Global Oil and Gas Security Market Analysis: Trends, Challenges, and Future Outlook 2024-2030
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 poli...