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. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.7% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 9.2 Billion
Market Forecast in 2032
US$ 23.3 Billion
Market Growth Rate 2024-2032
10.7%
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
To get more information on the regional analysis of this market, Request Sample
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart grid security market report, along with forecasts at the global, regional and country level from 2024-2032. 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:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
To get more information on the regional analysis of this market, Request Sample
Cloud-based
On-premise
Breakup by Security Type:
Endpoint Security
Application Security
Database Security
Network Security
Others
Breakup by Region:
To get more information on the regional analysis of this market, Request Sample
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
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$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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)
Key Questions Answered in This Report
The global smart grid security market was valued at US$ 9.2 Billion in 2023.
We expect the global smart grid security market to exhibit a CAGR of 10.7% during 2024-2032.
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.
Need more help?
Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization
Get in Touch With Us
UNITED STATES
Phone: +1-631-791-1145
INDIA
Phone: +91-120-433-0800
UNITED KINGDOM
Phone: +44-753-714-6104
Email: sales@imarcgroup.com
Client Testimonials
IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.
The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required
We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra
We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.
The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.
The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.
My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.
I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.
We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.
IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.