Market Size –
The oil and gas security and service market size has grown strongly in recent years. It will grow from <b>$29.13 billion in 2023 to $30.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. </b> The growth in the historic period can be attributed to regulatory compliance, rising instances of security breaches, cyber threats awareness, geopolitical instability, oil and gas infrastructure vulnerabilities.
The oil and gas security and service market size is expected to see strong growth in the next few years. It will grow to <b>$38.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. </b> The growth in the forecast period can be attributed to supply chain resilience, focus on incident response, integration of biometric solutions, regulatory changes impacting security, remote asset management. Major trends in the forecast period include incident simulation and drills, cloud security solutions, security automation, zero trust security model, rapid incident response.
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Scope Of Oil And Gas Security And Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Oil And Gas Security And Service Market Overview
Market Drivers –
The rising incidence of cyber-attacks is expected to propel the growth of the oil and gas security and service market going forward. A cyberattack is a malicious and deliberate attempt by one person or organization to breach the information systems of another person or organization. Due to rising cyber-attacks, the oil and gas sector uses security and services to manage cyberattacks in operational systems, with the primary purpose of ensuring system availability and integrity through more effective measurement, control, detection, and response to cyber threats. In February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cybercrime reports received were 76,000, up from 13% from the previous year. Therefore, the rising incidence of cyberattacks is driving the growth of the oil and gas security and service market.
Market Trends –
Technological advancement is a key trend gaining popularity in the oil and gas security and service market. Major companies operating in the oil and gas security and services market are focused on developing technologically advanced solutions to strengthen their market position. For instance, in August 2022, Mine Safety Appliances, a US-based manufacturer and supplier of safety equipment launched HazardWatch FX-12 fire and gas system, a creative, modular system that integrates company’s cutting-edge gas and flame field devices with extremely dependable programmable logic controller (PLC) technology. It is extremely scalable, making it appropriate for applications ranging from small systems to huge plant-wide ones. The controller hardware configuration and software of the HazardWatch System have been evaluated by Factory Mutual to confirm NFPA 72 compliance and offer intelligence, flexibility, and dependability.
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, Refinng And Storage Area, Pipeline, Transportation And Distribution
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Regional Insights –
North America was the largest region in the oil and gas security and service market share in 2023. 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.
Key Companies –
Major companies operating in the oil and gas security and service market report are 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
Table of Contents
1. Executive Summary
2. Oil And Gas Security And Service Market Report Structure
3. Oil And Gas Security And Service Market Trends And Strategies
4. Oil And Gas Security And Service Market – Macro Economic Scenario
5. Oil And Gas Security And Service Market Size And Growth
…..
27. Oil And Gas Security And Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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