The global smart grid security market size reached US$ 9.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 23.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.9% during 2023-2032.
Smart grid security refers to various solutions and services that are used to secure smart power grids, communications and information technology (IT) systems. It ensures that there is efficient, reliable, cost-effective and clean distribution of energy throughout the grid. It consists of advanced components and control methods and integrated communications systems with improved interfaces for measurement and sensing. It employs various technological solutions, such as antivirus, antimalware, firewalls, identity and access management (IAM), encryption, intrusion detection and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), advanced metering infrastructure and home energy management systems, are also used to ensure efficient smart grid security.
The rising demand for electricity and power generation in both developed and developing countries, and the increasing incidences of cyberattacks, currently represent as the key factors driving the growth of the market. This has led to the widespread adoption of smart grid security systems to secure communications and smart grid deployments. Furthermore, increasing utilization of cloud- and web-based applications across various industrial sectors is also providing a boost to the market growth. Consumers are implementing these security solutions with their connected devices to safeguard the home area network (HAN) and ensure the privacy and protection of data. Additionally, various technological advancements, such as the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), are creating a positive outlook for the market. Other factors, including rapid urbanization, along with the implementation of favorable government initiatives to digitize the power sector with smart grid technologies, are projected to drive the market further.
2. What is the expected growth rate of the global smart grid security market during 2024-2032?
3. What are the key factors driving the global smart grid security market?
4. What has been the impact of COVID-19 on the global smart grid security market?
5. What is the breakup of the global smart grid security market based on the component?
6. What is the breakup of the global smart grid security market based on the subsystem?
7. What is the breakup of the global smart grid security market based on the deployment type?
8. What is the breakup of the global smart grid security market based on the security type?
9. What are the key regions in the global smart grid security market?
10. Who are the key players/companies in the global smart grid security market?
Smart grid security refers to various solutions and services that are used to secure smart power grids, communications and information technology (IT) systems. It ensures that there is efficient, reliable, cost-effective and clean distribution of energy throughout the grid. It consists of advanced components and control methods and integrated communications systems with improved interfaces for measurement and sensing. It employs various technological solutions, such as antivirus, antimalware, firewalls, identity and access management (IAM), encryption, intrusion detection and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), advanced metering infrastructure and home energy management systems, are also used to ensure efficient smart grid security.
The rising demand for electricity and power generation in both developed and developing countries, and the increasing incidences of cyberattacks, currently represent as the key factors driving the growth of the market. This has led to the widespread adoption of smart grid security systems to secure communications and smart grid deployments. Furthermore, increasing utilization of cloud- and web-based applications across various industrial sectors is also providing a boost to the market growth. Consumers are implementing these security solutions with their connected devices to safeguard the home area network (HAN) and ensure the privacy and protection of data. Additionally, various technological advancements, such as the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), are creating a positive outlook for the market. Other factors, including rapid urbanization, along with the implementation of favorable government initiatives to digitize the power sector with smart grid technologies, are projected to drive the market further.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global smart grid security market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on component, subsystem, deployment type and security type.Breakup by Component:
- Solution
- Encryption
- Antivirus and Antimalware
- Identity and Access Management (IAM)
- Firewall
- Others
- Services
- Managed Services
- Professional Services
- Others
Breakup by Subsystem:
- Demand Response System
- Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
- Home Energy Management System
- Advanced Metering Infrastructure
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premise
Breakup by Security Type:
- Endpoint Security
- Application Security
- Database Security
- Network Security
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- The report has also analysed the competitive landscape of the market with some of the key players being AlertEnterprise Inc., BAE Systems, Broadcom Inc., Cisco Systems Inc., Honeywell International Inc., International Business Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys Power Partners LLC), Siemens Aktiengesellschaft, Sophos Ltd. (Thoma Bravo LLC), etc.
Key Questions Answered in This Report
1. What was the size of the global smart grid security market in 2023?2. What is the expected growth rate of the global smart grid security market during 2024-2032?
3. What are the key factors driving the global smart grid security market?
4. What has been the impact of COVID-19 on the global smart grid security market?
5. What is the breakup of the global smart grid security market based on the component?
6. What is the breakup of the global smart grid security market based on the subsystem?
7. What is the breakup of the global smart grid security market based on the deployment type?
8. What is the breakup of the global smart grid security market based on the security type?
9. What are the key regions in the global smart grid security market?
10. Who are the key players/companies in the global smart grid security market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis
2 Scope and Methodology
4 Introduction
5 Global Smart Grid Security Market
6 Market Breakup by Component
7 Market Breakup by Subsystem
8 Market Breakup by Deployment Type
9 Market Breakup by Security Type
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- AlertEnterprise Inc.
- BAE Systems
- Broadcom Inc.
- Cisco Systems Inc.
- Honeywell International Inc.
- International Business Machines Corporation
- Leidos
- Lockheed Martin Corporation
- N-Dimension Solutions Inc. (IPKeys Power Partners LLC)
- Siemens Aktiengesellschaft and Sophos Ltd. (Thoma Bravo LLC)
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 9.2 Billion |
| Forecasted Market Value ( USD | $ 23.3 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
