The global smart grid security market was estimated at USD 405.37 million in 2017 and can attain a valuation of USD 747.07 million by 2023, reports Market Research Future (MRFR). MRFR also adds that the market can achieve a growth rate of 10.73% during the forecast period (2018-2023).
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Market Boosters and Key Barriers
The use of advanced metering systems (AMI) has risen considerably over the years. Smart meters are a crucial aspect of AMI, and the rising installation of these are anticipated to give the market a substantial boost in the coming years. Additionally, the alarming rise in attacks on smart grids is calling for the installation of security systems across the globe, which further induces market growth.
The worldwide market for smart grid security is evolving rapidly with technology coupled with the need to achieve reliable, efficient, and clean energy distribution. The various technologies used by smart grids include integrated communication, advanced components, improved decision support & interfaces, measurement & sensing, and advanced control methods. These technological advancements are dependent on the analysis of huge amounts of data as well as new interconnectivity levels, which benefits the market. As a consequence, the smart grid security market growth in the near future is inevitable, given that it offers numerous solutions that help in securing the network infrastructure, data as well as the devices that are connected to the grid.
The smart grid security market also allows constant monitoring, managing and controlling of the consumer demands. The mounting use of connected devices, soaring concerns about vulnerability & security, and technological advancements are additional factors that are promoting the growth of the smart grid security market. Surge in the internet of things (IoT) penetration and the subsequent surge in smart grids also works in favor of the global market.
Prominent vendors influencing the size of the Smart Grid Security Market are Cisco Systems, Inc. (U.S.), Symantec Corporations (US), Siemens AG (Germany), BAE Systems PLC (U.K.), N-Dimension Solutions (Canada), Alert Enterprise (U.S.), McAfee LLC (US), Symantec Corporation (U.S.), Lockheed Martin Corporation (US), Elster Solutions (U.S.), IBM Corporation (U.S.), Leidos (U.S.), Intel Corporation (Intel Security) (U.S.), to mention a few.
Smart grid security market has been extensively studied by MRFR experts and for better understanding, has been segmented with respect to deployment, security type, and application.
Considering the deployment segment, the market includes on-premise and cloud.
With regard to the security type, the market comprises network, endpoint, database, and application. The application security segment can gain the highest growth rate during the appraisal period, on account of the rising application of IoT as well as the high adoption of connected devices within the utility sector. However, the network security segment currently retains the largest share in the smart grid security market, backed by the growing sophistication of cyber-attacks emerging in the utility sector.
Depending on the application, the market has been split into generation, distribution & control and consumption.
The geographical categorization of the smart grid security market has been conducted for North America, Europe, Asia Pacific (APAC), in addition to the rest of the world (RoW).
North America, from 2018 to 2023, is likely to reign over the global smart grid security market, supported by factors like the presence of advanced utility infrastructure and high concentration of well-established and proficient cyber-security vendors. Additionally, developed countries like the United States (US) and Canada are making heavy investments in prominent platforms of the smart grid market, which adds to its demand in the region.
In Europe, strong support from the government in the form of policies and legislative mandates, enhanced grid reliability accompanied by efficient outage response, mounting awareness about carbon footprint management, and modernization of degrading grid infrastructure is inducing the growth of the smart grid security market.
APAC can potentially surpass other regions in the global smart grid security market by achieving the fastest growth during the forecast period. The fast-paced growth of the market is the result of the rising technological advancements in the energy and power industry across developing countries like India, Japan, and China.
LIST OF TABLES
Table 1 Global Smart Grid Security Market, By Region, 2019–2023
Table 2 North America: Smart Grid Security Market, By Country, 2019–2023
Table 3 Europe: Smart Grid Security Market, By Country, 2019–2023
Table 4 Asia-Pacific: Smart Grid Security Market, By Country, 2019–2023
Table 5 Middle East & Africa: Smart Grid Security Market, By Country, 2019–2023
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LIST OF FIGURES
FIGURE 1 Global Smart Grid Security Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Grid Security Market
FIGURE 4 Value Chain Of Global Smart Grid Security Market
FIGURE 5 Share Of Global Smart Grid Security Market In 2017, By Country (In %)
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