The oil and gas security and service market size is estimated to grow from USD 26.34 Billion in 2015 to USD 33.90 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 5.2% from 2015 to 2020.
These figures are according to Marketsandmarkets researchers from the company’s recently published report entitled, the “Oil and Gas Security and Service Market by Application (Exploration and Drilling, Refining and storage area, pipeline, transportation and distribution), Security type, Service type, Region – Global Forecast & Analysis to 2020”, The report segments the oil and gas security and services market into various sub-segments with in-depth analysis and forecasting of revenues.
Oil and gas security is defined as the security process in which the oil and gas operational sectors, namely, upstream, midstream, and downstream are secured with the help of stringent physical and network security measures to ensure operational efficiency and minimize losses associated with security breaches. Researchers find that the major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber-attacks, and lack in comprehensive solution for oil and gas security and physical attacks and insider threats.
Most of the physical assets at oil and gas installations are subject to terrorist attacks, sophisticated and high-profile cyber-attacks. Various surveillance and monitoring techniques such as video surveillance, mass notification, and perimeter security can be instrumental in preventing security breaches as well as conducting effective audit trail. Workforces nowadays are increasingly using mobile devices while working on offshore rigs in remote areas. This has led to investments in network security by enterprises to keep their network infrastructure and communication lines robust and secure.
The major drivers for the oil and gas security and service market are increased spending by oil and gas companies on infrastructure and network protection, growth of Bring Your Own Device (BYOD) in the oil and gas sector, growth in high-profile cyber-attacks, growing political turmoil in the Middle Eastern countries, increase in regulatory compliances, and increased traction for vulnerability assessment and management. North America is expected to have the largest market share; however, Latin America will grow with the highest CAGR from 2015 to 2020. North America has been at the forefront in adopting oil and gas security solutions.