Cyber security will emerge as the highest-priority area for oil and gas companies
LONDON, June 6, 2014 /PRNewswire/ -- New infrastructure development in the oil and gas industry and the growing threats to the security of critical oil and gas assets are encouraging end users to invest in security solutions. Plant owners are particularly interested in security products, services, and solutions that can detect and delay threats and are able to employ cutting-edge innovation and technology. Acknowledging these requirements, market participants are offering user-friendly security solutions that create superior customer value.
New analysis from Frost & Sullivan, Global Oil and Gas Infrastructure Security Market Assessment, finds that the market earned revenues of $19.63 billion in 2013 and estimates this to reach $24.68 billion in 2021. The study covers the segments of security services, command and control, screening detection, surveillance, access control, perimeter security, and cyber security.
"Security system manufacturers will find more opportunities and earn higher profits from the upstream oil and gas segment than the midstream or downstream segments," said Frost & Sullivan Aerospace & Defense Research Analyst Katherine Evans. "Regardless of this, security system manufacturers must continue to provide solutions across all segments, with particular focus on surveillance and intrusion detection."
However, as cyber security is currently not a spending priority among oil and gas companies, this area will bring limited opportunities for market participants. They are more likely to spend on safety measures such as fire detection and prevention than cyber security even though cyber attacks pose as much of a threat, if not more, than natural disasters.
The uptake of cyber security solutions is expected to surge with the passing of national and international legislation that highlights the need to protect oil and gas assets from cyber-attacks as well as initiatives to raise awareness of these standards.
"With the implementation of the aforementioned measures, cyber security will emerge as the highest-priority area for oil and gas companies," noted Evans. "In preparation for this, market participants should try to integrate Internet connection sharing and ICT systems so that a holistic view of the infrastructure can be obtained. This will enable end users to ascertain where the attack is coming from, and treat the cause rather than the symptoms."
For more information on this study, please email Edyta Grabowska, Corporate Communications, at firstname.lastname@example.org
Global Oil and Gas Infrastructure Security Market Assessment is part of the Security (http://www.defense.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Airport Security Market Assessment Update, Global Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance Market Assessment, US Defense Geospatial Market, and Global Physical Security Information Management Market Assessment. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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