Europe Smart Grid Security Market

Market Overview:

The Europe smart grid security market size reached US$ 2,457.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,272.4 Million by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028. The growing demand for reliable services, rising number of cyberattacks, and increasing need to reduce carbon footprint represent some of the key factors driving the market.

A smart grid security refers to a digital infrastructure that analyzes and manages grid conditions, energy generation and consumption, automates operations, and distributes electricity to households, industrial areas, and social infrastructures. It comprises information technology (IT), operational technology (OT), and advanced metering infrastructure (AMI). It can easily balance the flow of power while detecting surges, outages, and technical energy losses. It also increases the integration of renewables and is beneficial in peak loads and fluctuations. It assists in lowering operational costs, saving energy, and increasing the reliability of a grid. Besides this, smart grid security protects the smart grid infrastructure and facilitates a stable power system operation during power failure. It aids in providing utility compliance assessments, physical site security vulnerability assessments, and networking security design and deployment. As it improves the efficiency of grid infrastructure, the demand for smart grid security is rising in Europe.

Europe Smart Grid Security Market Trends:

At present, the increasing demand for smart grid security due to the rising number of cyberattacks represents one of the key factors propelling the growth of the market in Europe. Besides this, the growing demand for smart grid security due to the rising adoption of smart grids to reduce carbon dioxide (CO₂) emissions is positively influencing the market in the region. In addition, the increasing demand for reliable smart grid security services among the masses is bolstering the growth of the market in Europe. Moreover, the increasing utilization of various smart grid technologies, such as smart meters and electric vehicle (EV) chargers, is offering lucrative growth opportunities to industry investors. Apart from this, the increasing adoption of advanced metering infrastructure (AMI) that reduces operating costs and enables two-way communication between utilities and customers is supporting the growth of the market in Europe. Additionally, governing agencies in Europe are encouraging the adoption of smart grid infrastructures, which is contributing to the growth of the market. In line with this, the increasing adoption of energy-saving solutions with enhanced monitoring systems is impelling the growth of the market in Europe. Furthermore, the rising demand for smart grid security, as it prevents fraud while offering improved efficiency, is strengthening the growth of the market in the region.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Europe smart grid security market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on component, subsystem, deployment type and security type.

Component Insights:

• Solution
  • Encryption
  • Antivirus and Antimalware
  • Identity and Access Management (IAM)
  • Firewall
  • Others
• Services
  • Managed Services
  • Professional Services
  • Others
     

The report has provided a detailed breakup and analysis of the Europe smart grid security market based on the component. This includes solution (encryption, antivirus and antimalware, identity and access management (IAM), firewall, and others) and services (managed services, professional services, and others). According to the report, services represented the largest segment.

Subsystem Insights:

• Demand Response System
• Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
• Home Energy Management System
• Advanced Metering Infrastructure
• Others
   

A detailed breakup and analysis of the Europe smart grid security market based on the subsystem has also been provided in the report. This includes demand response system, supervisory control and data acquisition (SCADA)/ industrial control system (ICS), home energy management system, advanced metering infrastructure, and others. According to the report, supervisory control and data acquisition (SCADA)/ industrial control system (ICS) accounted for the largest market share.

Deployment Type Insights:

• Cloud-based
• On-premise
   

A detailed breakup and analysis of the Europe smart grid security market based on the deployment type has also been provided in the report. This includes cloud-based and on-premise. According to the report, on-premise accounted for the largest market share.

Security Type Insights:

• Endpoint Security
• Application Security
• Database Security
• Network Security
• Others
   

A detailed breakup and analysis of the Europe smart grid security market based on the security type has also been provided in the report. This includes endpoint security, application security, database security, network security, and others. According to the report, network security accounted for the largest market share.

Country Insights:

• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Germany, France, United Kingdom, Italy, Spain, and others. According to the report, the United Kingdom was the largest market for Europe smart grid security. Some of the factors driving the United Kingdom smart grid security market included the growing investments in smart electric grid upgrades, rising emphasis on reducing carbon emissions, increasing demand for energy, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Europe smart grid security market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Report Coverage:

Key Questions Answered in This Report:

• How has the Europe smart grid security market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the Europe smart grid security market?
• What is the impact of each driver, restraint, and opportunity on the Europe smart grid security market?
• Which countries represent the most attractive Europe smart grid security market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the Europe smart grid security market?
• What is the breakup of the market based on the subsystem?
• Which is the most attractive subsystem in the Europe smart grid security market?
• What is the breakup of the market based on the deployment type?
• Which is the most attractive deployment type in the Europe smart grid security market?
• What is the breakup of the market based on the security type?
• Which is the most attractive security type in the Europe smart grid security market?
• What is the competitive structure of the Europe smart grid security market?
• Who are the key players/companies in the Europe smart grid security market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Europe smart grid security market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Europe smart grid security market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Europe smart grid security industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.