The global demand for energy is expected to double in the next 25 years. This surging demand for energy plays a pivotal role in the depletion of existing fossil fuel reserves, thereby encouraging production activities in the offshore gas and oil industries. A new analysis by Transparency Market Research projects that the emerging economies are likely to account for over 75% of the demand for energy derived from the offshore gas and oil industry. The need for underwater security is thus felt to enable offshore rig operators identify and manage assets and ensure the delivery of services without any interferences.

Over the years, underwater security has been deemed imperative for the oil and gas industry. Underwater security solutions allow risk assessment of a small standalone offshore site, taking into account the fluid types produced in the well, well pressure, directional configuration, measured depth, vertical depth, sub-surface safety valve, damage containment, location and others. Furthermore, in response to the demand for remote control centers, the need for constant monitoring and control is also set to increase. Underwater security service providers are increasingly focusing on innovative cyber solutions to help the oil industry adapt to the digitization wave. It is therefore expected that in the coming years, the market for underwater security will report an exponential surge.

Q: How are stringent government regulations boosting demand from global underwater security market?

A: Strict government mandates and the increasing threat from cybercrime are fuelling demand from the global market for underwater security systems and services. The market has been witnessing the rising implementation of cyber security solutions to combat sophisticated threats strewn by professional adversaries. Industries such as energy, aerospace and defense, utilities, and banking, financial services, and insurance (BFSI), have been extensively adopting cyber security solutions in keeping with regulations enforced to check cybercrimes, which may eventually cause loss of financial and intellectual assets. Such factors have been encouraging leading companies in the oil and gas and other industries to oblige to regulations mandated by the government.

Q: What is India expecting from its recently launched underwater security plan at the harbors of Vishakhapatnam?

A: Recently the Indian Navy launched an integrated underwater harbor defense system and mine warfare data center to improve the Navy’s surveillance skills and response to any potential threat at the naval dockyard located in Vishakhapatnam. This is one of the most recent instances of implementing underwater security and services to tighten the defense capabilities of a region. The multi-sensor system deployed is called IUHDSS. It is capable of identifying, tracking, detecting, and generating warnings for underwater threats.

Q: Are there any recent notable underwater security plans aimed at protecting marine life? How are such developments relevant to the market’s growth?

A: Recently, a Monitoring, Control, and Surveillance (MCS) Plan has been unveiled by the Pacific island country of Palau. The plan is intended to manage and monitor emergency responses and combat illegal activities in ocean waters protected by a national marine sanctuary established recently. Researchers from the Scripps Institution of Oceanography were key contributors to the MCS Plan, launched on May 4, 2016.

The monitoring technology adopted will enable Palau to understand climate and oceanographic forces influencing the marine life, which is at the base of its economy. The data thus obtained will improve Palau’s climate resilience and enhance its access to information pertaining to ocean acidification, sea-level rise, and other phenomena related to climate change.

The growing awareness about the importance of underwater security will therefore boost the market. With emerging nations coming at fore, the market for underwater security witnesses lucrative opportunities for venturing in Asia Pacific