Smart Grid Security Market Size, Status and Global Outlook 2022 To 2030
The Smart Grid Security Market USD 14.94 Billion during the smart grid security market forecast period of about 2022 to 2030. It occupies a CAGR value of about 9.80%.
Shraddha Nevase
The smart grid security market is growing continually, witnessing increasing deployments. Besides, rising cyber-attacks on utility infrastructures boost the demand for smart grid security solutions. Moreover, the increasing integration of smart grids with traditional power grids and advanced technologies such as cloud computing, IoT, connected utilities, smart utilities escalate the market demand, improving power distribution across the world.
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According to Market Research Future (MRFR), the global smart grid security market is expected to create a valuation of USD 14.94 Billion by 2030, registering 9.80%CAGR during the forecast period (2022-2030). In its smart grid security market forecast, MRFR also states that in 2017 the market was valued at USD 405.37 Million. The numbers of advanced modular projects are increasing consistently. The increasing demand for efficient, economical, and clean power distribution boosts the smart grid security industry.
Additionally, sizable investments to shift utility infrastructure to the smart grid and increased sophistication of cyber-attacks substantiate market growth. The growing need to comply with energy generation and consumption regulations and standards increase the size of the market. Furthermore, the proliferation of the Internet of Things (IoT) and digitization in the energy sector influence market demand. Simultaneously, increased deployments of web & cloud-based business applications drive the market growth.
Global Smart Grid Security Market - Segments
The report is segmented into four dynamics;
By Deployment : On-Premise and On-Cloud.
By Security Type : Endpoint, Network, Application & Database, and others.
By Application : Consumption, Generation, Distribution & Control, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Smart Grid Security Market - Regional Analysis
North America dominates the global smart grid security market. The largest market share attributes to the presence of advanced utility infrastructure and a high concentration of market players in the region. Besides, the strong presence of several notable players offering proficient cyber-security expertise and advanced grid systems push the growth of the regional market. Moreover, planned and completed smart grid security capacities in the region increase the size of the market.
Increasing government initiatives and utility-scale policy in the region support the growth of the market. The rising trend of renewable energy generation systems in the residential sector and growing demand for power substantiate the regional market growth. The North American smart grid security market is estimated to retain its dominance throughout the forecast period.
Europe stands second in the global smart grid security market. The market growth is driven by large-scale renewable technology deployment. Additionally, sizable investments in grid and transmission infrastructures foster the development of the regional market. Moreover, the deployment of distributed energy technologies, ongoing initiatives such as FITs, tax rebates, and other promotional schemes provide favorable business expansion opportunities.
Renewable energy variability, including solar & wind power, and cross-border energy trading, boosts the regional market growth. Furthermore, technological advancements in the clean energy sector accelerate market growth in the region. The European smart grid security market is projected to create a substantial revenue pocket during the estimated period.
The Asia Pacific smart grid security market is growing at a rapid pace. Factors such as the shift of traditional grid structure to the smart grid by many countries in the region substantiate the market demand. Continually growing demand for energy due to the rapid increase in population, industrialization, and urbanization fuel the regional market growth. The APAC smart grid security market is predicted to grow at an impressive CAGR during the anticipated period.
Smart Grid Security Market - Competitive Landscape
Highly competitive, the smart grid security market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage.
Industry players make substantial investments in developing the technology and in upgrading their existing portfolio. They also invest in expanding their global footprints, transforming the business landscape in the future. Top companies strive to come up with advanced solutions to maintain themselves in the market competition.
Major Players
Players leading the global smart grid security market are IBM Corporation (US), BAE Systems PLC (UK), Cisco Systems, Inc. (US), Siemens AG (Germany), Intel Corporation (Intel Security) (US), Symantec Corporation (US), Elster Solutions (US), N-Dimension Solutions (Canada), Alert Enterprise (US), Symantec Corporations (US), Leidos (US), Lockheed Martin Corporation (US), and McAfee LLC (US), among others.
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Industry/Innovation/Related News:
September 21, 2020 ---- PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc. (the US), announced its partnership with the National Technology & Engineering Solutions of Sandia, LLC (NTESS - Sandia) to drive research and development projects focused on energy resiliency, clean energy, and national security.
The partnership demonstrates PNM Resources' commitment to improve environmental, social, and governance (ESG) strategy, supporting the company's emissions-free energy goals and plans for a reliable, resilient, and secure grid to deliver New Mexico's clean energy future.
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