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Singapore, Singapore, 2009/10/26 - New analysis from Frost & Sullivan, Asia Pacific Oil and Gas Infrastructure Security Market, finds that the market earned revenues of $415.2 million in 2008 and estimates this to reach $654.9 million in 2015.
Oil and gas companies in the Asia Pacific have increased their spending on infrastructure protection, refinery expansion and upgrades of security systems in wake of terrorist attacks, sabotages and other crimes, giving a leg up to the steadily growing Asia Pacific oil and gas infrastructure security market. As the Asia Pacific is the largest consumer of oil and gas, governments and energy companies have accorded priority to protecting the infrastructure of the oil and gas installations, with some countries even mandating the deployment of security systems.
Expansion and upgrades of refining plants are likely to open up opportunities for security system providers to offer advanced and integrated security systems for critical infrastructure.
New analysis from Frost & Sullivan (aerospace.frost.com), Asia Pacific Oil and Gas Infrastructure Security Market, finds that the market earned revenues of $415.2 million in 2008 and estimates this to reach $654.9 million in 2015.
As most oil and gas companies already have basic security systems in place, they will be upgrading their security devices to network-based real-time systems. End users will be looking for integrated solutions from a single source; however, an open platform that could integrate devices from different manufacturers is likely to benefit both local companies and end users.
"Companies should also continually offer innovative systems and add capability to existing product line," says Balaji Srimoolanathan, Program Manager for Aerospace & Defence for Frost & Sullivan. "Providing compatible systems with modularity will allow customers to upgrade their systems with ease."
Another technology trend that is gaining currency is the convergence of Internet protocol (IP) technologies with physical security systems. Major IT companies have entered the infrastructure security systems market and are providing integrated security solutions. Therefore, system integrators are beginning to dominate the market through the offer of customised security solutions.
"Consequently, physical security's convergence with IT brings more participants from the IT and network domain," notes Srimoolanathan. "Security companies must gain IT expertise and provide complete networked solutions to be successful."
Participants should also diversify their product portfolios and offer a wide range of products. Companies sticking to a single technology and segment will find it difficult to survive in this highly fragmented market. Consolidation could be the way forward to achieve price and technology stabilisation.
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Asia Pacific Oil and Gas Infrastructure Security Market / M42C