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

  • Single User License $3500

Smart Grid 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 Security Market: Snapshot

The global market for smart grid security is highly influenced by the rise in the population and the rapid pace of urbanization in emerging economies. The main factor behind this is increasing shift of energy resources companies to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud, owing to the augmenting pressure on them to meet the ever-increasing energy requirements of the urban population. With this, smart grids also become highly vulnerable to various cyber-attacks, hence creating a security market, which is meant to safeguard them. On the flip side, the long investment cycles in the energy sector, which makes technology analysis difficult and results in a time lag between implemented and up-to-date solutions may pose a big challenge to this market in the near future.

At present, the business landscape in the global market for smart grid security is fragmented due to the presence of a number of local and international vendors who offer numerous services to the power utilities. The market is highly competitive and the competition is likely to intensify in the years ahead.

Global Smart Grid Security Market: Overview

The global market for smart grid security is highly influenced by the rise in the population and the rapid pace of urbanization in emerging economies. The main factor behind this is increasing shift of energy resources companies to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud, owing to the augmenting pressure on them to meet the ever-increasing energy requirements of the urban population. With this, smart grids also become highly vulnerable to various cyber-attacks, hence creating a security market, which is meant to safeguard them. On the flip side, the long investment cycles in the energy sector, which makes technology analysis difficult and results in a time lag between implemented and up-to-date solutions may pose a big challenge to this market in the near future.

At present, the business landscape in the global market for smart grid security is fragmented due to the presence of a number of local and international vendors who offer numerous services to the power utilities. The market is highly competitive and the competition is likely to intensify in the years ahead.

Global Smart Grid Security Market: Key Trends 

Driving growth in the global market for smart grid security is the rising security needs on account of the deployment of modern sophisticated technologies such as the Internet of Things (IoT), web and cloud-based business applications and other information and communication technologies. These technologies may serve as attack entry points into the network. Besides, a large amount of data collected by smart meters and transferred to a utility company or consumer or service provider can also be breached into by hackers with ulterior motives. 

Global Smart Grid Security Market: Market Potential 

Going forward, the smart grid security market holds a lot of potential on account of efforts by authorities in creating smart meter standards to thwart hacking of consumer data. This has resulted in development of technologies to protect smart meters form cyber-attackers. Additionally, increasing thrust by authorities to adopt measures for safety such as data authentication and encryption is also creating opportunities in the market. In fact, encryption solutions are slated to clock maximum growth in the upcoming years. 

Further, the market is witnessing the soaring popularity of cyber-security solutions to protect data, network infrastructure, and connected devices. This is because the growing push to upgrade to smart grid has resulted in a number of connected devices and applications leveraging the internet that are highly vulnerable to advanced persistent threats (APTs). 

The global market for smart grid security consists of both professional and managed services. Among them, the professional services contributes the most to the services segment. The energy and utility companies often do not have security experts and hence outsource these services to security vendors. 

Global Smart Grid Security Market: Regional Outlook 

Based on geography, the key regions of the global smart grid security market are Asia Pacific, North America, Europe, the Middle East and Africa, and the Rest of the World. North America, among them accounts for a leading share in the market because of swift pace of technological progress and early adoption of cyber security in the region. In the next couple of years, however, the market in Asia Pacific is slated to gain maximum share by outshining all other regions in terms of growth rate. This is primarily on account of the advancements in technology and massive opportunities across emerging power industries in developing Asia Pacific countries. 

Global Smart Grid Security Market: Competitive Analysis 

To assess the competition prevailing in the global market for smart grid security, the report profiles vendors such as BAE Systems PLC, IBM Corporation, Cisco Systems, Inc., Intel Corporation (Intel Security), Siemens AG, Symantec Corporation, and Elster Solutions. Other stakeholders of the smart grid security market include security service providers, cloud service providers, national/state governments, utility companies, and IT service providers, 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?