According to IMARC Group’s latest report, titled “Smart Grid Security Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global smart grid security market reached a value of US$ 7.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2027, exhibiting at a CAGR of 12.3% during 2022-2027.
Smart grid security comprises various services and solutions to secure smart power grids and information technology (IT) and communication systems. It also includes advanced components and control methods, which are deployed with communication systems and improved interfaces for measurement and sensing. Besides this, it ensures efficient, reliable, cost-effective, and clean energy distribution throughout the grid.
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Market Trends
Increasing investments by governing agencies of numerous countries to develop smart cities and digitize the power sector with smart grids represent one of the major factors strengthening the growth of the market. In addition, the integration of artificial intelligence (AI), internet of things (IoT), remote access virtual private network (VPN), fifth-generation (5G) technology, hybrid communication network, and cognitive radio solutions is favoring the market growth. Apart from this, the rising adoption of renewable, efficient and resilient energy solutions and the escalating demand for cloud- and web-based applications across various industrial sectors is creating a positive outlook for the market.
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List of Key Companies Covered in this Market Report:
- AlertEnterprise Inc.
- BAE Systems
- Broadcom Inc.
- Cisco Systems Inc.
- Honeywell International Inc.
- International Business Machines Corporation
- Leidos, Lockheed Martin Corporation
- N-Dimension Solutions Inc. (IPKeys Power Partners LLC)
- Siemens Aktiengesellschaft
- Sophos Ltd. (Thoma Bravo LLC)
Smart Grid Security Market 2022-2027 Analysis and Segmentation:
Breakup by Component:
- Solution
- Encryption
- Antivirus and Antimalware
- Identity and Access Management (IAM)
- Firewall
- Others
- Services
- Managed Services
- Professional Services
- Others
Breakup by Subsystem:
- Demand Response System
- Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
- Home Energy Management System
- Advanced Metering Infrastructure
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premise
Breakup by Security Type:
- Endpoint Security
- Application Security
- Database Security
- Network Security
- Others
Breakup by Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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