Smart Grid Security Market: Global Industry Outlook, Forecast (2023-2029)

Global Smart Grid Security Market is expected to be worth US$ 7.53 billion in 2022. Smart Grid Security Market is estimated to grow at a CAGR of 10.8% over the forecast period.

Smart Grid Security Market Overview:

Security systems make up the Smart Grid. Because of the integrity of such systems, software design guidelines and procedures for safety-critical systems, particularly computers, are equally significant in the Smart Grid environment. DO-178B is an aviation sector quality assurance specification that is been widely used. Smart grid security refers to a variety of products and solutions for obtaining smart power networks, information technology, and infrastructures systems. These technologies safeguard that energy that is distributed in a dependable, well-organized, profitable, and clean method through the grid. The security systems use progressive components and control mechanisms, as well as communication systems with better detecting and measuring boundaries. The smart grid adoption trend has made it possible to connect devices and apps through the internet. Traditional grids must be integrated with IT systems, which necessitates the use of smart grids. Additionally, a Smart grid gives grid administrators more control over the grid's operation, allowing for better efficiency and monitoring through the usage of data sharing.Smart Grid Security Market (1)To know about the Research Methodology :- Request Free Sample Report 2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analysis, especially with the impact of lockdown by region.

Smart Grid Security Market Dynamics:

Cyber-attacks are becoming more sophisticated: The Smart Grid is expected to recover competence, dependability, and obtainability by integrating sophisticated technologies such as announcement and advanced processing power. Smart Grid also comprises infrastructure that is associated with two-way communication and electrical movements. The Smart Grid is a well-organized technology that receives legacy power generation methods such as fossil fuels, natural gas, and coal, as well as various renewable energy foundations like wind turbines and solar electricity. Because multiple commercial and home devices will be linked through a series of networking to interact and give security to the networks with numerous methods, cyber security in Smart Grid is an essential operation. These are difficulties that will be addressed through a fiction review in which a diversity of security explanations will be evaluated and analyzed to deliver explanations to complex security issues. Amongst smart grid participants, there is a lack of security expertise which is hampering the growth of the market: The smart grid depends on accurate and reliable statistics. To evade fraud and other more dangerous intimidations, it is essential to guarantee that data is reliable and free of adaptation. Massive amounts of data are produced by the smart grid, which must be gathered, stored, and assessed, thus the need for security is a crucial part for the user, owing to a lack of awareness of advanced technology, sometimes these data cannot be captured in a synchronized manner. In addition, the user may face difficulty and due to this reason, the smart grid security market is been hampered. The smart grid is always evolving which is giving lucrative growth opportunities for the market: Smart grids are a logical development of the electricity network in various developed countries such as India and China, and they could be crucial for increasing admittance to wealth and strengthening the economy of underdeveloped countries, as the software provides for a more reliable power supply for manufacturers and other residential and retail facilities. Cyber-attacks are unpredictable which is a major challenging factor for the smart grid market: Electrical outages, loss of military hardware, and disclosures of national security information are all possible outcomes of cyber strikes. They can lead to the loss of sensitive and valuable evidence, such as medical records. They can interrupt mobile computing networks, as well as freeze devices and render data inaccessible. Smart Grid Security Market Benefit: The market for smart grid security solutions is increasing as the internet and other risks to vital infrastructure become more common. The smart grid security market is dominated by international vendors. Protection network operators, energy providers, state governments, cloud service providers, distributors, and technology suppliers are among the other market participants who are using this technology to upgrade themselves.

Competitive Landscape in Smart Grid Security Market:

The Smart Grid Security Market's competitive landscape component provides a deep insight into the characteristics of the key businesses functioning in the market environment. It also provides captivating insights into key progressions, differentiating tactics, and other significant elements of the top players in the Smart Grid Security Market. IBM formed IBM X-Force Red, a team of cyber security specialists and ethical hackers, which delivers a comprehensive analysis of cyber-attacks. This group's goal is to distinguish weaknesses in an organization's IT infrastructure and justify cyber risks.

Smart Grid Security Market Segment Analysis:

By Solution, the market is segmented into Antivirus and Antimalware, Firewall, Identity and Access Management (IAM), Encryption, Security and Vulnerability Management and Distribution Denial of Services (DDOS). The Identity and Access Management (IAM) segment is expected to grow at a CAGR of 9.6% through the forecast period. IAM (identity and access management) guarantees people and job responsibilities (identities) in various businesses which may have access to the equipment they need to execute their tasks. With the help of Identification administration and access management systems, they allow the various company to manage staff apps without having to log in as an administrator to each one. However, Antivirus software provides all-around security, protecting the various device from known and previously unknown attacks and pathogens. On the other hand, Antimalware is often a more sophisticated software that adds an added protection against Trojans and extortion..Smart Grid Security MarketBy Security Type, the market is segmented into Endpoint Security, Network Security, Application Security and Database Security. The Network Security segment held the largest market share accounting for 39.3% in 2022. Network and data are protected by various information security against thefts, assaults, and other dangers. This is a broad word that encompasses equipment and software, as well as procedures, regulations, and specifications about networking use, availability, and comprehensive antivirus software. Network security refers to the protection of a computing network's accessibility to files and folders from hacking, misuse, and unauthorised alterations. An anti-virus system is a good example of network security. The administrator controls the authorisation of access to data packets, owing to these factors this is a major driving factor for the market.

Smart Grid Security Market Regional Insights:

The North American region held the largest market share accounting for 42.3% in 2022. Considering the strong technical developments, rising digitalization of grid networks and economic use of these technologies is driving the growth of this region. In addition, many central government methods to construct and repair used across the region would encourage market growth. The US Department of Energy announced funding of USD 64.6 million through its Connected Societies which grants the opportunity in 2021 to extend the country's infrastructure of energy effective creating a community, thus owing to these reasons, the North American region is constantly rising in Smart Grid Security Market. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the market dynamics, and structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the market makes the report investor's guide.

Smart Grid Security Market Scope: Inquiry Before Buying

Smart Grid Security Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 7.53 Bn.
Forecast Period 2023 to 2029 CAGR: 10.8% Market Size in 2029: US $ 15.44 Bn.
Segments Covered: by Solution Antivirus and Antimalware Firewall Identity and Access Management (IAM) Encryption Security and Vulnerability Management Distribution Denial of Services (DDOS).
by Type Endpoint Security Network Security Application Security Database Security
by Subsystem Supervisory Control and Data Acquisition (SCADA)/Industrial Control System (ICS) Advanced metering infrastructure Demand response Home energy management
by Deployment Mode Cloud On-Premises

Smart Grid Security Market by Region

Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) North America (United States, Canada and Mexico) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Smart Grid Security Market Key Players:

1. BAE Systems PLC 2. IBM Corporation 3. Cisco Systems, Inc. 4. Intel Security (Mcafee) 5. Siemens AG 6. Symantec Corporation 7. N-Dimension Solutions, Inc. 8. Elster Solutions 9. Alertenterprise 10. Leidos 11. NortonLifeLock Inc. 12. Honeywell International Inc. 13. IOActive Inc. 14. Lockheed Martin Corporation 15. Sophos Ltd. 16. Sourcefire 17. Sentryo 18. Eaton 19. ABB 20. Enphase Energy Frequently Asked Questions: 1. Which region has the largest share in Global Smart Grid Security Market? Ans North America region held the highest share in 2022. 2. What is the growth rate of Global Smart Grid Security Market? Ans: The Global market is growing at a CAGR of 10.8% during forecasting period 2023-2029. 3. What is scope of the Global Smart Grid Security market report? Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Smart Grid Security market? Ans: The important key players in the Global market are – BAE Systems PLC, IBM Corporation, Cisco Systems, Inc., Intel Security (Mcafee), Siemens AG, Symantec Corporation, N-Dimension Solutions, Inc., Elster Solutions, Alertenterprise, Leidos, NortonLifeLock Inc., Honeywell International Inc., IOActive Inc., Lockheed Martin Corporation, Sophos Ltd., Sourcefire, Sentryo, Eaton, ABB, Enphase Energy, and 5. What is the study period of this market? Ans: The Global market is studied from 2022 to 2029.