Global Reinforced Plastics Market is Expected to Reach USD 15.82 Billion in 2019

Global energy demand is expected to rise by as much as 50% over the next 25 years. This combined with depletion of existing fossil fuel reserves will mean extensive exploration and production activities by the offshore oil and gas industry in the years to come. 75 percent of this increased requirement is expected to come from the developing world. Security provides industries the freedom to find, develop and manage assets and to deliver services and supplies without interference. Being secure is a result of having the correct strategy through innovative technology, supported by rigorous systems management. Even a simple standalone offshore well site’s risk assessment must consider type of fluids produced, well pressure, directional configuration, measured depth and vertical depth, water access, location, sub-surface safety valve, well maturity and reserves, damage containment, and possible collateral damage. The oil and gas infrastructure security market will experience steady growth over the next lustrum. The unconventional oil and gas boom, the expansion of the LNG infrastructure supply chain, continued offshore developments and the emergence of the digital oilfield are all prime factors for new security solution spending.

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There are myriad factors affecting the security environment in which oil and gas assets are developed and transited. Current oil and gas infrastructure, future expansion plans, the present and evolving security situation and the perception of those responsible for infrastructure security all shape current and future spending. Threat perception is particularly important for the IT asset security market; this is because many small and medium cap oil and gas enterprises (SMEs) continue to be unaware of the vulnerabilities inherent in the automation and control systems they are beginning to use on a daily basis. Instability in some market spaces is currently on the increase - Nigeria, Libya, Iraq, Yemen - to name but a few examples, and this is increasing the security spending on onshore infrastructure security personnel. The involvement of homeland security or military assets in the protection of oil and gas assets further drives up spending. On the other hand, establishing and maintaining such security measures require constant diligence as well as time, effort and investment which can be cumbersome and can divert the market from its core competencies, which is provision of products and services. However, since these measures are imperative in such volatile times, no leniency can be shown, which acts as a positive catalyst for the market.

The oil and gas infrastructure security market can be segmented based on the solution provided viz. asset protection; and by services: consulting, system design and integration, risk and threat assessment, managed security services, and training and education. End users in this industry are corporations and Small and Medium Enterprises (SME) mainly based in industries such as aerospace and defense, BFSI, education, energy and utilities, government, telecommunication and logistics.

Geographically, the demand market for petroleum infrastructure security solutions is concentrated in areas that account for the most production and supply of products and services as well as the level of threat experienced. Major demand is being seen from the Middle Eastern and African oil producing countries along with many others, such as Malaysia, China and Australia in the Asia Pacific region. Increase in cyber systems integration is also being seen in the Gulf of Mexico and West Africa. European regions have tightened security mostly at their North Sea pipelines as well as drilling positions. The demand from U.S. and Canada has experienced a steady rise owing to their extensive civil and defense installations offshore, mostly oil wells and telecommunication equipment.

Some of the key market players involved in the provision of cyber security systems are Aegis Defense Services Limited, Airbus Defense and Space, G4S plc, Booz Allen Hamilton Inc., Lockheed Martin Corporation and Thales Group.

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