According to the latest report by IMARC Group, titled “Europe Smart Grid Security Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Europe smart grid security market reached a value of US$ 2,165 Million in 2021. 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).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 4,653.5 Million by 2027, exhibiting a CAGR of 13.7% during 2022-2027.
- 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.
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