Oil and Gas Security Market Globally Grow at a CAGR of 4.65% by 2023: ABB, CISCO SYSTEMS, HONEYWELL INTERNATIONAL, MICROSOFT CORPORATION, PARSONS CORPORATION, SCHNEIDER ELECTRIC SE

The oil and gas security market was worth USD 28.32 billion in 2017 and is projected to grow to USD 37.20 billion by 2023 at a CAGR of 4.65% over the period (2018-2023). The report discusses the various types of security measures incorporated by companies, while the regions considered in the scope of the report include North America, Europe, and various others. The study also emphasizes on how growing demand for colocation services is affecting the market.

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The rising energy demand and depletion of energy resources in recent years has put pressure on companies as well as governments to develop plans for oil and gas security system measures. Major global oil reserves are situated in conflict zones and transporting these reserves to various parts of the world is the most challenging security task. This has resulted in the integration of oil and gas pipelines and facilities with advanced technological security apparatus. There are many individual security measures in the market for the protection of rig platforms, pipelines, and other transportation systems. In addition to this, advancements in the market have led to the advent of an integrated system developed for the overall physical security and network security.

Key Developments in the Market
August 2017 - Microsoft and Halliburton announced plans to enter into a strategic alliance to drive digital transformation across the oil and gas industry.

The major players include
ABB, CISCO SYSTEMS INC., HONEYWELL INTERNATIONAL INC., MICROSOFT CORPORATION, PARSONS CORPORATION, SCHNEIDER ELECTRIC SE, SIEMENS AG, and WATERFALL, amongst others.

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Rise in the Level of Sophisticated Cyber-attacks to Drive the Market
The growth in the digitization of the oil and gas industry has made it prone to cyber-attacks such as denial of service, malware, and phishing. Moreover, cyber-attacks in the sector have caused significant disruptions to the entire network, including upstream, midstream, and downstream processes. Various types of cyber-attacks such as insider misuse, web application attacks, and physical risk/loss of property have affected the oil and gas industry. Therefore, several companies are implementing effective cybersecurity solutions to combat them.
However, lack of awareness about oil and gas security solutions, difficulties in implementation for complicated operational technology, and the vulnerabilities associated with cloud technologies can act as a challenge for the growth of the oil and gas security market.

Rising Demand for Network and Cyber Security to Augment the Growth
Increase in the expenditure by oil and gas companies on network and operational technology security, and increased trend of security and vulnerability management have bolstered the growth of the oil and gas security market. Moreover, growing trend of bring your own device (BYOD) in the industry poses further challenges for the security infrastructure. Also, according to a survey, 68% respondents have stated that their company had suffered at least one security compromise involving information loss or operational disruption in the past year (2017). Thus, cyber security must be considered as a priority in the industry.

Rising Demand from Asia-Pacific to Drive the Market
Asia-Pacific is expected to witness high demand for these security solutions during the forecast period, owing to the start of new oil and gas projects in countries like India and China. For instance, in India, an investment of USD 40 billion is expected in Indian exploration and production sector in the near term. Field development plans worth USD 13.6 billion are already approved and investment worth USD 11.6 billion have the declaration of commerciality. Similarly, China announced that it would allow private companies to invest in the country’s oil and gas storage sector. It is further expected to increase foreign player participation in the industry. As other developments regarding refineries are also going on, the demand for security solutions for these facilities is expected to drive the market.

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