Global smart grid cyber security market was valued US$ 5.2 Bn in 2017 and is expected to reach US$ 12.3 Bn by 2026, at a CAGR of 11.36 % during the forecast period.
Global smart grid cyber security market
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global smart grid cyber security market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global smart grid cyber security market.
The smart grid is a digital infrastructure that sits on top of the already present electrical grid. This helps to monitor grid conditions, energy consumption, and generation as well as automate several of its operations. A reliable and secure smart grid system provides protective approaches to improve the security from cyber-attacks, like distributed denial-of-service (DDoS) attacks.
The constant rising the need for energy that required to the urban population, recent advancements in the technology of power grids are the primary drivers of the global smart grid cyber security market. Further, the existence of security standards for ensuring privacy and data protection of users, a rising number of connected devices in smart grid network and amplified sophistication of cyber-attacks and government regulations to maintain efficient energy consumption are boosting the growth of the market.
According to the analysis, the major challenge to the growth of the global smart grid cyber security market is long investment cycles in the energy sector, maintaining cybersecurity standards over time and unpredictability of cyber-attacks. Deficiency of awareness among a number of stakeholders and the requirement for periodic maintenance are hampering the growth of the global smart grid security market. The continuous evolution of smart grids and incorporated offering of smart grid IT and cybersecurity solutions are projected to produce several opportunities for the merchants of this market.
In 2016 the network security holds the major share of the smart grid cyber security market. The progress is powered by the rising attacks on the critical infrastructure in helpfulness organizations.
The application security is estimated to grow rapidly during the forecast period owing to the rising trends of the smart grid, Internet of Things, connected devices, growing adoption of web and mobile-based business applications, which are unsafe to advance cyber threats. The growing need for organizations to balance the energy demand and supply and for effective business operations are increases the demand of response subsystem in the global market.
The smart grid security market contains solutions and services that are delivered to safe the critical infrastructure of a smart grid. An entire range of applications and technologies, like supervisory control and data acquisition (SCADA), advanced metering infrastructure. These applications are introduced demand response management system, and home energy management in the grid system to advance the transmission & distribution process and diminish energy consumption. So demand response and home energy management sub-segments are expected to grow in the forecast period.
North America is anticipated to be a leading region in the global smart grid security market, which currently holds maximum share and is scheduled to expand rapidly in the forecast period. The North America market accounted for a share of 40% in the global smart grid cyber security market in 2016. Technological development is one of the major drivers of growth in the region which is resulted in a move toward digitalization of grid systems, particularly for commercial usage. The U.S., in North America, is holding a dominant share.
Rising technological development in the grid systems and security systems is boosting market growth in the region. The Asia Pacific is expected to surpass all other regions by recording the highest CAGR from 2017 to 2026 In terms of growth rate. This is mostly on account of the swift technological advances in the energy and power industry across countries such as India, China, and Japan.
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Scope of Global Smart Grid Cyber Security Market
Global Smart Grid Cyber Security Market by Type
• Database Security
• Network Security
• Application Security
• Endpoint Security
Global Smart Grid Cyber Security Market by Deployment
Global Smart Grid Cyber Security Market by Function
• Advanced Metering Infrastructure
• Demand Response
• Home Energy Management
Key Players Operating in Global Smart Grid Cyber Security Market
• BAE Systems PLC
• IBM Corporation
• Cisco Systems, Inc
• Siemens AG
• Symantec Corporation
• N-Dimension Solutions
• Elster Solutions
• Black and Veatch
• Entergy Services
• Honeywell International
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