According to the recent report by IMARC Group, titled “Smart Grid Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global smart grid security market size reached around US$ 6.3 Billion in 2020. Smart grid security plays an essential role in securing information technology (IT) systems along with smart power grids. It offers the benefits of clean, efficient, and cost-effective distribution of energy throughout the grid with the help of home energy management systems, industrial control systems (ICS), and advanced metering infrastructure. Smart grid security involves integrated communications systems and advanced control methods, coupled with enhanced sensing and measurement interfaces. As a result, it helps in averting threats, such as malware, manipulation, virus, data loss, and information threat, by employing technological solutions like identity and access management (IAM), encryption, and antivirus.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Grid Security Market Trends:
With the growing global population, the demand for electricity is significantly increasing in several countries, thereby creating a positive demand for smart grid installations. This, coupled with the rising cases of cyberattacks, is providing a thrust to the market growth. Along with this, governments of several countries, such as Europe, Germany, the United States, and the United Kingdom, are taking initiatives to digitize the power sector and adopt smart grid technology. Furthermore, the emergence of several technological advancements, like Supervisory Control and Data Acquisition (SCADA) systems, are gaining impetus, which, in turn, is acting as another growth-inducing factor. Apart from this, next-generation technologies and the integration of innovative solutions are also anticipated to create a positive outlook for the market. On account of these factors, the market is expected to experience strong growth during the forecast period (2021-2026).
Market Summary:
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