Oil And Gas Risk Management Market Size, Share & Industry Analysis, By Type (Pipeline Risk Analysis, Facility Site Evaluation, Constructionn Mangement, Blast Resistant Design, Security Threat Management, Hazard Identification & Evaluation, Catastrophe Evacuation Modelling, Others), By End-User (Industrial, Commercial, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Oil and gas process companies are faced with many risks, from political, environmental, operational, economic, and reputational to accidental. Management of these risks is crucial for the smooth functioning of the oil and gas process industry and the entire world economy. Oil and gas risk management includes developing systems and infrastructure to combat these risks and effectively handle incidents.
Based on the type, the market is classified into pipeline risk analysis, facility site evaluation, construction management, blast-resistant design, security threat management, hazard identification & evaluation, catastrophe evacuation modeling, and others. Based on the end-user, the global market is classified into industrial, commercial, and others. The industrial segment accounted for the major share in the market. The industrial segment utilizes risk management services in physical risk management like pipeline risk management, facility site analysis, construction management, catastrophe evacuation model, and network risk management like cybersecurity systems, which form a majority of the oil and gas risk management market.
The last decade has seen tremendous growth in industrialization and urbanization, which gave rise to digitalization. Oil and gas companies are increasingly focusing on the digitalization of processes and systems in all sections of operations. This has given rise to increased cybersecurity threats, which is evident from the recent cyber-attacks on global oil and gas companies like Saudi Aramco. Oil and gas companies also face the risk of phishing attacks. The necessity for developing strong security infrastructure using network security and firewall for protection is the key factor to drive the global oil and gas risk management market during the forecast period.
The key market restraint for the market is the high reliance on oil and gas companies on the existing risk management systems and solutions, which lack in meeting the current market demand. The increased use of cloud-based technology has given rise to more hazardous cyber threats, which can be evident from the 2018 Shamoon virus incident of an Italian oil and gas company, Saipem. The excessive reliance on incompetent and obsolete risk management systems is affecting the growth of the market.
Key Market Driver -
Increase in cyber-attacks on companies
Key Market Restraint -
Over-reliance on existing risk management systems and solutions
Key Players Covered:
Some of the major companies in the global oil and gas risk management market are Cisco, NortonLifeLock, Honeywell, Siemens, Microsoft, SGS, Tullow Oil, Intertek, ABS Consulting, DNV, Institute of Risk Management, and SISK Group.
Regional Analysis:
The global oil and gas risk management market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as most of the region is dominated by oil and gas risk management vendors. The North America market is also increasing due to the growing number of explorations in the U.S.
The Middle East and Africa is the fastest-growing region for the global oil and gas risk management market, owing to the dominant number of oil rigs in the region, especially in the GCC countries. The Middle East and Africa region has also been extremely accepting of the latest technological advancements like cloud integration for smoother operations and controlled access in a secured way, making risk management easy. The adoption of the latest technology contributes to the massive growth in this region.
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Segmentation
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Key Industry Developments
- On March 09, 2021, OneBridge Solutions Canada Inc. acquired intellectual property to integrate into Cognitive Integrative Management to assist oil and gas pipeline operators to predict failures to save on failure costs.
- On Feb 25, 2021, Energy Risk Consulting at Allianz Global Corporate & Specialty introduced winterization, to protect equipment from the extreme cold weather, in the advent of the power deficit caused in Texas due to the extreme weather conditions.
- Ongoing
- 2023
- 2019-2022
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