Oil and Gas Security and Service Market to Surpass USD 44.1 Bn by 2030 | Increased Expenditure by Oil & Gas Companies

Oil and Gas Security and Service Market size was USD 27.3 billion in 2022 and is expected to Reach USD 44.1 billion by 2030 and grow at a CAGR of 6.2 %

AUSTIN, TEXAS, UNITED STATES, January 25, 2024 /EINPresswire.com/ -- Addressing the Surge in Cyber Threats: Oil and Gas Companies Bolster Security Infrastructure to Safeguard Operational Technology
The SNS Insider report indicates that the Oil and Gas Security and Service Market¹ size was valued at USD 27.3 billion in 2022 and is expected to grow to USD 44.1 billion by 2030, demonstrating a robust CAGR of 6.2% over the forecast period of 2023-2030.

The scope of the Oil and Gas Security and Service Market report encompasses a comprehensive analysis of the security landscape within the operational technology of the oil and gas industry. Specifically, the report delves into safeguarding supervisory control & data acquisition (SCADA) and distributed control systems from cyber threats and data theft. Despite the significant advantages of protection from cyber threats and data breaches, the market faces challenges such as substantial capital costs and the perpetual need for security upgrades. The report examines recent incidents prompting companies to strengthen security infrastructure, emphasizing the inadequacy of current security solutions for 95% of organizations. Furthermore, it explores the opportunities arising from the adoption of cloud technologies, acknowledging the vulnerability it introduces while highlighting the potential for companies to enhance defense mechanisms. Overall, the report provides a detailed insight into the market dynamics, challenges, and opportunities shaping the Oil and Gas Security and Service Market landscape.

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Prominent Players:

• Honeywell
• Intel Security
• Microsoft
• Siemens
• Symantec
• ABB
• Cisco Systems
• Lockheed Martin
• United Technologies
• Waterfall Security
 
Market Analysis:

The Oil and Gas Security and Service Market is undergoing a transformative phase marked by a surge in cyber threats, compelling companies to fortify their security infrastructure. Recent cyber-attacks have incurred substantial losses, urging both small and large enterprises to adopt advanced physical and cybersecurity solutions. However, a significant percentage still relies on outdated security measures. The escalating adoption of cloud technologies in the oil and gas industry, while presenting vulnerabilities, also serves as an opportunity for companies to enhance their defense mechanisms. Network security emerges as a critical segment, with a higher CAGR, driven by increased cyber-attacks associated with the proliferation of Internet of Things (IoT) technologies. The market's growth is further propelled by government spending on cybersecurity, regulatory compliance, and the imperative need for safeguarding critical operational applications.

Segment Analysis:

In terms of offerings, the market is divided into Software and Services. The security of operational technology, such as SCADA and distributed control systems, falls under oil & gas security. The Network Security segment is projected to grow at a higher CAGR, driven by increased cyber-attacks due to the rise in Internet of Things (IoT) technologies. Refineries and storage areas for oil and gas are high-security zones, leading to the dominance of network security solutions.

KEY MARKET SEGMENTS

By Offering

• Software
• Services

By Security Type

• Physical Security
• Network Security

By Operation

• Upstream
• Midstream
• Downstream

Key Regional Development:

Asia Pacific holds the highest market share, driven by construction, building activity, and the automotive sector in China, India, and Japan. Europe is expected to witness significant growth, particularly due to rising demand from the automotive sector. North America is predicted to experience remarkable growth, with the U.S. being a major consumer of coatings for construction and automotive applications.

Key Takeaways:

• The Oil and Gas Security and Service Market is poised to exceed USD 44.1 billion by 2030.
• Network security solutions are crucial as cyber threats continue to rise in the oil and gas sector.
• Asia Pacific leads the market share, driven by construction and automotive sectors.
• Europe's market share is expected to increase significantly, particularly due to demand from the automotive industry.

Recent Developments:

• In September 2023, ABB and Export Development Canada formed a global cooperation to promote investments in sustainable technology and projects.
• In September 2023, Cisco acquired Splunk to enhance organizations' security and resilience in an AI-powered world.
Oil and Gas Security and Service Market: Challenges and Opportunities

Challenges:

• Cybersecurity Threats: The oil and gas industry is increasingly targeted by sophisticated cyber threats, posing challenges for securing critical infrastructure and sensitive data.
• Geopolitical Risks: The industry faces challenges related to geopolitical tensions, regulatory uncertainties, and changes in global energy dynamics, impacting operations and investments.
• Physical Security Concerns: Protecting oil and gas facilities, pipelines, and personnel from physical threats, including vandalism and terrorism, remains a significant challenge.
• Compliance and Regulatory Landscape: Navigating complex and evolving compliance requirements and regulatory landscapes, both domestically and internationally, poses challenges for companies in the sector.

Opportunities:

• Advanced Cybersecurity Solutions: Opportunities arise from the development and implementation of advanced cybersecurity solutions to protect critical infrastructure and data from cyber threats.
• Technological Innovations: Embracing technological innovations, such as IoT sensors, drones, and AI-driven analytics, presents opportunities for enhanced monitoring, predictive maintenance, and operational efficiency.
• Integrated Security Services: Providing comprehensive and integrated security services, including both cyber and physical security solutions, offers opportunities for holistic risk management.
• Renewable Energy Integration: Opportunities exist in diversifying operations and investing in renewable energy sources, aligning with global trends toward sustainability and reducing environmental impact
Successfully addressing these challenges and capitalizing on opportunities in the Oil and Gas Security and Service market requires a proactive approach to security, adoption of innovative technologies, and strategic planning to navigate the dynamic geopolitical and regulatory landscape.

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Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7.PEST Analysis
….…
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. USE Cases and Best Practices
18. Conclusion

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¹ https://www.snsinsider.com/reports/oil-and-gas-security-and-service-market-3527