GCC Smart Grid Security Market

Market Overview:

The GCC smart grid security market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 13% during 2023-2028.

Smart grid security refers to the various solutions and services that are utilized to secure smart power grids, communications, and information technology (IT) systems. It comprises advanced components and control measures that provide an enhanced level of interfaces for measurement and sensing. Smart grid security offers high efficiency, reliability, cost-effectiveness, and an alternative form of clean energy distribution throughout the grid. The system uses technological solutions like antivirus, antimalware, firewalls, identity and access management (IAM), intrusion detection, and data loss prevention (DLP) systems to lower the possibility of power grid collapse or equipment malfunction.

The GCC smart grid security market is primarily driven by the growing demand for electricity and power generation. Besides this, with the rising incidences of cyberattacks, there has been increasing adoption of smart grid security for securing communications and grid deployments in the GCC region. Additionally, the integration of the cloud and web-based applications across different industrial sectors is also catalyzing the market growth. Factors such as the growing population and access to improved and affordable energy systems due to high economic growth in the region have also increased the demand for smart grids, thereby creating a positive outlook for the market. Furthermore, technological advancements in the industry, like the utilization of Supervisory Control and Data Acquisition (SCADA) systems and the Internet of Things (IoT), are positively influencing the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the GCC 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.

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 Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC smart grid security market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC smart grid security market?
• What are the key regional markets?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the subsystem?
• What is the breakup of the market based on the deployment type?
• What is the breakup of the market based on the security type?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the GCC smart grid security market and who are the key players?
• What is the degree of competition in the industry?