Smart Grid Cyber Security Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Smart Grid Cyber Security Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2020 | Technology & Media | PPT format

Report Digest


Global Smart Grid Cyber Security Market: Snapshot

Smart grids, considered next-generation power system, combine sophisticated computing and communication technologies to better efficiency and reliability of power systems. Emergence of renewable energy in response to rising demand for electricity, has particularly stoked their uptake. On account of their salient features which consists of millions of interconnected electronic devices across power facilities heavily reliant on communication networks, cyber security emerges to be a critical issue for smart grids.

This has spawned the market for smart grid cybersecurity, which tackles both deliberate attacks from terrorists, business enemies, and disgruntled employees and inadvertent ones resulting from equipment failures, errors by users, and natural disasters. The primary benefit of smart grid security is its ability to counter any contingency brought about by power failure of any crucial component of the power system by facilitating a reliable and stable power system. A challenge facing the market currently is the lack of standard reference architecture for the smart grid and the dearth of release mechanisms.

From a geographical standpoint, North America and Europe generate maximum demand in the global market for smart grids cybersecurity. On account of a slew of guidelines and policies pertaining to data security and privacy in countries of Germany, the Netherlands, and the U.K., the market in Europe is slated to see good growth in the upcoming years. Asia Pacific, powered by China, will also likely emerge as a key market in the next couple of years.

Siemens AG, VeriSign, Lockheed Martin Corp., ViaSat Inc., Industrial Defender Inc., IOActive Inc., and IBM Corp are some of the main providers of smart grid cybersecurity.

Global Smart Grid Cyber Security Market: Inclusive Insight

Cyber security comprises checking damage, illegal usage, and misuse of communication systems, electronic information, and the information contained therein to ensure availability, integrity and confidentiality. It also includes restoration of electronic information and communication systems in case of natural disaster or deliberate attack. The components within smart grid that are prone to cyber-attacks include operational technologies, IT systems, and end access points. The operational technologies which are exposed to cyber threats are power line communication devices, supervisory control, intelligent electronic devices, and data acquisition (SCADA) and energy management systems.

This industry research report is a brief review of the growth trail in terms of existing, past, and future scenarios of the global smart grid cyber security market. It deals with the evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research report offers references of the research and development activities, mergers and acquisitions, and specifics on licensing and collaborations. The report probes into the strategies related to publicity, shares, and product range of the key participants in the global smart grid cyber security market.

Global Smart Grid Cyber Security Market: Drivers and Inhibitors

The growing demand for power along with growing global mandate for smart grid technologies is expected to bolster the progress of the global smart grid cyber security market. A smart grid provides a network of electricity for consumers and suppliers to regulate the demand for energy and flow of information through the high-end devices. The communication layer is the backbone of the smart grid and is susceptible to cyber-attacks. The smart grid is envisioned to decrease the vulnerability of the electricity systems and improve emergency response. Smart grid security is an important parameter to maintain reliable and stable power system during the contingency situation due to power failure of any critical power system component.

The chief driver of growth of the global smart grid cyber security market is the increasing occurrence of cyber threats owing to rising interconnection and integration. Furthermore, the new two way communication systems and growing risk to operations are expected to boost the demand for smart grid cyber security technologies globally. Nevertheless, the dearth of standard reference architecture for the smart grid and the lack of release mechanisms is expected to hamper the growth of the market.

Global Smart Grid Cyber Security Market: Regional Outlook

Currently, North America and Europe account for the peak demand of cyber security.  In European nations such as the UK, German and the Netherlands, there are several of guidelines and policies for data security and privacy. The smart grid cyber security market in Europe is estimated to rise progressively in the near future. In Asia Pacific, China is expected to drive the growth of the smart grid cyber security market mostly driven by methods to reinforce the smart grid systems.

Global Smart Grid Cyber Security Market: Competitive Landscape

The key market players operating in the smart grid cyber security market are VeriSign, ViaSat Inc., Siemens AG, Industrial Defender Inc., Lockheed Martin Corp., IOActive Inc., IBM Corp, and BAE Systems PLC among others.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?