The global smart grid security market size is expected to grow at more than 12.05% CAGR from 2021 to 2029. It is expected to reach above USD 17.51 billion by 2029 from a little above USD 6.29 billion in 2020.
Information technology (IT) systems, smart power grids, and communications networks are all secured using a variety of tools and services collectively referred to as "smart grid security." It guarantees that electricity is distributed throughout the grid in an effective, dependable, economical, and clean manner. It includes cutting-edge parts and control strategies as well as integrated communications systems with better measurement and sensing interfaces. It uses a number of technology solutions, including firewalls, intrusion detection, anti-virus, anti-malware, identity and access management (IAM), encryption, and data loss prevention (DLP) systems. To provide effective smart grid security, a variety of subsystems are also used, such as Industrial Control System (ICS), sophisticated metering infrastructure, and home energy management systems.
Increasing instances of cyberattacks and the rising need for electricity and power generation in both developed and emerging nations are now the main factors propelling the market's expansion. In order to safeguard communications and smart grid deployments, smart grid security technologies have become widely adopted. Additionally, increasing web- and cloud-based application usage across numerous industrial sectors is bolstering market expansion.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion), (Thousand Units) |
| Segmentation | By Security Type, By Application, By Deployment Type, By Region |
| By Security Type
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| By Application
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| By Deployment Type
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| By Region
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In order to defend the home area network (HAN), guarantee privacy, and preserve data, consumers are installing these security solutions with their connected gadgets. Furthermore, the market is expected to grow thanks to a number of technological developments, such as the combination of SCADA systems and the Internet of Things (IoT). According to projections, the market will continue to grow as a result of additional reasons such as rising urbanization and the deployment of encouraging government programs to automate the electricity industry with smart grid technologies. The development of smart grid technologies is being accelerated by the expanding efforts to reduce carbon emissions and provide renewable and sustainable energy sources. Power supply instability is a serious problem that needs to be fixed, especially in developing and merging countries. Adoption of smart grids can effectively address the issue of erratic electricity supply. In the end, this is helping the security market.
The COVID-19 outbreak has had a substantial effect on the smart grid cyber security business. The world has experienced a reduction in the need for electricity as a result of the lockdown, which has also affected the earnings of the smart grid cybersecurity industry. The pandemic has also resulted in the postponement of a number of smart grid projects, which is hindering the market's growth further.
Some key players operating in the global smart grid security market include BAE Systems PLC, IBM Corporation, Cisco Systems Inc., Intel Corporation, Siemens AG, Symantec Corporation, N-Dimension Solutions, Elster Solutions, AT&T Cybersecurity, Alert Logic.
With the aid of information interchange, smart grid technology gives grid managers more control over the system's operations, enhancing monitoring and boosting efficiency. consisting of numerous information technology (IT) and operational technology (OT) system integrations to manage diverse functions. The global market for smart grid security is being driven by cyberattacks that are more sophisticated and more frequent.
The global Smart Grid Security market size was estimated at USD 6.29 billion in 2021 and is expected to reach USD 17.51 billion in 2029.
The global smart grid security market is expected to grow at a compound annual growth rate of 12.05% from 2022 to 2029 to reach USD 17.51 billion by 2029.
The North America dominated the global smart grid security market with a share of 52% in 2021.
Based on the security type, market is segmented into endpoint security, application security, database security and network security. Currently network security type recorded to hold the maximum share of the market due to the growing trends of adoption of smart grids, Internet of Things (IoT) and connected devices. Application security type is anticipated to be the fastest growing market during the forecasted period. This growth is boosted by the increasing cyber-attacks.
Based on the application, market is segmented into consumption, distribution, transmission and generation. Transmission segment accounted for the largest share of the market which is attributed b to the higher demand for secured and reliable transmission. One of the main issues driving the transmission segment’s expansion globally is transmission and distribution losses. Consumption segment is expected to be the fastest growing. The key factors driving this industry are the short outage reaction time, better energy efficiency, and effective resource usage.
By deployment type, market is segmented into cloud and on-premises. With the tremendous increase in the technology, trend in adopting the cloud-based deployment is increasing rapidly. It is anticipated to grow continuously over the forecasted period as it gives more advantages over the on-premises.
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Key competitors from both domestic and international markets compete fiercely in the worldwide global Smart Grid Security industry include BAE Systems PLC, IBM Corporation, Cisco Systems Inc., Intel Corporation, Siemens AG, Symantec Corporation, N-Dimension Solutions, Elster Solutions, AT&T Cybersecurity, Alert Logic.
Recent News:15 June 2021: AT&T Cybersecurity Delivers New Managed SASE Solution to Drive Innovation and Transform User Experiences at the Edge. AT&T SASE with Palo Alto Networks delivers comprehensive, converged network and security management.
2 June 2021: New AT&T Cybersecurity USM Anywhere Advisors Service Helps to Establish and Maintain Threat Detection and Response Effectiveness. Overwhelmed and understaffed security teams to gain security expertise and faster threat detection and response from new service and integrations.
The Global Smart Grid Security Market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
The North America region is expected to be the fastest-growing region in the smart grid security market during the forecast period. The growth in this region is primarily driven by the growing trend of adoption of smart grid and mobile-based business applications. The APAC region is expected to become the largest revenue-generating region for the market during the forecast period.
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