Global Smart Grid Security Market to Grow at 10.7% During 2024-2032, Propelled by Technological Innovations

According to the recent report by IMARC Group, titled “Smart Grid Security Market Report by Component (Solution, Services), Subsystem (Demand Response System, Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS), Home Energy Management System, Advanced Metering Infrastructure, and Others), Deployment Type (Cloud-based, On-premise), Security Type (Endpoint Security, Application Security, Database Security, Network Security, and Others), and Region 2024-2032,” the global smart grid security market size reached US$ 9.2 Billion in 2023. 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.

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 grow at a CAGR of 10.7% during the forecast period (2024-2032). 

Market Summary:

• Based on the component, the market has been bifurcated into solutions and services. The solutions segment is divided into encryption, firewall, antivirus and antimalware; identity and access management (IAM), and others. On the other hand, the services segment is segregated into managed, professional, and other services.
• On the basis of the subsystem, the market has been categorized into demand response systems, advanced metering infrastructure, home energy management systems, supervisory control and data acquisition (SCADA)/ industrial control system (ICS), and others.
• Based on the deployment type, the market has been classified into cloud-based and on-premises segments.
• On the basis of security type, the market has been divided into endpoint, database, application, network, and other securities.
• Region-wise, the market has been classified into Europe (Spain, Russia, France, Germany, Italy, the United Kingdom, and Others), Asia Pacific (Japan, Australia, China, Indonesia, India, South Korea, and Others), Latin America (Mexico, Brazil, and Others), North America (Canada and the United States), and the Middle East and Africa.
• The competitive landscape of the market has been analyzed in the report, with some of the key players being Cisco Systems Inc., Honeywell International Inc., AlertEnterprise Inc., BAE Systems, Broadcom Inc., International Business Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys Power Partners LLC), Sophos Ltd. (Thoma Bravo LLC), and Siemens Aktiengesellschaft.

Report Scope:

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