the basis spending and adoption for oil and gas security solutions. Global market research and consulting company MarketsandMarkets further expects that the increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.
The report titled “Oil and Gas Security Market [by Applications (Exploration and Drilling, Refining and Storage, Pipeline, Transportation and Distribution), by Technologies (Physical Security, Network Security)] - Global Advancements, Forecasts & Analysis (2013 - 2018)” segments the global oil and gas security market into various sub-segments with in-depth analysis and forecasting of revenues.
It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges. MarketsandMarkets has segmented the global oil and gas security market by type of applications: exploration and drilling, refining and storage and transportation, pipeline and distribution networks; by type of solutions: physical security solutions, network security solutions; by regions: North America, Asia Pacific, Europe, Middle East and Africa and Latin America.
Increasing terrorist attacks, rise in the sophisticated cyber and network security threats and increasing government pressure for regulatory policies and security compliances are playing a major role in shaping the future of the oil and gas security market.
Even though there are security measures being implemented to protect the rig platforms and pipelines, but there is no single integrated solution for providing physical as well as network security solutions. The solutions which are currently implemented are in silos. Major Tier 1 companies are now providing integrated security solutions and are getting into this escalating market for oil and gas security.
The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber attacks, lack in comprehensive solution for oil and gas security and physical attacks and insider threats.
Companies providing physical security solution and cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the rig platforms and refineries.