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The global smart grid security market reached a value of US$ 6.3 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 12.1% during 2021-2026. 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 2021-2026. 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||2020|
|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$ 2299
Five User License: US$ 3399
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 size was valued at US$ 6.3 Billion in 2020.
According to the estimates by IMARC Group, the global smart grid security market is expected to exhibit strong growth during 2021 to 2026.
Rapid digitization in the power and utility sector, along with the increasing incidences of cyberattacks represent some of the key drivers for the global smart grid security market.
Several technological advancements, including the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), represent one of the key trends in the global smart grid security market.
Sudden outbreak of the COVID-19 pandemic had led to 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.
On the basis of the component, the market has been classified into solution and services. Among these, services hold the largest market share.
On the basis of the subsystem, the market has been bifurcated into demand response system, supervisory control and data acquisition (SCADA)/ industrial control system (ICS), home energy management system, advanced metering infrastructure, and others. At present, supervisory control and data acquisition (SCADA)/ industrial control system (ICS) exhibits a clear dominance in the market.
On the basis of the deployment type, the market has been classified into cloud-based and on-premise. Currently, on-premise represents the largest segment.
On the basis of the security type, the market has been segmented into endpoint security, application security, database security, network security and others. Among these, network security accounts for the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global smart grid security market are 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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