Oil & gas security and service redefine the strength of encryption and authentication capabilities by providing effective and enhanced network protections to anticipate and eliminate possible cyber-attacks to oil & gas facilities worldwide. The security of the operational technology (OT) such as supervisory control and data acquisition (SCADA) and distributed control system (DCS) of the infrastructure of oil & gas industry from cyber-attacks and data theft is known as oil & gas security. Oil & gas security and services include physical and network defense across both projects, offshore and onshore. Monitoring systems have empowered issues to be identified and have helped to identify solutions in a shorter time cycle. Rise in need for energy supply is creating pressure on governments to draw up regulatory plans for the oil & gas physical protection framework. Increase in cyber-attacks by oil & gas firms on the operational technology (OT) raises the need for market protection. In addition, surge in need for energy supply is creating pressure on governments to draw up regulatory plans for the oil & gas physical protection framework.
Key drivers of global oil & gas security and service market
The growth of the global oil & gas security and services industry is driven by rise in government legislation to ensure safety at all levels of oil & gas exploration, refining, transportation, and storage. Governments have developed numerous cyber management policies and legislation and procedures to ensure optimal protection in the oil & gas sector. This has further led to growth of the global oil & gas security and services market. Increase in expenditure on network and operational technology security by oil & gas companies and increase in trend in security and vulnerability management have boosted the growth of the market. Moreover, rise in trend of bring-your-own-device and political chaos in the Middle East fuel the market growth.
Market scenario: opportunities and challenges
Remote sensing and monitoring are the latest technologies used for the defense and distribution of oil & gas in the global market. Monitoring of pipes from a remote area, including explosions and leakages and other facilities may be accomplished. Remote monitoring has enabled real-time reservoir management. Remote tracking is carried out for onshore as well as offshore applications. Companies have invested in newer IT infrastructure and solutions to ensure optimum oil & gas security. With rise in the implementation of bring-your-own-device in oil & gas companies and the development of highly sophisticated cyber-attacks on oil & gas facilities, the need for oil & gas defense applications and services is projected to play a crucial role in stimulating growth of the industry. However, lack of knowledge of the latest oil & gas safety and services offerings, notably among developing economies, acts as a key restraining factor of the market. Another major factor restraining market growth is high operating costs.
COVID-19 scenario analysis
The global oil & gas security and service market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of oil & gas industry. This pandemic situation is likely to further slowdown the world’s economic development. With the slowdown in the economic growth, the oil & gas security and service industry are anticipated to witness negative impacts.
Key benefits of the report
- This study presents the analytical depiction of the global oil & gas security and service industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oil & gas security and service market share.
- The current market is quantitatively analyzed to highlight the global Oil and gas security and service market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global oil & gas security and service market research report:
- Which are the leading market players active in the global oil & gas security and service market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Oil and Gas Security and Service Market Report Highlights
Key Market Players
Thales Group, Symantec Corporation, Siemens AG, Cisco Systems Inc., Johnson Controls, Honeywell International Inc., Parsons Corporation, Microsoft Corporation, Lockheed Martin Corporation, Intel Corporation