The global smart grid security market grew at a CAGR of around 12% during 2014-2019.
Smart grid security refers to various solutions and services that are used to secure smart power grids, communications and information technology (IT) systems. It ensures that there is efficient, reliable, cost-effective and clean distribution of energy throughout the grid. It consists of advanced components and control methods and integrated communications systems with improved interfaces for measurement and sensing. It employs various technological solutions, such as antivirus, antimalware, firewalls, identity and access management (IAM), encryption, intrusion detection and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), advanced metering infrastructure and home energy management systems, are also used to ensure efficient smart grid security.
The rising demand for electricity and power generation in both developed and developing countries, and the increasing incidences of cyberattacks, currently represent as the key factors driving the growth of the market. This has led to the widespread adoption of smart grid security systems to secure communications and smart grid deployments. Furthermore, increasing utilization of cloud- and web-based applications across various industrial sectors is also providing a boost to the market growth. Consumers are implementing these security solutions with their connected devices to safeguard the home area network (HAN) and ensure the privacy and protection of data. Additionally, various technological advancements, such as the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), are creating a positive outlook for the market. Other factors, including rapid urbanization, along with the implementation of favorable government initiatives to digitize the power sector with smart grid technologies, are projected to drive the market further. Looking forward, the analyst expects the global smart grid security market to continue its strong growth during the next five years.
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 Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The report has also analysed the competitive landscape of the market with some of the key players being 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), etc.
Key Questions Answered in This Report: How has the global smart grid security market performed so far and how will it perform in the coming years? What are the key regional markets? What has been the impact of COVID-19 on the global smart grid security market? What is the breakup of the market based on the component? What is the breakup of the market based on the subsystem? What is the breakup of the market based on the deployment type? What is the breakup of the market based on the security type? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global smart grid security market and who are the key players? What is the degree of competition in the industry?
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