Coal has been the primary source of India’s energy demand for more than a century accounting for almost 43% of the country’s primary energy mix. However, it is apparent that coal is not the long-term answer to the country’s ever increasing energy demand. The twin power blackouts during late July 2012 (the peak summer demand) period threw more than 300 million people into darkness across the states in northern India, including the capital city New Delhi, that created chaos, disrupted railways, hospitals and other emergency services. This was a grim reminder of the huge supply shortfall, the country is facing. Coupled with increasing environmental issues associated with coal based power plants and the declining domestic reserves, it is high time that the people of the country have to think about other cleaner and economically competitive alternatives.

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Managed services to account for the highest market share during the forecast period

Rising levels of cyber-attacks and terrorist activities have made it difficult for most of the oil and gas companies to manage the security of their infrastructure. Thus, it empowers the oil and gas companies to implement managed security services. These managed services provide end-to-end security solutions which include managed threat monitoring and vulnerability assessment, managed network security services, and SCADA security. Moreover, managed services help organizations to focus more on their core objectives of the oil and gas business.

Midstream segment to grow at a higher CAGR during the forecast period

The midstream operation segment in the oil and gas sector includes shipping and storage of oil retrieved from the upstream sector. Logistics and transportation are the main facets of the midstream operation. The midstream segment generates a humungous amount of data through pipelines and other storage facilities. Supervisory Control and Data Acquisition (SCADA) system play a key role in digitizing and streamlining the midstream sector. Moreover, midstream operators use SCADA system to monitor and manage all field instruments utilized across the entire oil or gas flow in the pipes. Thus, the target of hackers are the SCADA systems, which are directly connected to the control networks that govern mission-critical oil and gas processes. To prevent these systems, many oil and gas companies are updating and boosting their cybersecurity capabilities.

North America to lead the oil and gas security and service market during the forecast period

North America is expected to account for the highest share of the oil and gas security and service market in 2020. The region comprises developed countries, such as the US and Canada, and is considered the most oil producing region and also early adopter of advanced technologies. The North American region exhibits a wide presence of key industry players offering oil and gas security solutions and service, and its financial position enables the region to invest majorly in leading tools and technologies for effective business operations.

Cisco (US), NortonLifeLock (US), Honeywell (US), Siemens (Germany), Microsoft (US), Lockheed Martin (US), ABB (Switzerland), Parsons (US), Fortinet (US), Trend Micro (Japan), Forescout (US), GE (US), Synectics (UK), Intel (US), Speedcast (Australia), Booz Allen (US), Thales (France), HCL (India), IBM (US), BAE Systems (UK), Sophos (UK), Xage Security (US), Waterfall Security Solutions (Israel), Nozomi Networks (US), CNL Software (UK), Moxa (Taiwan), GPS Security (Canada), Athos (US), TSN (US), and J&G Security (US) are some of the major companies operating in this market.

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