- The major vendors in the Global Oil and Gas Security Market include ABB Ltd., Alstom SA, Booz Allen Hamilton Inc., Cisco Systems Inc. and Honeywell International Inc.
London, 26 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Oil and Gas Security Market 2014-2018. One of the key trends emerging in this market is the evolution of new technologies. The market players are improving the technology and security systems in the oil and gas infrastructure. The overall market is expected to grow at a CAGR of 5.4 percent during the forecast period of 2013-2018.
The high demand for oil and gas worldwide and the depletion of onshore resources have shifted the focus to offshore exploration to keep pace with the growing demand. As exploration and drilling activities move into increasingly remote and hostile locations, the need for continuous security increases. It is expected that the increase in offshore exploration will lead to further development of the oil and gas infrastructure.
“Increased awareness of the need to ensure security has driven the oil and gas companies to invest heavily in security devices,” says Faisal Ghaus, Vice President of TechNavio Research.
“The market for oil and gas security will largely depend on the cost-effectiveness of and technological advances made in security devices.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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