Oil and Gas Security and Services Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Service (Risk Management Services, System Design, Integration, Consulting, Managed Services); Security Type (Physical Security, Network Security); Operation (Upstream, Midstream, Downstream); Application (Exploration and Drilling, Processing and Storage, Transportation, Pipeline, Distribution); and Region/Country)
Detailed Analysis of COVID-19 Impact on the Oil and Gas Security and Services Market
The global oil and gas security and services market is expected to witness a CAGR of around 5% during the forecast period (2021–2027). As the market is anticipated to witness an uptick in the adoption of cloud technologies in the oil and gas security market.
In addition, major players such as Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Waterfall Security Solutions Ltd, Microsoft Corporation, General Electric, Schneider Electric SE, Lockheed Martin, and Parsons Corporation. Several M&As along with partnerships have been undertaken by these players to develop the oil and gas security and services market.
Oil and gas security and services are defined as the strength of encryption and authentication capabilities by providing effective and enhanced network protections to anticipate and eliminate possible cyber-attacks on oil & gas facilities worldwide. In addition, the security of the operational technology (OT) such as supervisory control and data acquisition (SCADA) and distributed control system (DCS) of the infrastructure of the oil & gas industry from cyber-attacks and data theft is known as oil & gas security. In recent years, oil & gas security and services include physical and network defense across both projects, offshore and onshore. The demand for oil and gas security and services is due to the rise in the need for energy supply is creating pressure on governments to draw up regulatory plans for the oil & gas physical protection framework. Furthermore, the increase in cyber-attacks by oil & gas firms on operational technology (OT) raises the need for market protection. Monitoring systems have empowered issues to be identified and have helped to identify solutions in a shorter time cycle. The global oil and gas security and services market is expected to witness a CAGR of around 5% during the forecast period (2021–2027).
However, Covid – 19 has devasted the global economy due to which many sectors experienced a downfall as the demand for oil and gas security and services got reduced within the industries. In addition, the pandemic led organizations to go through economic turmoil and the absence of service engineers has put a lot of pressure on oil companies which are connecting Original Equipment Manufacturer Vendors (OEMs) with Operational Technology (OT) to carry out work. But due to this, their IT and OT systems are no longer segregated and are exposed to threats. Systems with no updated security patches are more prone to cyber-attacks. As the industries are in the process, many productions, supply chain power, and other industries are using security systems as a source of data maintenance within the industry. Furthermore, the concern towards data security regards the use of security and services, by which the growth of the oil and gas security and services market will be seen during the forecasted period.
Insights Presented in the Report
“Amongst service, risk management services category to hold a significant share in the market”
Based on service, the market is fragmented into risk management services, system design, integration, consulting, and managed services. During the forecast period, the risk management services segment will have significant growth in the oil and gas security and services market. Due to the rise of the increasing cyber-attacks, sabotage, and terrorist attacks, globally to maintain the security of the system. In addition, many major oil and gas companies offer risk management services that help in identifying hazards and risks through quantitative risk analysis and security threat management. Furthermore, business risk management, business continuity management, competency management, fire detection and management, environmental safeguard, and functional safety come under risk management services which help in the market growth of oil and gas security and services.
“Amongst security type, network security segment to hold a significant share in the market”
Based on security type, the market is fragmented into physical security, and network security. During the forecast period, the network security segment will have significant growth in the oil and gas security and services market. Due to the increase in the usage of Internet of Things (IoT) technologies. In addition, many refineries and storage sites for oil and gas have high-security zones that are often located in regions that are off-limits to casual visitors, and the staff in charge of the refineries’ day-to-day operations are highly trained to adhere to safety standards to maintain the risk of cyber-attacks with the increased use of Internet of Things (IoT) technology. Furthermore, Firewalls, Identity Access Management (IAM) systems, Security Information and Event Management (SIEM), Unified Threat Management (UTM), and Supervisory Control and Data Acquisition (SCADA) security solutions are all used to protect networks that are driving the growth of oil and gas security and services market in the recent years.
“Amongst operation, upstream is accounted for a significant market share in 2020”
Based on operation, the market is fragmented into upstream, midstream, and downstream. The upstream segment is expected to grow significantly in the oil and gas security and services market during the forecasted period. As it helps in securing the stiff network and physical security measures. In addition, upstream oil and gas security and services will ensure operational efficiency and curtail losses associated with security breaches. Also, these are used to protect a natural gas refinery or oil exploration site. Furthermore, the growth of upstream oil and gas security and services is attributed to generating a humungous amount of data through pipelines.
“Amongst applications, exploration and drilling segment is accounted for a significant market share in 2020”
Based on application, the market is fragmented into exploration and drilling, processing and storage, transportation, pipeline, and distribution. During the forecast period, the exploration and drilling segment will have significant growth in the oil and gas security and services market. The increase in the exploration and drilling activities with increasing demand for oil and gas have contributed to the growth of the oil and gas security and service market in the segment. In addition, many recent incidents of cyber-attacks have prompted oil and gas companies to strengthen their security infrastructure during different operations.
North America to witness significant growth during the forecast period”
North America is considered to have significant growth in the market during the forecasted period. Due to the emerging advancements in technology and the rising demand for stricter safety and authentication methods to preserve sensitive data within the industries. Since many companies are operating in the region to maintain their specific security concerns are looking for holistic frameworks which can help them to implement prescriptive process changes. Furthermore, North America is very quick in adopting the most recent technological advancements, such as integrating cloud and mobile technologies into oil and gas security solutions to produce properly secured access mechanisms and enforce a security governance framework within a secured installation. However, Countries like U.S. and Canada are likely to dominate the North American market as the presence of large oil and gas security and service vendors in the region is also expected to boost the market growth of oil and gas security and services. For instance, Apache Corporation, a Houston-based oil, and gas company, with around three billion barrels’ equivalents of oil and natural gas reserves use Microsoft’s customized and modified security framework that considers everything from physical to logical access to application security to data protection to data continuity needed in the industry.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.1. Market Definitions|
|1.4. Currency used in Report|
|2.1. Research Process of the Oil & Gas Security & Service Market|
|2.2. Research Methodology of the Oil & Gas Security & Service Market|
|2.3. Forecasting Method|
|2.4. Respondent Profile|
|2.5. Main Objective of the Oil & Gas Security & Service Market Study|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. GLOBAL OIL & GAS SECURITY & SERVICE MARKET COVID-19 IMPACT|
|6. GLOBAL OIL & GAS SECURITY & SERVICE MARKET REVENUE (USD BN), 2020-2027F|
|7.1. Risk Management Services|
|7.2. System Design|
|7.5. Managed Services|
|8.1. Physical Security|
|8.2. Network Security|
|10.1. Exploration and Drilling|
|10.2. Processing and Storage|
|11.1. North America|
|11.1.3. Rest of North America|
|11.2.2. United Kingdom|
|11.2.6. Rest of Europe|
|11.3.5. Rest of Asia-Pacific|
|11.4. Rest of World|
|12.1. Market Drivers|
|12.2. Market Challenges|
|12.3. Impact Analysis|
|13. OIL & GAS SECURITY & SERVICE MARKET OPPORTUNITIES|
|14. OIL & GAS SECURITY & SERVICE MARKET TRENDS|
|15. VALUE CHAIN ANALYSIS|
|16.1. Competitive Landscape|
|16.1.1. Porters Five Forces Analysis|
|17.1. Cisco Systems Inc.|
|17.2. Honeywell International Inc.|
|17.3. Siemens AG|
|17.4. ABB Ltd.|
|17.5. Waterfall Security Solutions Ltd|
|17.6. Microsoft Corporation|
|17.7. General Electric|
|17.8. Schneider Electric SE|
|17.9. Lockheed Martin|
|17.10. Parsons Corporation|
Research Methodology for the Global Oil and Gas Security and Services Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global oil and gas security and services market were the three major steps undertaken to create and analyze the adoption of the oil and gas security and services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global oil and gas security and services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the oil and gas security and services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the oil and gas security and services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as service, security type, operation, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the oil and gas security and services market. Further, we conducted factor analysis using dependent and independent variables such as various services, security types, operations, and applications of oil and gas security and services equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the oil and gas security and services market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global oil and gas security and services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the oil and gas security and services market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global oil and gas security and services market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at a precise statistical number for each segment and sub-segment of the global oil and gas security and services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of various services, security types, operations, and applications in the global oil and gas security and services market.
The main objective of the global oil and gas security and services Market Study
The current & future market trends other than the global oil and gas security and services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investment on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the oil and gas security and services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of service, security type, operation, and application
- Define and analysis of the regulatory framework for the oil and gas security and services market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the oil and gas security and services market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world
- Company profiles of the oil and gas security and services market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry