What is the Historic and Current Scenario of the Oil And Gas Security And Service Market?
The oil and gas security and service market has seen considerable growth due to a variety of factors.
• In recent years, there has been a consistent increase in the size of the oil and gas security and service market. The projection is for an expansion from $29.92 billion in 2024 to $31.12 billion in 2025 at a compound annual growth rate (CAGR) of 4.0%. Factors contributing to the growth during the historic period include regulatory compliance, increased security breaches, the emergence of cyber threats, geopolitical instability, and vulnerabilities in oil and gas infrastructures.
How Does the Forecast Look for the Oil And Gas Security And Service Market Size?
The Oil And Gas Security And Service market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is expected in the oil and gas security and service market, reaching an estimated $41.73 billion by 2029 at a compound annual growth rate (CAGR) of 7.6%.
The projected growth during this period can be credited to factors such as resilient supply chains, the emphasis on incident response, incorporation of biometric solutions, security-focused regulatory changes, and management of remote assets. Key trends to watch out for in this period include incident simulations and drills, cloud security solutions, security automation, the zero-trust security model, and swift incident response.
What Are The Leading Drivers Of Growth In The Oil And Gas Security And Service Market?
The escalating frequency of cyber-attacks is predicted to invigorate the expansion of the oil and gas security and service market in the foreseeable future. A cyberattack constitutes a hostile and intentional act by an individual or entity aiming to compromise the information systems of another individual or entity. Responding to increasing cyber threats, the oil and gas sector applies security measures and services to manage cyberattacks on operational systems. The primary objective is to assure system readiness and reliability through improved monitoring, controlling, identifying, and reacting to cyber threats. The Australian Cyber Security Centre, a cyber security agency based in Australia, revealed in February 2023 that there was a 13% increase in reported cybercrimes in 2022, with a total of 76,000 reported incidents. Consequently, the accelerating occurrence of cyberattacks is spurring the growth of the oil and gas security and service market.
How Are The Segments Defined Within The Global Oil And Gas Security And Service Market?
The oil and gas security and service market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Type: Physical Security, Network Security, Risk Management Service, System Design, Integration And Consulting, Managed Service
3) By Operations: Upstream, Midstream, Downstream
4) By Application: Exploration And Drilling, Refining And Storage Area, Pipeline, Transportation And Distribution
Subsegments:
1) By Solutions: Physical Security Solutions, Cybersecurity Solutions, Risk Management Solutions, Incident Management Solutions, Compliance And Regulatory Solutions
2) By Services: Security Consulting Services, Security Training And Awareness Programs, Managed Security Services, Incident Response Services, Risk Assessment Services
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How Are New Trends Expected To Influence The Growth Of The Oil And Gas Security And Service Market?
The upsurge in technological breakthroughs is a top trend currently observed in the oil and gas security and service sector. Major industry players in this sector have focused their efforts on coming up with advanced technological solutions to secure a stronger market standing. For example, in August 2022, Mine Safety Appliances, a manufacturer and supplier of safety equipment based in the US, introduced the HazardWatch FX-12 fire and gas system. This innovative and modular system combines the company's sophisticated gas and flame-field devices with highly reliable programmable logic controller (PLC) technology. This system is incredibly scalable, suiting applications of varying scales, from smaller systems to extensive plant-wide operations. Factory Mutual has examined the controller hardware setup and the software of the HazardWatch System to ensure NFPA 72 compliance and to provide intelligence, flexibility, and reliability.
Who Are the Key Players In The Oil And Gas Security And Service Market?
Major companies operating in the oil and gas security and service market include:
• Cisco Systems Inc.
• Honeywell International Incorporated
• Siemens AG
• Microsoft Corporation
• Lockheed Martin Corporation
• Intel Corporation
• Broadcom Inc.
• Parsons Corporation
• Asea Brown Boveri Ltd.
• NortonLifeLock Inc.
• United Technologies Corporation
• Thales Group
• Johnson Controls International PLC
• Fortinet Inc.
• Waterfall Security Solutions Ltd.
• Trend Micro Inc.
• Symantec Corporation
• General Electric Company
• Raytheon Company
• BAE Systems PLC
• FLIR Systems Inc.
• Motorola Solutions Inc.
• Booz Allen Hamilton Inc.
• Northrop Grumman Corporation
• Safran S.A.
• Leidos Holdings Inc.
• L3Harris Technologies Inc.
• Accenture PLC
• Conseillers en Gestion et Informatique Inc.
• Cognizant Technology Solutions Corporation
• DXC Technology Company
• Infosys Limited
• Larsen & Toubro Infotech Limited
• Schneider Electric
• SAP SE
What Is The Most Dominant Region In The Oil And Gas Security And Service Market?
North America was the largest region in the oil and gas security and service market share in 2024. The regions covered in the oil and gas security and service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
