The growth of the global oil & gas security and services market is driven by rise in government legislation to ensure safety at all levels of oil & gas exploration, refining, transportation, and storage. Governments have developed numerous cyber management policies and legislation and procedures to ensure optimal protection in the oil & gas sector. This has further led to growth of the global oil & gas security and services market. Increase in expenditure on network and operational technology security by oil & gas companies and increase in trend in security and vulnerability management have boosted the growth of the market. Moreover, rise in trend of bring-your-own-device and political chaos in the Middle East fuel the market growth.
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Remote sensing and monitoring are the latest technologies used for the defense and distribution of oil & gas in the global market. Monitoring of pipes from a remote area, including explosions and leakages and other facilities may be accomplished. Remote monitoring has enabled real-time reservoir management. Remote tracking is carried out for onshore as well as offshore applications. Companies have invested in newer IT infrastructure and solutions to ensure optimum oil & gas security. With rise in the implementation of bring-your-own-device in oil & gas companies and the development of highly sophisticated cyber-attacks on oil & gas facilities, the need for oil & gas defense applications and services is projected to play a crucial role in stimulating growth of the industry. However, lack of knowledge of the latest oil & gas safety and services offerings, notably among developing economies, acts as a key restraining factor of the market. Another major factor restraining market growth is high operating costs.
Key Market Players
- Intel Corporation
- Siemens AG
- Honeywell International Inc.
- Cisco Systems Inc.
- Symantec Corporation
- Lockheed Martin Corporation
- Thales Group
- Johnson Controls
- Microsoft Corporation
- Parsons Corporation
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Key benefits of the report
- This study presents the analytical depiction of the global oil & gas security and service industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oil & gas security and service market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the global Oil and gas security and service market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
The global oil & gas security and service market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of oil & gas industry. This pandemic situation is likely to further slowdown the world’s economic development. With the slowdown in the economic growth, the oil & gas security and service industry are anticipated to witness negative impacts.
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