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The global smart grid security market reached a value of US$ 7.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2027, exhibiting at a CAGR of 12.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Smart grid security refers to various solutions and services that are used to secure smart power grids, communications and information technology (IT) systems. It ensures that there is efficient, reliable, cost-effective and clean distribution of energy throughout the grid. It consists of advanced components and control methods and integrated communications systems with improved interfaces for measurement and sensing. It employs various technological solutions, such as antivirus, antimalware, firewalls, identity and access management (IAM), encryption, intrusion detection and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), advanced metering infrastructure and home energy management systems, are also used to ensure efficient smart grid security.
The rising demand for electricity and power generation in both developed and developing countries, and the increasing incidences of cyberattacks, currently represent as the key factors driving the growth of the market. This has led to the widespread adoption of smart grid security systems to secure communications and smart grid deployments. Furthermore, increasing utilization of cloud- and web-based applications across various industrial sectors is also providing a boost to the market growth. Consumers are implementing these security solutions with their connected devices to safeguard the home area network (HAN) and ensure the privacy and protection of data. Additionally, various technological advancements, such as the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), are creating a positive outlook for the market. Other factors, including rapid urbanization, along with the implementation of favorable government initiatives to digitize the power sector with smart grid technologies, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart grid security market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, subsystem, deployment type and security type.
Breakup by Component:
Breakup by Subsystem:
Breakup by Deployment Type:
Breakup by Security Type:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being AlertEnterprise Inc., BAE Systems, Broadcom Inc., Cisco Systems Inc., Honeywell International Inc., International Business Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys Power Partners LLC), Siemens Aktiengesellschaft, Sophos Ltd. (Thoma Bravo LLC), etc.
|Base Year of the Analysis||2021|
|Segment Coverage||Component, Subsystem, Deployment Type, Security Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AlertEnterprise Inc., BAE Systems, Broadcom Inc., Cisco Systems Inc., Honeywell International Inc., International Business Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys Power Partners LLC), Siemens Aktiengesellschaft and Sophos Ltd. (Thoma Bravo LLC)|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global smart grid security market was valued at US$ 7.1 Billion in 2021.
We expect the global smart grid security market to exhibit a CAGR of 12.3% during 2022-2027.
The increasing incidences of cyberattacks, along with the growing deployment of cloud- and web-
based security solutions, to ensure the enhanced privacy and protection of data, are currently
driving the global smart grid security market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of automated
solutions in the power and utility sector for mitigating the risk of coronavirus infection upon human
interaction in metering and maintenance applications.
Based on the component, the global smart grid security market has been divided into solution and
services. Currently, services exhibit a clear dominance in the market.
Based on the subsystem, the global smart grid security market can be categorized into demand
response system, Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS),
home energy management system, advanced metering infrastructure, and others. Among these,
Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS) currently holds
the majority of the total market share.
Based on the deployment type, the global smart grid security market has been segmented into
cloud-based and on-premises. Currently, on-premises represent the largest market share.
Based on the security type, the global smart grid security market can be bifurcated into endpoint
security, application security, database security, network security, others. Among these, network
security accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global smart grid security market include AlertEnterprise Inc., BAE
Systems, Broadcom Inc., Cisco Systems Inc., Honeywell International Inc., International Business
Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys
Power Partners LLC), Siemens Aktiengesellschaft, Sophos Ltd. (Thoma Bravo LLC), etc.
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