Smart Grid Security Market Research Report – Global Forecast till 2027

Smart Grid Security Market Research Report, by Deployment (On-Premise, Cloud), Security Type (Endpoint, Network, Application and Database), Application (Consumption, Generation and Distribution & Control) - Global Forecast till 2027

ID: MRFR/ICT/5702-HCR | February 2021 | Region: Global | 100 pages

SMART GRID SECURITY MARKET OVERVIEW


It has been found that the smart grid security market is found to occupy a market value of about USD 405.37 million and ranges to about USD 747.07 million during the smart grid security market forecast period of about 2017 to 2023. It occupies a CAGR value of about 10.73%. Smart grid technology is the unification of the traditional power grid with the information technology system which include cloud computing systems, some of the connected utilities, IoT, smart utilized, and many others. Their unification had led to certain benefits which include improved availability and distribution of power across several areas. It helps for the achievement of clean distribution of power, makes it efficient and more economical.


SMART GRID SECURITY MARKET COVID 19 ANALYSIS


The outburst of COVID has deteriorated the smart grid security market size. More than half of the countries had faced lockdown during the year 2020. Strict regulations and guidelines were issued by the government and some of the local authorities whereas certain non-essential activities were halted. This largely hindered the upsurge of the smart grid security market deteriorating the activities of end-users. The upsurge of COVID also affected the supply chain of the market. The production activities during the second quarter challenged the market whereas the grid system was not working properly at full force.


SMART GRID SECURITY MARKET DYNAMICS



  • Drivers- rise in investment for shifting country utility infrastructures for smartly grinding. Rise in sophistications against cyber-attacks along with increased ingrowth to comply with energy generation along with regulating the consumption and then standardizing it. A rise in the adoption of the internet of things along with digitization in the energy sector has helped in raising the deployment of the web along with applications related to the cloud has raised the smart grid security market size.

  • Opportunities- the department of energy covered a market value of USD 4.5billion due to the recovery act so performed for modernizing the power grid technology. Certain programs help in modernizing the transmission of electricity and certain distribution systems. Some of the countries of China, India, and Brazil require financial support which helps in building and improving the grid infrastructure. Carrying out a certain project for the development of urban areas improves the economic growth and impoverished and usage of high quality by excelling in certain fields by taking the help of technology, maintaining the living standard, improving mobility, and carrying out certain major projects. In some of the smart cities, some of the services contribute to utilities and proper transportation. Some of the healthcare units are managed in a proper way and in an intelligent manner for properly utilizing the grid resources and adopting certain technologies like IoT. Certain grid models require numerous efficiency for fulfilling the requirement of monitoring energy. Some of the smart cities are developing certain platforms that control the grid infrastructure. Some of the other conditions like developing the infrastructure of ICT, and accessing the internet lead to the adoption of certain grids in some of the smart cities.

  • Challenges- ensuring significant and more appropriate and certain governance policies is a great concern and a challenging factor for developing countries. Properly storing and managing the complexities of the grid infrastructure is. The main challenging factor for the smart grid security market key players. The unmanaged g of the data can push up certain threats becoming a challenging factor for market growth. Understanding the social, economic, and certain environmental values helps in the development of a certain solution that helps in the aggregation of the data. Gathering and generating some of the useful data for satisfying certain insights of data is a major challenging factor for expansion. For gaining a competitive edge, certain innovative techniques are being developed where it provides certain business solutions. A change in custodial behavioral patterns has been marked.

  • Restraints- highly installing the grid at a high price affects the growth rate of expansion. The initial phase of the deployment requires much capital. The smart technology for grid security consists of huge investments where the transmission can be done with the help of two-way communication processes. A strong coordination network is required for grid transmission were improving towards flexible significant boundaries are necessarily investing much more on deployment purposes is required


SMART GRID SECURITY MARKET SEGMENTATION



  • By type- the smart grid security market is classified into endpoint, application, database and network. The application security is being classified where it has occupied a high CAGR value during the smart grid security market forecast period. This segment owes to the high growth in the adoption rate of connected security solutions in the utility sector. The network security segment covers a large smart grid security market share thus owing to the rise in security solutions in the utility units.

  • By technology- technology brought certain transformations where a change in digital transformation was being marked. It has been adopted by certain distributed energy resources which help in driving up the market size.


SMART GRID SECURITY MARKET REGIONAL ANALYSIS


Globally and regionally, the market shows a significant growth rate during the smart grid security market forecast period. Geographically, the market is extended into certain regions of North America, some of Europe, the Asia Pacific region, and some regions in the rest of the world. The North American region is expected to cover a large area during the review period thus owing to the presence of new innovative infrastructure, high concentration of competitors in the particular region, along with the present cyber security experts. The Asia Pacific region occupies a high CAGR value during the assessment period. This tends to shift the market towards a traditional security grid structure by many of the countries present in the region. The market in the United States is a mature market in terms of IT deployment, the presence of certain other enterprises.


SMART GRID SECURITY MARKET COMPETITIVE LANDSCAPE


The market players so operating here are MaCfree LLC of the United States, BAE Systems plc of the United Kingdom, Lockheed Martin Corporation of the United States, IBM Corporation of the United States, Symantec Corporation of the United States, Cisco systems Inc. of the United States, Leifos of the United States, Intel Corporation(Intel Security) of the United States, Alert Enterprises of the United States, Siemens AG of Germany, Elster Solutions of United States, N- dimension solution of Canada and many more. These key vendors are continuously investing in using certain organic growth strategies like launching new products and enhancing product development, for strengthening their position in the smart grid security market. Based on deployment units, the market is divided into on-premise and cloud. As per the type of security, the security industry as per the smart grid security market trends market is being classified into the database, application, network, and endpoint. As per the application unit, the security market is being classified into distribution, control, generation, and consumption. Regionally, the smart grid security is being divided into certain North American regions, Asia Pacific, some of the European regions, and some regions of the world. The high-risk cyberattacks on the infrastructure in utility organizations drives up the smart grid security market size. Globally, the key vendors due to their regional presence have a strong impact on the expansion of market growth. Some of the other key vendors include security service providers, cloud service providers, resellers, utility companies, some of the stakeholders, including some of the providers of technology.


SMART GRID SECURITY MARKET RECENT DEVELOPMENTS


The US Defense Advanced Research Projects in 2017, got the BAE systems covering a market value of USD 8.6 million and adopted the new innovative technology restoring the power in a quick manner. This was done to protect against the failure so done by a cyber attack.


The smart investment grid sector along with the department of energy unit has collapsed with each other and invested USD of about 8billion during the market forecast period. Their joint venture covered 99 costs. Smart grid security market share has helped in modernizing the infrastructure of the grid whereas it helps in strengthening the cybersecurity units. Their collaboration helped in improving interoperability and helped in collecting the grid data and its benefits.


A Thailand-based company in May 2921, in collaboration with Hitachi ABB Power grids launched an energy storing system as one of the country's microgrids.


Schneider Electric in January 2921, in partnership with. DC Systems BV has helped to adopt certain advanced innovations for the country's innovation.


Siemens Energy in May 2021 had manufactured United flow control and has expanded the options for raising the economy of the country.


Itron in May 2018, made a collaboration with Jamaica Public Service Corporation, unified with the electric company, which was referred to as the distributor of certain security-based solutions.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • USD 405.37 Million (2017)
  • USD 747.07 Million (2023)
  •   CAGR   10.73% (2017-2023)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   by Deployment, Security Type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (US), Lockheed Martin Corporation (US) and McAfee LLC (US).
      Key Market Opportunities   The growth in cyber-attacks on the critical infrastructure in utility organizations boost the demand for smart grid security solutions.
      Key Market Drivers   The key drivers for the smart grid security market are increasingly investments to shift country utility infrastructure to smart grid, increased sophistication of cyber-attacks, and growing need to comply with energy generation and consumption regulations and standards.


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    Frequently Asked Questions (FAQ) :

    The key drivers for the smart grid security market are progressively investments to shift country utility infrastructure to smart grid, improved sophistication of cyber-attacks, and emergent need to comply with energy generation and consumption regulations and standards.

    The registered CAGR of the market is recorded to be 10.73% in the assessment period.

    North America might lead the smart grid security market from 2018 to 2023

    USD 405.37 million was the market valuation of the smart grid security market in 2017.

    The market is going to grow during the years 2017 to 2023.