Refineries are large assets requiring
massive capital influx are long gestation periods for successful
construction. With significant political unrest surrounding the
hydrocarbon sector, safeguarding of one’s assets is of the utmost
interest. Albeit in the downstream segment, refineries are a major, if
not the most important part of the hydrocarbons value chain. Crippling a
nation’s refinery infrastructure can result in dire consequences.
Needless to say, oil and gas security solutions are becoming
increasingly relevant in the hydrocarbons sector. Currently, threats are
not only limited to physical ones. In an era of technology, cyber
threats are equally dangerous and may disbalance the operations of a
refinery. Refinery security solutions and services are those which
successfully protect a refinery owner from both physical and cyber
threats. With refinery capacity additions planned in certain regions of
the world, the refinery security market is likely to grow at moderate
levels in the future.
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The future of the refining sector
currently is still uncertain. The industry has historically suffered
from overcapacity, with large refinery closures being observed in
certain countries. However with a rapidly growing demand for refined
petroleum products, the refinery segment is likely to make a significant
comeback within the forecast period. One of the major driving factors
for the refinery security is the increasing government imposed security
compliance regulations. This is further accentuated by security threats
from terrorist organizations and other cyber criminals. The market for
refinery security is likely to grow rapidly within the forecast horizon.
This will provide a distinct opportunity of companies dealing in
refinery security solutions to acquire a larger market share in the
future. On the basis of security type, the refinery security market can
be broadly segmented physical security and cyber security. Some of the
cyber security solutions being provided include anti viruses, firewalls,
and secure wired connections and secure wireless connections.
The physical security aspect generally
encompasses the refinery complex security solutions. These can include
building management systems and peripheral security solutions. Business
continuity and disaster recovery systems are also gaining increasing
momentum in the refinery security market. Refinery shutdowns or any
other halt in operations can result in monumental financial losses for
refinery owners. Also refineries use crude oil as a raw material which
results in significant inbound crude oil movements to the refinery. All
of these factors significantly increase the requirement for refinery
security solutions. In terms of refinery security services the market
can be further sub-segmented on a broader scope. One of the major
services being provided by refinery security service providers includes
system integration and design. Other services include consultation
services, which are increasingly becoming important in the refinery
security market.
This is because consultation services
provide clear directives and guidelines regarding the optimal
installation and adoption of refinery security solutions, which
generates maximum benefit to the refinery. The growth of the refinery
security market is tied strongly to the growth of the crude oil upstream
sector and the refinery sector. The refinery sector is currently
suffering from overcapacity. Amidst the economic slowdown in Europe,
refinery shutdowns have also been observed in the regions. However newer
refinery capacity installations have been planned in the Middle East,
Asia-Pacific and Russia. The Greenfield refineries of the Middle-East
and Asia-Pacific have high complexity indexes and were very expensive to
construct. Post commissioning of these refineries, refinery security
solutions are likely to be required.
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Some of the major companies in the
refinery security market include ABB Ltd., Siemens AG, Lockheed Martin
and CISCO among others.
This research report analyzes this
market on the basis of its market segments, major geographies, and
current market trends. Geographies analyzed under this research report
include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes
analysis of recent developments in technology, Porter’s five force model
analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing
market players and new entrants along with detailed value chain
analysis.
Reasons for Buying this Report
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