Smart Grid Security Market to Develop Rapidly in Line with Surging Power Consumption :

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Smart Grid Security Market.

Market Overview

The fortification of traditional power grids is predicted to enhance the smart grid security market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion.  A revenue level of USD 747.07 Million is projected by 2023, with the backing of a CAGR of 10.73%.

The need to enhance availability & allotment of power is predicted to bolster the smart grid security industry in the forecast period. The rise in funding to alter utility infrastructure to the smart grid is projected to enhance the smart grid security market.

Segmental Analysis

The segmental scrutiny of the smart grid security market is conducted based on security type, application, deployment, and region. The application-based segmentation of the smart grid security market is segmented into generation, consumption, distribution and control. Based on the deployments, the smart grid security market is bifurcated into the cloud and on-premise. On the basis of regions, the smart grid security market is segmented into North America, Europe, Asia-Pacific, and the Rest of the regions in the world. Based on the security types, the smart grid security market is segmented into endpoint, network, application, and database.


Regional Analysis


The regional examination of the smart grid security market consists North America, Europe, Asia-Pacific, and the Rest of the regions in the world. The regional markets in smart grid security are anticipated to develop at an outstanding rate in the forecast period from 2018 to 203. The North American regional market is likely to lead the smart grid security market as of 2022 to 2030 due to the incidence of highly developed utility infrastructure, elevated concentration of market players in the region, and accessibility of accomplished cyber-security knowledge. Nonetheless, the region of Asia-Pacific is anticipated to develop at the maximum CAGR throughout the forecast period due to alteration in conventional grid structure to the smart grid by many nations in the region.

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Competitive Analysis

The market is in a condition of flux due to the rapid and severe changes in the global economy. The market players are taking the steps that are necessary to ensure that the market survives the turbulent period and emerge recovered in the future. The fortification of the human resource is estimated to be the critical point being addressed in these times of uncertainty. The support of the administration in countries around the world is estimated to have a significant impact on the development of the market in the upcoming period. The rebooting of manufacturing activities is another strategic aspect that is being emphasized to ensure that the supply of the end product can be reasonably ensured to the users in the market. The revamping of distribution channels is also expected in the coming years with a particular focus on using robots for the logistic function on a larger scale than before.

The notable contender working in the smart grid security market are IBM Corporation (U.S.), N-Dimension Solutions (Canada), Cisco Systems, Inc. (U.S.), BAE Systems PLC (U.K.), Elster Solutions (U.S.),  Intel Corporation (Intel Security) (U.S.), Lockheed Martin Corporation (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (U.S.), and McAfee LLC (U.S.).

Industry Updates:

Apr 2020 ABB Power Grids are gearing up to boost efficiency with 5G-ready factory connectivity. ABB Power Grids is combining more digital solutions into its transformer factory in Ludvika, Sweden, to augment performance and productivity. ABB Power Grids is a worldwide leader and leader within power technology, addressing automation and power for the smart grid.