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

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

Report Format: PDF+Excel | Report ID: SR112024A2262
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Market Overview:

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.

smart grid security market

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.

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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
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