According to a new report published by Allied Market Research, titled, Oil & Gas Security Market by Component, Security System, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the oil & gas security market was valued at $ 23,141 million in 2016, and is projected to reach $36,012 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The command & control segment is anticipated to grow at the highest rate during the forecast period.
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North America generated the highest revenue in the global oil & gas security market in 2016 due to its technological advancements and developed infrastructure, and introduction of innovative solutions by the key players in the region. The Asia-Pacific oil & gas security market is expected to grow at the highest rate of 8.8% during the forecast period.
Exploring & drilling segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 7.2%. Among services, managed services segment is expected to witness highest CAGR of 8.4% during the forecast period.
The report features a competitive scenario of the oil & gas security industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Cisco Systems, Inc., Siemens AG, Symantec Corporation, Honeywell Corporation, Inc., Corporation, Intel Corporation, General Electric, Microsoft Corporation, ABB Ltd., and Lockheed Martin Corporation. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the oil & gas security market.
Key Findings of the Oil & Gas Security Market:
The software segment accounted for the highest share of the oil & gas security industry by component in 2016, growing at a CAGR of 6.1% from 2017 to 2023.
The surveillance segment by security system generated the highest revenue share in 2016 and is projected to grow at a rate of 6.1%.
The U.S. oil & gas security market generated the highest share, valued at $ 7,298 million, in terms of revenue in 2016.
The oil & gas security market for managed services is expected to witness the highest growth rate during the forecast period.