Published By : 27 May 2016 | Published By : QYRESEARCH
The demand for energy is anticipated to double in the next 25 years globally. The surging demand for energy plays a crucial role in the depletion of fossil fuel reserves, resulting in increased production activities in offshore oil and gas rig. It is estimated that emerging economies will account for more than 75% of the demand for energy produced from the offshore oil and gas industry. This has necessitated the use of underwater security to facilitate offshore rig operators to monitor and manage assets and ensure the delivery of services sans any interference.
With time, underwater security has been reckoned to be imperative for the oil and gas industry. Deploying underwater security solutions enables analyzing risk of a small standalone offshore site, with respect to fluid types produced in the well, directional configuration, vertical depth, damage containment, well pressure, sub-surface safety valve, measured depth location, and others. Moreover, with the demand for remote control centers on the rise, the need for constant monitoring and control will also increase in the near future. Underwater security service providers are focused on introducing innovative cyber solutions for the oil industry to adapt to the digitization wave. Thus, the market for underwater security is expected to surge exponentially in the coming years.
Stringent government regulations have been boosting growth of the global underwater security market as well. Strict government mandates and rising threat from cybercrime are propelling demand for underwater security systems and services. The oil and gas industry, generally, has been witnessing the increasing implementation of cyber security solutions to withstand sophisticated threats carried out by professional adversaries. Industries such as aerospace and defense, energy, banking, financial services, and insurance (BFSI), and utilities have been extensively utilizing cyber security solutions to keep up with regulations imposed to check cybercrimes.