Oil And Gas Risk Management Market: Industrial Sector Expected to Dominate During the Forecast Periods
The oil and gas industry operates in
challenging environments, including remote offshore locations, harsh weather
conditions, and politically unstable regions.
According to TechSci Research report, “Global
Oil And Gas Risk Management Market - By Region, Competition, Forecast &
Opportunities, 2028”, The Global
Oil And Gas Risk Management Market is expected to register CAGR of 6.11%. The
oil and gas industry is becoming increasingly complex, with new technologies
and regulations emerging all the time. This complexity makes it difficult for
companies to manage risk effectively without the help of specialized software
and services. The global demand for energy is growing, and this is driving
investment in new oil and gas projects. This investment is creating new risks
for companies, which need to be managed effectively in order to protect their
assets and operations.
Oil and gas is a capital-incentive industry with a large asset base
and highly risky environments. The rapid growth of oil and gas projects around
the world, the growing need to ensure industry regulations are followed, the
rising cost of network and physical security for oil and gas companies, the
rise in political unrest in emerging economies, and the rising adoption of
various risk management models are some of the major and crucial factors that
influence this industry. On the other hand, growing number of applications,
increased sensitivity of investors to risk management, and the catastrophic
consequences to the environment in the event of major risks On the other hand,
growing applications in onshore and offshore industries, increased investor
sensitivity to risk management, and the dire consequences to the environment in
the event of major risks will all further contribute by creating enormous
opportunities that will fuel the growth of the oil and gas risk management
market in the previously mentioned projected timeframe. On the other hand,
growing applications in onshore and offshore industries, increased investor
sensitivity to risk management, and the dire consequences to the environment in
the event of major risks will all further contribute by creating enormous opportunities
that will fuel the growth of the oil and gas risk management market in the
previously mentioned projected timeframe.
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Latest Investments in the Global Oil And
Gas Risk Management Market are :-
·
In January 2023, AVEVA announced that it
had acquired ProCon, a leading provider of oil and gas risk management
software. The acquisition will help AVEVA to expand its risk management
offering and strengthen its position in the global oil and gas market.
·
In February 2023, 360factors raised USD
20 million in Series C funding. The funding will be used to expand 360factors'
product offerings and customer reach.
·
In March 2023, SGS acquired DNV GL's risk
management business. The acquisition will help SGS to expand its risk
management portfolio and strengthen its position in the global oil and gas
market.
·
In April 2023, Tullow Oil invested USD 10
million in Totum Ltd, a provider of oil and gas risk management software. The
investment will help Tullow Oil to improve its risk management capabilities and
reduce its exposure to risk.
·
In May 2023, RiskWatch raised USD 5
million in Series A funding. The funding will be used to expand RiskWatch's
product offerings and customer reach.
Key market players in the Global Oil And
Gas Risk Management Market include:
- DNV GL Group
- Marsh & McLennan Companies, Inc
- Aon plc
- Sphera Solutions
- Operational Sustainability, LLC
- ERM Group
- RiskPoynt
- Trinity Consultants
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“Governments around the world are
imposing stricter regulations on the oil and gas industry in order to protect
the environment and public health. These regulations are creating new
compliance risks for companies, which need to be managed effectively in order
to avoid fines and penalties. The global oil and gas risk management market is
expected to continue to grow in the coming years, driven by these key trends.
Companies in the oil and gas industry need to make risk management a priority
in order to protect their assets, operations, and reputation.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Oil And Gas Risk Management Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Type (Pipeline Risk Analysis, Facility Site
Evaluation, Construction Management, Blast Resistant Design, Security Threat
Management, Hazard Identification & Evaluation, Catastrophe Evacuation
Modelling, Others), By End-User (Industrial, Commercial, Others), By Region, Competition 2018-2028” has
evaluated the future growth potential of Global Oil And Gas Risk Management Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Oil And
Gas Risk Management Market.
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