According to IMARC Group’s latest report, titled “Oil and Gas Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global oil and gas security market reached a value of US$ 27.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 38.8 Billion by 2027, exhibiting a CAGR of 6.2% during 2022-2027.
What is Oil and Gas Security?
Oil and gas security represents the measures that are undertaken to protect the value chain of the oil and gas sector from security breaches and incidents. This security involves supervisory control and data acquisition (SCADA) and distributed control systems (DCS), which mainly protect the operational technology (OT) of the industrial infrastructure. It plays an essential role in streamlining operations even during harsh climatic conditions, hazardous processes, and extreme temperatures. As a result, this security is gaining immense traction across the globe.
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Oil and Gas Security Market Trends:
The increasing digitization across the oil and gas sector is among the key elements stimulating the oil and gas security market. Moreover, the rising cases of hacking and cyberattacks have caused significant disruptions to the entire network, such as web application attacks, malware, phishing, and physical risk/loss of property, which is also propelling the market growth. Besides this, the escalating demand for these security measures, including web-based mobile surveillance, has become essential in such cases to ensure effective safeguarding of the operational network and streamlining the overall security system, thereby acting as another significant growth-inducing factor. Furthermore, the implementation of stringent measures by government bodies of numerous countries to identify and combat cybersecurity vulnerabilities in the oil and gas sector is positively influencing the global market. Apart from this, the depletion of energy resources, the growing adoption of the Internet of Things (IoT), the emerging trend of bring your own device (BYOD), and several investments in the oil and gas sector are anticipated to fuel the oil and gas security market over the forecasted period.
Competitive Landscape with Key Players:
The report has also analysed the competitive landscape of the market with some of the key players.
- ABB Ltd.
- Cisco Systems Inc.
- General Electric Company
- Honeywell International Inc.
- Intel Corporation
- Lockheed Martin Corporation
- Microsoft Corporation
- Parsons Corporation
- Siemens Aktiengesellschaft
- Waterfall Security Solutions
Key Market Segmentation:
The report has categorized the market based on component, security type, application and region.
Breakup by Component:
Based on Security Type:
- Cyber Security
- Operational Security
- Command and Control
- Screening and Detection
- Access Control
- Perimeter Security
Breakup by Application:
- Exploring and Drilling
- Distribution and Retail Services
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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