Terrorist attacks, cyber and network hacks, and other risks associated with the energy sector are playing a major role in shaping the future of the energy security market. A new report released by MarketsandMarkets predicts the global energy security market, currently at $49.27 billion in 2013, will rise to $67.90 billion in 2018.
The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber-attacks, lack in comprehensive solution for energy security and physical attacks and insider threats. Companies providing physical security solution and network and cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating sophisticated security solutions and intelligent and integrated security management platforms for the energy and power plants.
Representing an estimated Compound Annual Growth Rate (CAGR) of 6.6% from 2013 to 2018, the hydrocarbon sector is expected to continue to hold onto the largest share of energy security followed by nuclear energy. MarketsandMarkets further expects that the increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.
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