The global oil and gas security market size was estimated at USD 26.4 billion in 2023 and is projected to grow at a CAGR of 5.5% from 2024 to 2030. The persistent threat of terrorism and cyber-attacks targeting oil and gas infrastructure is driving the demand for oil & gas security, thus fueling the growth of the market. Given the strategic importance of these assets to national economies and energy security, they remain attractive targets for malicious actors. For instance, the 2021 Colonial Pipeline ransomware attack in the U.S. highlighted the vulnerability of critical energy infrastructure to cyber threats, leading to increased investment in cybersecurity measures across the industry.
Another significant factor propelling the market growth is the expanding exploration and production activities in remote and high-risk areas. As easily accessible oil and gas reserves become depleted, companies are venturing into more challenging environments, often in politically unstable regions or offshore locations. These operations require robust security systems to protect personnel, assets, and operations from various risks, including piracy, civil unrest, and sabotage. The development of offshore oil fields in the Gulf of Guinea, for example, has necessitated enhanced maritime security measures to combat piracy threats.
Gather more insights about the market drivers, restrains and growth of the Global Oil And Gas Security Market
Moreover, regulatory compliance and government mandates also play a crucial role in driving the market growth. In the wake of major incidents and evolving threat landscapes, governments worldwide have implemented stricter regulations concerning the security of critical energy infrastructure. These regulations often require companies to implement comprehensive security measures, including physical security systems, cybersecurity protocols, and emergency response plans. The EU's Network and Information Security (NIS) Directive, which includes specific provisions for operators in the energy sector, exemplifies this trend and has spurred investments in security solutions across European oil and gas facilities.
Regional Insights
The North America oil & gas security market dominated globally in 2023 with the largest revenue share of over 33.0%. The region has a large and well-established oil and gas industry, with significant infrastructure and assets that require protection. The U.S. has become one of the world's largest oil producers in recent years due to the shale oil boom. This increased production has led to a greater need for security measures to safeguard critical infrastructure, including drilling sites, refineries, pipelines, and storage facilities. For example, the Colonial Pipeline cyberattack in 2021 highlighted the vulnerability of oil and gas infrastructure to digital threats and emphasized the need for robust cybersecurity measures.
Key Oil And Gas Security Company Insights
Major players such as Honeywell International Inc., Siemens AG, ABB Ltd., Cisco Systems Inc., and Huawei Technologies Co., Ltd. dominate the market, driven by their strong portfolios and global presence. The market share is often influenced by strategic alliances, mergers, acquisitions, and advancements in technology. The market is fragmented, with regional players also vying for dominance, particularly in high-growth regions such as the Middle East and North America, where oil & gas infrastructure is heavily concentrated. Increasing cyber threats and stricter regulatory standards further intensify competition as companies invest in advanced solutions to ensure operational safety and security.
In August 2024, SLB and Palo Alto Networks announced an expansion of their collaboration aimed at enhancing cybersecurity within the energy sector. This partnership will integrate SLB's cloud and edge technologies with Palo Alto Networks' advanced cybersecurity solutions, including Precision AI-powered platforms such as Prisma and Cortex. The collaboration seeks to bolster SLB's security infrastructure and develop innovative solutions to address emerging cyber threats as the energy industry increasingly adopts digital technologies and AI.In July 2024, Accenture acquired True North Solutions, a U.S.-based provider of industrial engineering solutions, to enhance its capabilities in helping clients in the oil, gas, and mining sectors produce and transport energy more safely and efficiently. This acquisition will expand Accenture's expertise in operational technology (OT), integrating it with enterprise IT systems to optimize equipment output and safety through real-time data analytics.Key Oil And Gas Security Companies:
The following are the leading companies in the oil and gas security market. These companies collectively hold the largest market share and dictate industry trends.
ABB Ltd.Cisco Systems Inc.Honeywell International Inc.Schneider Electric SESiemens AGWaterfall Security Solutions Ltd.Parsons CorporationP2 Energy SolutionsKBR, Inc.DuPont de Nemours, Inc.Huawei Technologies Co., Ltd.Shell Catalysts & TechnologyBaker Hughes CompanyHalliburton CompanySymantec CorporationOrder a free sample PDF of the Oil And Gas Security Market Intelligence Study, published by Grand View Research.
