Global smart grid security market to Grow at a healthy CAGR of 10.5% during 2017 and 2025 to become worth US$10.58 bn by 2025.
The growth in the global smart grid security market is correlated to the growth in population and the swift pace of urbanization in developing economies. This is because, hard-pressed to serve the ever growing energy needs of the urban population, energy resources companies are increasingly turning to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud.
This also makes smart grids highly vulnerable to various cyber-attacks, thus spawning a security market which is meant to bulwark them.
Posing a major challenge to the global smart grid security market, on the other hand, is the long investment cycles in the energy sector that makes technology assessment difficult and leads to a time lag between implemented and up-to-date solutions.Currently, the global smart grid security market is fragmented on account of the presence of numerous diversified local, regional, and international vendors who offer various services to the power utilities.
A report by Transparency Market Research predicts the global smart grid security market to progress at a healthy CAGR of 10.5% during the period between 2017 and 2025 to become worth US$10.58 bn by 2025 from US$4.35 bn in 2016.
Application Security Segment to Progress at Maximum Pace due to their Ability to Prevent Security Breaches
The global market for smart grid security can be segmented based on the type of security into application security, database security, network security, and endpoint security. Of them, the network security of smart grid security holds most of the share in the market.
The segment is expected to make good progress in the next couple of years too. Network security includes approaches and practices to monitor and prevent unauthorized access, modification, misuse or denial of a network accessible resources and computer network.
The application security segment, on the other hand, is predicted to clock maximum growth. Application security entails steps taken to improve security of an application regularly by uncovering and tackling security issues and also preventing them.
Global Smart Grid Security Market: Drivers and Restraints
Additionally, technological developments are a major driver of the smart grid security market. The infrastructure is gradually shifting toward digitalization of grid systems, especially for commercial usage, which is anticipated to propel the market for smart grid security over the forecast period globally.
This drives the global smart grid security market positivelyand is anticipated a robust growth during the forecast period. However, consumer’s lack of awareness about power supply is resulting in a declining growth rate of smart grid security industry.
Therefore, before executing the smart grid concepts, the consumers need to be aware about this systems and its contribution towards low carbon economy and its benefits.
Moreover, the developing nations such as India, Brazil and others are slow in adopting the smart grid security systems. Therefore there is medium impact of this restraint and is expected to decrease during the forecast period.
Additionally the idea of a smart grid security rises up out of the combination of the power frameworks perspective of the power grid with its comparing data systems view. The consolidated view that uses the data system to upgrade the working of the power matrix is for the most part what is known as the smart grid security.
Global Smart Grid Security Market: Segmentation
In terms of security type the market is segmented by database security, network security, application security and endpoint security Database security refers to the aggregate measures used to ensure and secure a database or database administration programming from ill-conceived use and malicious dangers and attacks. It is an expansive term that incorporates a large number of procedures, devices, and techniques that guarantee security inside a database situation.
In addition, Network security comprises of the approaches and practices received to monitor and prevent unauthorized access, modification, misuse or denial of a network accessible resources and computer network.
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Global Smart Grid Security Market: Competitive Analysis
The global market of smart grid security report provides company market share analysis of the various key participants. Key players have also been profiled on the basis of company overview.
Global key participants of the smart grid security market include Intel Corporation (California, U.S.), Siemens AG (Munich, Germany), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco Systems, Inc (California, U.S.), Leidos Holdings, Inc. (Virginia, U.S.), Honeywell International Inc.
(New Jersey, U.S.), BAE Systems Plc (Farnborough, United Kingdom), N-Dimension Solutions Inc. (Ontario, Canada) and AlertEnterprise Inc.
(California, U.S.) among othersGlobal Smart Grid Security market can be segmented as follows;-
Global Smart Grid Security Market, by Deployment
Global Smart Grid Security Market, by Security Type
- Database Security
- Network Security
- Application Security
- Endpoint Security
Global Smart Grid Security Market, by Application
- Smart Meters
- Smart Application
- Renewable Energy Resources
- Energy Efficient Resources
Global Smart Grid Security Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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