|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.)|
|Market Driving Forces|
|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.|
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 14.94 Billion during the smart grid security market forecast period of about 2022 to 2030. It occupies a CAGR value of about 9.80%. 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.
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.
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.
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.
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.
|Market Size||USD 405.37 Million (2017) USD 14.94 Billion (2030)|
|Forecast Units||Value (USD )|
|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.|
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 smart grid security market is found to occupy a market value of about USD 405.37 million and ranges to about USD 14.94 Billion during the smart grid security market forecast period of about 2022 to 2030.
North America might lead the smart grid security market from 2022 to 2030
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 2022 to 2030.