Pune, Sept. 02, 2024 (GLOBE NEWSWIRE) -- Oil and Gas Security and Service Market Size Analysis:
“The Oil and Gas Security and Service Market Size was valued at USD 26.53 Billion in 2023 and is projected to reach USD 43.74 Billion by 2032, growing at a CAGR of 5.76% over the forecast period from 2024 to 2032.”
Market analysis
The oil and gas industry is witnessing significant expansion due to the escalating global demand for energy, accompanied by rising concerns over security threats. As the sector undergoes rapid digital transformation, the risk of cyberattacks has intensified, posing potential threats such as operational disruptions, data breaches, and even physical damage to critical infrastructure.
Simultaneously, physical security remains a top priority, as oil and gas facilities are increasingly targeted for theft, vandalism, and terrorism. The growing demand for comprehensive security services—encompassing both advanced cybersecurity measures and robust physical security systems—is propelling market growth. As global supply chains expand and operations become more digitized, companies are making substantial investments in security solutions to protect their assets, personnel, and operations.
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Major Players Analysis Listed in this Report are:
- Microsoft
- NortonLifeLock Inc.
- Schneider Electric
- Siemens
- United Technologies
- Cisco Systems, Inc.
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- Intel Corporation, Inc
- Waterfall Security
Oil and Gas Security and Service Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 26.53 Bn |
| Market Size by 2032 | US$ 43.74 Bn |
| CAGR | CAGR of 5.76% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increased expenditure on network and physical security • The growing threat of cyber-attacks |
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Segment Analysis
By Component
- The solution segment led the market in 2023, capturing over 78.0% of the revenue share. This dominance is attributed to the sector's heightened vulnerability to cyberattacks, driving the demand for advanced security solutions.
By Security
- In 2023, the physical security segment held the largest revenue share, underlining the critical need for stringent security measures such as perimeter security and access control systems to prevent sabotage, theft, and terrorism in oil and gas facilities.
By Service
- The managed services segment dominated the market in 2023, offering a cost-effective approach for oil and gas companies to access advanced security technologies and expertise without significant upfront investment.
- The risk management services segment is expected to exhibit the fastest growth, fueled by the industry's need to identify and mitigate diverse security threats, ranging from cyberattacks to physical breaches.
By Operation
- The midstream segment was the largest in 2023, driven by the expansion of pipelines and storage facilities in response to increasing global energy demand. The digitization of midstream operations is further boosting the demand for enhanced security measures.
- The downstream segment is anticipated to grow at the fastest rate, as the rising reliance on automation in refineries and storage terminals necessitates comprehensive security solutions.
By Application
- The pipeline segment captured the largest market share in 2023, highlighting the critical need for security solutions to safeguard extensive and remote pipeline networks from physical threats.
- The exploration and drilling segment is projected to grow at the fastest pace, driven by the industry's expansion into remote and unstable regions, which requires robust security measures to protect personnel and infrastructure.
Oil and Gas Security and Service Market Segmentation:
By Component
- Solution
- Services
By Security
- Physical Security
- Network Security
By Services
- Risk Management Services
- System Design, Integration, and Consulting
- Managed Services
By Operation
- Upstream
- Midstream
- Downstream
By Application
- Exploring and Drilling
- Transportation
- Pipelines
- Distribution and Retail Services
- Others
Regional Dynamics
North America dominated the Oil and Gas Security and Service Market with a 33.0% share in 2023, accounting for the largest share. The region's prominence is due to its extensive oil and gas infrastructure, which demands advanced security measures to protect against both physical and cyber threats. The United States is at the forefront of adopting innovative security technologies, spurred by stringent regulatory requirements and the presence of major oil and gas companies.
Asia-Pacific is forecasted to be the fastest-growing region during the forecast period. The rapid industrialization and urbanization in countries like China and India are driving the demand for oil and gas, leading to increased investment in security solutions. The region is also experiencing a surge in digital transformation across the oil and gas sector, increasing its vulnerability to cyberattacks.
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Recent Developments
- February 2024: Honeywell launched its new Cybersecurity Operations Center (CSOC) service, providing 24/7 monitoring and threat detection specifically tailored for the oil and gas industry.
- June 2024: Siemens introduced a new AI-powered physical security platform designed to enhance perimeter security and surveillance in oil and gas facilities.
- September 2023: IBM Security unveiled a comprehensive Managed Security Service for the oil and gas sector, offering real-time monitoring and incident response capabilities.
Key Takeaways
- The Oil and Gas Security and Service Market is poised for significant growth driven by rising security threats, both physical and digital.
- North America leads the market, while Asia-Pacific is expected to witness the fastest growth.
- Recent developments emphasize the integration of advanced technologies such as AI and cloud-based solutions to bolster security measures in the oil and gas sector.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Oil and Gas Security and Service Market Segmentation, By Component
8. Oil and Gas Security and Service Market Segmentation, By Security
9. Oil and Gas Security and Service Market Segmentation, By Services
10. Oil and Gas Security and Service Market Segmentation, By Application
11. Oil and Gas Security and Service Market Segmentation, By Operation
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusio
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