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 : March, 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.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

Wish to check Table of Contents of this report?

Click below to Request TOC

Request TOC