Europe Smart Grid Security Market to Reach US$ 7,646.4 Million by 2032, Impelled by Increasing Demand for Power Generation and Electricity.

July 18, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “Europe 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 Country 2024-2032," the Europe smart grid security market reached a value of US$ 2,784.1 Million in 2023. Smart grid security refers to various solutions and services that protect communication systems, digital infrastructures, information technology (IT) systems, and internet-connected systems. It consists of safety-critical systems, advanced components, control methods, and electric power generators. It employs various technological solutions, such as encryption, firewall, managed services, antivirus and antimalware, and identity and access management (IAM). Smart grid security is widely utilized to analyze, detect, and respond to disturbances and is tolerant to cybersecurity attacks. It aids in reliable, efficient, cost-effective, and clean energy distribution throughout the grid. It comprises various subsystems, such as advanced metering infrastructure, home energy management, demand response, and industrial control system (ICS).

Europe Smart Grid Security Market Trends:

The rising demand for power generation and electricity and the growing incidences of cyberattacks are creating a positive outlook for the market. In line with this, the increasing inclination towards energy-efficient smart grids due to reliable and clean energy distribution across the region is propelling the market growth. Apart from this, the integration of Supervisory Control and Data Acquisition (SCADA) systems with the internet of things (IoT) to provide enhanced security and mitigate cyber-attacks is providing an impetus to the market growth. Additionally, various government initiatives to cut greenhouse gas emissions and meet energy needs through the use of renewable energy sources are positively influencing the market growth. Moreover, the utilization of advanced components and control methods to improve efficiency, security, and reliability features of power grids are propelling the market growth. Other factors, including the increasing incidences of cyberattacks, rapid urbanization, and the development of smart cities, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 7,646.4 Million by 2032, exhibiting a CAGR of 11.5% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been classified into solution (encryption, antivirus and antimalware, identity and access management (IAM), firewall and others) and services (managed and professional services and others).
  • Based on the subsystem, the market has been divided into demand response system, supervisory control and data acquisition (SCADA)/ industrial control system (ICS), home energy management system, advanced metering infrastructure and others.
  • On the basis of the deployment type, the market has been bifurcated in cloud-based and on-premises. 
  • Based on the security type, the market has been divided into endpoint security, application security, database security, network security and others.
  • Based on the country, the market has been categorized into Germany, France, the United Kingdom, Italy, Spain and Others.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Component, Subsystem, Deployment Type, Security Type, Country
Countries Covered Germany, France, United Kingdom, Italy, Spain, Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
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)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Europe Smart Grid Security Market to Reach US$ 7,646.4 Million by 2032, Impelled by Increasing Demand for Power Generation and Electricity.
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