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Pandemic disrupted the entire world and affected many industries.
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Request Now !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.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Application, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and the Rest of LAMEA) |
Companies covered | Intel Corporation, Siemens AG, Honeywell International Inc., Cisco Systems Inc., Symantec Corporation, Lockheed Martin Corporation, Thales Group, Johnson Controls, Microsoft Corporation, and Parsons Corporation |
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.
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.
Key segments covered
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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.
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