(PRWEB) August 30, 2014
The report "Oil and Gas Security Market [by Applications (Exploration and Drilling, Refining and Storage, Pipeline, Transportation and Distribution), by Technologies (Physical Security, Network Security)] - Global Advancements, Forecasts & Analysis - 2018" segments the global oil and gas security market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges.
Browse more than 105 market data tables 33 figures spread through 222 pages and in-depth TOC on "Oil and Gas Security Market - Global Advancements, Forecasts & Analysis - 2018".
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MarketsandMarkets has segmented the global oil and gas security by type of applications: exploration and drilling, refining and storage and transportation, pipeline and distribution networks; by type of solutions: physical security solutions, network security solutions; by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).
The global oil and gas security market estimated to be $23.23 Billion and expected to grow to $29.98 billion in 2018. This represents an estimated Compound Annual Growth Rate (CAGR) of 5.2%. In the current scenario, the exploration and drilling application security continues to be the largest segment, in terms of spending and adoption, for oil and gas security solutions followed by refineries and storage security. In terms of regions, North America expected to be the biggest market on the basis spending and adoption for oil and gas security solutions. MarketsandMarkets further expects that the increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.
Increasing terrorist attacks, rise in the sophisticated cyber and network security threats and increasing government pressure for regulatory policies and security compliances are playing a major role in shaping the future of the oil and gas security market. Even though there are security measures implemented to protect the rig platforms and pipelines, but there is no single integrated solution for providing physical as well as network security solutions. The solutions currently implemented are in silos. Major Tier1 companies are now providing integrated security solutions and are getting into this escalating market for oil and gas security.
The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber-attacks, lack in comprehensive solution for oil and gas security and physical attacks and insider threats. Companies providing physical security solution and cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the rig platforms and refineries.
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