- A recent study by Grand View Research, Inc. foresees considerable growth in the worldwide exploration and drilling security market from 2015 to 2022. Exploration and drilling activities across the world are on the rise. The need for tapping unconventional sources in offshore regions is leading to large-scale investments.
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Exploration and drilling are undertaken in isolated and challenging environments, thus calling measures to enhance on-site security. This is specifically necessary for newer and underdeveloped locations. Prevalent geopolitical problems are presenting challenges like terrorism. Therefore, many oil and gas companies are focusing on safe operations.
Security services are being availed for every stage of the exploration and drilling value chain. Exploration and drilling operations are also prone to damage from earthquakes, fires, oil spills, etc. Safety is being ensured in politically unstable regions. Strict regulatory framework by regional oil and gas ministries will create opportunities for the exploration and drilling security market.
Hydrocarbon activities are augmenting in offshore sites. Installing and running central system monitoring in remote sites are very difficult. This issue is likely to hinder the market. Furthermore, poor knowledge of security systems amongst workers may have an adverse effect on the market.
As per technology solutions, the exploration and drilling security market can be categorized into two segments. These include network security and physical security. Some of the sub-segments of network security are Supervisory Control and Data Acquisition (SCADA) network, Unified Threat Management (UTM), Security Information and Event Management (SIEM), and identity and access management.
The remaining ones are incident response and disaster recovery, firewall, and update and patch management. Physical security is split into fire detection, secure communication, personnel tracking and Radio-Frequency Identification (RFID), video surveillance, and biometrics. It also includes access control; ground, air, and coastal surveillance; and over and underwater surveillance.
Going by geographies of the exploration and drilling security market, the region of Middle East and Africa would experience the highest growth over the next seven years. This may be attributed to offshore drilling projects and political instability in the region. Central and South America will also grow considerably owing to high investments by oil and gas companies.
Manufacturers in the market provide unique security solutions. Leading players in the exploration and drilling security market include Siemens AG, Honeywell International Inc., Waterfall Security Solutions, Lockheed Martin Corporation, and Cisco Service.
Information Source: Grand View Research
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