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The market elements of the Smart Grid Security market have been seeing huge movements and advancements, mirroring the developing significance of getting basic framework in the energy area. As the worldwide energy scene goes through a change with expanded dependence on smart grid innovations, the requirement for vigorous security measures has become principal. The smart grid, described by its mix of computerized correspondence and cutting edge innovations, delivers another arrangement of difficulties and weaknesses, focusing on security for utilities and energy suppliers.
One vital driving variable behind the development of the Smart Grid Security market is the heightening digital dangers focusing on energy framework. The interconnected idea of smart grids makes them defenseless to digital assaults that could upset power supply, compromise delicate information, and posture serious dangers to the dependability of the whole energy grid. This acknowledgment has provoked utilities and energy organizations to put fundamentally in smart grid security answers for shield their frameworks against developing digital dangers.
Administrative drives and consistence necessities likewise assume a critical part in forming the market elements of Smart Grid Security. Legislatures and administrative bodies overall are progressively perceiving the significance of laying out far reaching cybersecurity norms for the energy area. Consistence with these norms guarantees the insurance of basic framework as well as encourages a helpful climate for the development of the smart grid security market. Organizations working in this space need to adjust their contributions to these guidelines to acquire an upper hand and construct trust among their clients.
The quick combination of IoT (Web of Things) gadgets and sensors inside smart grids further fills the interest for strong security arrangements. These gadgets empower continuous observing, control, and correspondence inside the grid, upgrading proficiency and responsiveness. Notwithstanding, the expanded network additionally grows the assault surface for possible dangers. This has prompted a flood in the reception of security arrangements that can shield the whole environment, from smart meters to grid the executives frameworks.
Market contest and innovative progressions are molding the scene of smart grid security. The market is seeing an expansion of imaginative arrangements, including progressed danger recognition frameworks, encryption innovations, and secure correspondence conventions. Merchants are persistently endeavoring to remain ahead in the serious scene by creating state of the art security arrangements that can successfully relieve arising digital dangers. Also, essential joint efforts and associations between innovation suppliers, utilities, and cybersecurity firms are turning out to be progressively normal, driving development and making cooperative energies in the market.
The topographical scene likewise impacts the market elements of Smart Grid Security. Various areas face exceptional difficulties and amazing open doors in view of their current energy foundation, administrative systems, and mechanical reception. Creating economies are seeing a flood in smart grid ventures as they look to modernize their energy framework, while created economies center around redesigning and getting existing frameworks. This provincial variety establishes a unique market climate with differing development rates and reception designs.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Security Type, Application, Deployment Mode and Region |
Smart Grid Security Market Highlights:
Smart Grid Security Market Overview
The smart grid security market size was valued at USD 6.9 Billion in 2022. The smart grid security industry is projected to grow from USD 7.57 Billion in 2023 to USD 16.00 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2023 - 2032). The increase in demand for energy, current advancements in technologies of power grids, and growing demand for smart meters that are used to read the power consumption rates are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Grid Security Market Trends
Ongoing smart city projects in developing countries are driving market growth.
Market CAGR for smart grid security is driven by the rising number of smart city projects. Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are happening worldwide, presenting a huge opportunity for technology companies, utility providers, and consulting service providers. In smart cities, key services about utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as loT and smart energy meters. Traditional power grid models cannot provide the same efficiency level to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing generated due to modernization.
Additionally, the growing demand for efficient power utilization and renewable energy resources worldwide are among the key factors driving the market. Constant development and integration of creative novel and networking technologies enhance security measures. Considering the complexity involved with smart grids due to complex networks, there is an expansion in risk factors, including data confidentiality, security, and vulnerabilities. This could result in an enhanced attack by penetrating the network, gaining access to the software, and modifying load conditions to disrupt the grid, resulting in an expansion in demand for smart grid security solutions.
Smart grid security is a digital infrastructure that helps observe energy consumption, grid conditions, and generation and automate various operations. A safe and secure smart grid system renders protective approaches to enhance security from cyber-attacks, such as distributed denial-of-service attacks. The IP standards used in smart grids give an extensively preferred connection standpoint between several framework segments. Expanding the utilization of IP for associated devices is expected to influence Intelligent Network security showcase demand. The adoption of cloud-based applications is expected to be one of the essential trends that will augment the smart grid security market revenue.
The rising demand for quality, secure, and reliable power supply is expected to ensure significant growth in the market. Growing concerns regarding carbon footprint and the need to replace aging infrastructure are shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control. The high demand for smart grids from several economies and the surge in ICT spending will also aid the market's growth. Additionally, a growing requirement by power utility firms to upgrade and update their transmission and distribution (T&D) networks due to the emergence of new utility-scale and generated renewable capacity.
Smart Grid Security Market Segment Insights
Smart Grid Security Type Insights
The global smart grid security market segmentation, based on security type, includes endpoint, network, application, and database. The database segment dominated the market, accounting for 35% of market revenue (2.65 Billion). In developing economies, category growth is driven by growing cyber-attacks and other threats to critical infrastructure. The technology advancement and research & development in each part are being performed in the market. However, application is the fastest-growing category owing to the growing trends of adoption of smart grids, the Internet of Things, and connected devices.
Smart Grid Security Application Insights
The global smart grid security market segmentation, based on application, includes consumption, generation, and distribution & control. The consumption category generated the most income (70.4%). This is due to a need for more security experts in energy & utility companies and the urgent need to address smart grid security threats. However, generation is the fastest-growing category due to the growing requirement for electricity and power generation in developed and developing countries.
Smart Grid Security Deployment Mode Insights
The global smart grid security market segmentation, based on deployment mode, includes on-premise and cloud. The cloud category generated the most income owing to a high degree of security and level of control. Cloud services enable effective management of a huge number of customers from a single location, which benefits the utility company. However, on-premise is the fastest-growing category as it offers features such as data ownership, data security and customization regarding storage capacity.
Figure 1: Global Smart Grid Security Market, by Deployment Mode, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Grid Security Regional Insights
By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American smart grid security market will dominate due to the high availability of both conventional and renewable energy resources, and numerous countries in the region are executing community-based micro smart grid security systems in their rural areas will boost the market growth in this region. Further, the US smart grid security market held the largest market share, and the Canada smart grid security market was the fastest growing market in the North American region.
Further, the prominent countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL SMART GRID SECURITY MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's smart grid security market accounts for the second-largest market share due to rising technological development in the grid systems, and security systems are boosting the market growth in this region. Further, the German smart grid security market held the largest market share, and the UK smart grid security market was the fastest-growing market in the European region.
The Asia-Pacific smart grid security market is expected to grow at the fastest CAGR from 2023 to 2032. This is due growing trend of adoption of smart grid and mobile-based business applications in this region. Moreover, China’s smart grid security market held the largest market share, and the Indian smart grid security market was the fastest-growing market in the Asia-Pacific region.
Smart Grid Security Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the smart grid security market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the smart grid security industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global smart grid security industry to benefit clients and increase the market sector. Major players in the smart grid security market, including BAE Systems Plc (United Kingdom), IBM (United States), IOActive (United States), Lockheed Martin Corporation (United States), AlertEnterprise (United States), and others, are attempting to increase market demand by investing in research and development operations.
Siemens Energy AG is an energy technology firm. It develops, produces, markets, and installs multi-megawatt wind turbines, gas turbines, steam turbines, gas engines and complete systems. The firm delivers a range of products and services for power generation, power transmission, renewable energy, power distribution, smart grid, automation, compression and expansion, and mechanical drives. It also delivers solutions related to the conversion, production, and transportation of primary fuels and oil and gas. Siemens Energy also operates integrated hydrogen power plants. The firm serves various industries such as air separation, ceramics, chemicals and pharmaceuticals, food and beverage, manufacturing, marine, metals, power, oil and gas, pulp and paper, sugar, and textiles. In September 2020, Siemens Energy launched its new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization. The UPFC PLUS helps the system works to stabilize the grid by dynamically controlling the load flow in alternating-current grids.
Schneider Electric SE is an energy management and automation firm that develops related technologies and solutions for electricity distribution. Its prominent products such as automation and control products, solar and energy storage, medium voltage distribution and grid automation, low voltage products and systems, critical power, cooling, and racks. The company also offers energy and sustainability services, field and automation, cloud, consulting and training services. The firm serves numerous industries, including healthcare, life sciences, marine, metals, food and beverage, minerals and cement, mining, oil and gas, retail, automotive and mobility. In January 2021, Schneider Electric acquired DC Systems BV, a major smart system supplier. This has helped the firm in advancing innovations in electrical distribution.
Key Companies in the Smart Grid Security market include
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BAE Systems Plc (United Kingdom)
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IBM (United States)
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IOActive (United States)
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Lockheed Martin Corporation (United States)
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AlertEnterprise (United States)
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AlienVault Inc. (United States)
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Black and Veatch (United States)
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Cisco Systems Inc. (United States)
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McAfee-Intel (United States)
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Honeywell (Elster) (United States)
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Entergy (United States), HP (United States)
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N-Dimension Solutions (Canada)
Smart Grid Security Industry Developments
May 2021: Thailand- grounded energy company Impact Solar partnered with Hitachi ABB Power Grids to provide an energy storehouse system for the country's largest private-possessed microgrid.
January 2021: Schneider Electric has acquired DC Systems BV, a major smart system supplier. This has assisted the firm in advancing innovations in electrical distribution.
Smart Grid Security Market Segmentation
Smart Grid Security Type Outlook
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Endpoint
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Network
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Application
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Database
Smart Grid Security Application Outlook
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Consumption
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Generation
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Distribution & Control
Micro Mobile Data Center Deployment Mode Outlook
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On-Premise
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Cloud
Smart Grid Security Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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