The market was valued at USD 25.68 billion in 2015 and is estimated to grow at a CAGR of 5.01%, to reach USD 32.79 billion by 2020. Oil and gas are essential global commodities. Most the critical infrastructure systems are dependent on oil and gas energy to perform their activities. Oil has been world’s foremost commercial energy source for many decades and has played a pivotal role in the 21st-century industrial world economy.
As per certain reports, starting with the restoration period after the second world war, it is estimated that industrial production nurtured by around 45 times, with four-fifths of the progress occurring during the second half of the century. Major global oil reserves are situated in conflict zones and transporting these reserves to various parts of the world is the most challenging security task. Oil and gas pipelines are integrated with advanced technological security apparatus. This market is segmented into physical and logical securities.
Terrorist organizations have always targeted oil and gas facilities; striking pipelines, tankers, refineries and oil fields. A growing number of unified and diverse threats to oil and gas infrastructure are noticed, currently. As per the Global Terrorism Database of the University of Maryland, terrorist threats targeting oil and gas sectors have grown abruptly. In 2013, 600 out of 2600 total terror attacks targeted oil and gas sectors.
During the past decade, electronic-based utility platforms have been adopted by many oil and gas energy companies, to ease the services. With an increase in cyber terrorism, security of oil and gas transportation has become vulnerable. As per various white paper reports, the cyber breaches in oil and gas sectors are significantly impacting the government and private institutions’ confidence. Oceanic rims such as the Pacific, Atlantic and Indian Ocean, have become pivotal points of global world trade and have raised the geostrategic importance; maritime terrorism against ships, vessels and oil rigs have been on the rise in recent times. 80% and 60% of Japan and China's oil supplies, respectively, are shipped through the Straits of Malacca, every year. Around USD 70 billion worth of oil passes through these straits, along with Straits of Hormuz, anually. These pirate attacks are causing huge loses to the oil and gas companies. Whereas, lack of awareness about the advanced security services market is restraining the growth of the market. However, this market is unexploited in the regions of Asia-Pacific and the Middle East and Africa, which is presenting an opportunity for market vendors.
The global oil and gas security market is segmented by type (surveillance of pipe line services, risk predictable services, security engineering design, amalgamation of advanced technologies, and operational security consulting), end-user industry (defense forces, government, shipping vessels, oil companies, petroleum refiners, fuel transport industries and others), and by geography (North America, Asia-Pacific, Latin America, Europe, the Middle East and Africa).
The report includes a competitive assessment regarding the overview of market players, profiles, products and services, business strategies, recent developments and innovation, market landscape, future trends and forecasts, and mergers & acquisitions.
Some of the major key competitors functioning in the global oil and gas security market are –
Key Deliverables in the Study