Newark, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global smart grid security market will grow from USD 9.51 Billion in 2023 to USD 28.00 Billion by 2033. The forthcoming trends and technologies will significantly influence the future of smart grid security. Notably, blockchain technology is gaining traction for securing transactions and communications in the power network industry due to its decentralized nature that resists tampering. In addition, edge computing's popularity continues growing as it promotes improved efficiency by processing data while enhancing security through real-time threat response capabilities. Also significant is quantum computing, whose evolution presents benefits and challenges towards improving smart grid cybersecurity via advanced encryption techniques, even though this development threatens prevailing methods. Preparing adequately for these changes will be critical for task operations to achieve advanced cybersecurity standards within the electricity distribution industry sector.
Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/14490
Key Insight of the Smart Grid Security Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global smart grid security market. The Asia Pacific region will significantly expand. The Asia Pacific region is undergoing rapid urbanization and industrialization, resulting in a significant surge in energy requirements. Nations like India, Japan, South Korea and China are experiencing substantial population growth and economic development, which necessitates the requirement for reliable & efficient infrastructure to meet their demands. The implementation of smart grid technology holds extreme significance concerning meeting this mounting energy demand while guaranteeing consistency within the power supply network. The smart grid security market in Asia Pacific is not just flourishing, but also playing a significant role in the global marketplace. Owing to a surge of investments into related projects, the region's sizeable resource allocation towards upgrading infrastructure with advanced technologies and incorporating alternative energy sources has been key. Given this steady influx of investment funds being directed towards such endeavours over time, the region is anticipated to grow significantly within the global smart grid security marketplace. This influence and contribution to the global market should be a source of pride for all stakeholders in the region.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 11.4% |
| 2033 Value Projection | USD 28.00 Billion |
| Market Size in 2023 | USD 9.51 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Service Type, End-user, Organization Size |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Smart Grid Security Market Growth Drivers | Increasing Cyber Threats and Attacks |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/smart-grid-security-market-14490
The demand response system segment is expected to grow at the highest CAGR during the forecast period.
The subsystem segment includes demand response system, supervisory control and data acquisition (SCADA)/ industrial control system (ICS), home energy management system, advanced metering infrastructure, and others. The demand response system segment is expected to grow at the highest CAGR during the forecast period. With the increasing worldwide energy utilization, utilities must uphold grid dependability and efficiency. Demand response systems are essential to effectively managing peak loads, diminishing the necessity of building more power plants while minimizing blackouts. The security of these systems must be upheld to prevent interruptions and guarantee seamless operations, maintaining uninterrupted grid functionality.
The on-premises segment is expected to hold the second highest market share during the forecast period.
The deployment mode segment includes cloud and on-premises. The on-premises segment is expected to hold the second highest market share during the forecast period. Utilities possess full authority over their data and security infrastructure through on-premises solutions, which are crucial for complying with stringent data sovereignty regulations or safeguarding sensitive information that cannot be stored off-site. Such solutions can be adapted to meet the specific safety demands of utilities while offering seamless integration with existing legacy systems and operational technology (OT) settings to ensure comprehensive coverage from potential threats.
The database security segment is expected to grow at the highest CAGR during the forecast period.
The security type segment includes endpoint security, application security, database security, and network security. The database security segment is expected to grow at the highest CAGR during the forecast period. Sensitive and critical data such as operational metrics, consumer information, and system configurations are stored in databases within smart grids. To safeguard against unauthorized access, manipulation, or theft of this data is of utmost importance. Adherence to strict regulations on data protection by the industry plays a large role in prompting strong security measures for these databases in the smart grid sector. Using database security solutions helps maintain reliable operations through maintaining integrity and availability while preventing issues like unauthorized entry into systems resulting from possible service disruptions or corruption attempts at accessing certain classified areas/components that could be targeted due to their vulnerability status - ensuring overall safekeeping standards.
Recent Developments:
• In March 2022: Gridspertise and Analog Devices, Inc. partnered to improve smart grid technology, focusing on distribution grid management and control. The partnership intends to develop cutting-edge technologies that will raise the reliability and productivity of smart grids by using Analog Devices, Inc.'s semiconductor capabilities and Gridspertise's power software.
Market Dynamics
Driver: Increasing Investments in Smart Grid Infrastructure
The global market for smart grid security is thriving due to substantial investments in the infrastructure of the smart grid. To improve the efficiency, reliability, and sustainability of energy grids, governments, utilities, and private institutions are pouring significant funds into upgrading current systems with advanced technologies while integrating renewable energy sources.
Restraint: High Implementation and Operational Costs
A key obstacle the worldwide smart grid security sector faces is its substantial expense for implementation and maintenance. Establishing all-encompassing protective measures necessitates investing heavily in sophisticated tools, like next-gen firewalls, intrusion detection and prevention systems (IDPS), and security information and event management (SIEM) systems. This cost can be excessive as integrating these technologies with current power infrastructure may be too expensive for smaller utilities with limited financial resources.
Opportunity: Emergence of Advanced Threat Detection and Response Solutions
Cutting-edge technologies such as machine learning, behavioural analytics, and artificial intelligence have become essential in mitigating advanced cyber threats against smart grids. Traditional security measures like firewalls and antivirus software can no longer suffice the emerging need for robust protection. Therefore, there is a growing trend towards deploying advanced threat detection and response solutions that ensure real-time identification of malicious malware with proactive threat mitigation mechanisms.
Some of the major players operating in the Smart Grid Security Market are:
• BAE Systems Plc
• Seimens AG
• Schneider Electric
• Lockheed Martin Corporation
• IBM
• Entergy
• IOActive
• AlertEnterprise
• Black and Veatch
• AlienVault Inc.
• Cisco Systems Inc.
• Honeywell (Elster)
• Eaton Corporation
• N-Dimension Solutions
• HP Inc.
Key Segments Cover in the Market:
By Security Type:
• Database Security
• Network Security
• Application Security
• Endpoint Security
By Subsystem:
• Demand Response System
• Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
• Home Energy Management System
• Advanced Metering Infrastructure
• Others
By Deployment Mode:
• Cloud
• On-premises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/14490
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
