Oil and Gas Security and Service Market 2027 Size, Share, Growth Opportunity & Release at CAGR 5.65%
Oil and Gas Security and Service Market was valued at USD 27.34 billion in 2019 which is expected to reach USD 36.39 billion by 2027 at a CAGR 5.65%.
Oil
and gas security and services include various processes in oil and gas industry
such as upstream, midstream, and downstream, that are secured with the help of
stiff network and physical security measures. Oil and gas security and services
will help to ensure operational efficiency and curtails losses associated with
security breaches. Also, these are used to protect a natural gas refinery or
oil exploration site.
Increase in expenditure
by oil and gas companies on network and physical security is the key driving
factor which is expected to boost the Oil and Gas Security and Service Market
growth. Furthermore, increase in government regulations to ensure security in
all stages of oil and gas exploration, transportation, processing, and storage
will positively contribute the market growth. Many governments have crafted
numerous cyber security strategies and developed related rules and regulations
and framework to ensure optimum security in the oil and gas industry will fuel
the market growth over the forecast period.
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Moreover, increase in
energy demand and depletion of energy resources in past few years have put
pressure on companies and governments to develop plans for oil and gas security
system measures will drive the market growth.
However, lack of
awareness and security training within oil and gas industry is the major
restraining factor which is expected to hinder the global oil and gas security
and services market growth. Also, difficulty in implementation of compressive
security solutions in multisite facilities will affect the market growth.
Oil and Gas Security and
Service Market is segmented into Component such as Solution, and Services, by
services such as Risk Management services, System Design, Integration, and
Consulting, and Managed Services, by security type such as Physical Security,
and Network Security. Further, market is segmented into operation such as
Upstream, Midstream, and Downstream.
Also, Oil and Gas
Security and Service Market is segmented into five regions such as North
America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as CISCO,
HONEYWELL, SIEMENS, MICROSOFT, NORTONLIFELOCK, LOCKHEED MARTIN, ABB, PARSONS,
FORTINET, and TREND MICRO
Market Segmentation
By Component
- Solution
- Services
By Service
- Risk
Management services
- System
Design, Integration, Consulting
- Managed
Services
- By
Security Type
- Physical
Security
- Network
Security
By Operation
- Upstream
- Midstream
- Downstream
By Region
- North
America
- Latin
America
- Europe
- Asia
Pacific
- Middle
East & Africa
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