Smart Grid Security Market Future Insights, Market Revenue and Threat Forecast by 2023
Market Highlights
Deployment of smart grid has improvised the power system operation by provisioning the multi-directional information flow between different sub-stations. This has led to benefits such as effective metering to substations, increased security, resilient and efficient grid control, and efficient monitoring of assets among others. Smart grid security refers to the actions undertaken by the electricity grid stakeholders such as utility provider, regulators, and national/state government among others to secure the grid.
Smart grid security market is expected to grow from USD 405.37 million in 2017 to USD 747.07 million by 2023, at a compound annual growth rate (CAGR) of 10.73% during the forecast period. The growing investments to shift country utility infrastructure to smart grid, increased sophistication of cyber-attacks, and growing need to comply with energy generation and consumption regulations and standards are some of the factors driving the growth of smart grid security market.
Key players
The prominent players in the Smart Grid Security Market have been identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. The major vendors of the market are BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (US), Lockheed Martin Corporation (US) and McAfee LLC (US).
Segmentation
Smart grid security market is segmented based on deployment, security type, application and region.
By deployment, the market is bifurcated into on-premise and cloud.
Based on the security type, the market is segmented into endpoint, network, application, and database.
Based on application, the market is segmented into consumption, generation, and distribution & control.
By region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
Regional Analysis
The global smart grid security market is estimated to grow at a notable rate during the forecast period from 2019 to 2023. The geographical analysis of smart grid security market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the smart grid security market from 2019 to 2023 owing to the presence of advanced utility infrastructure, high concentration of market players in the region, and availability of proficient cyber-security expertise. However, Asia-Pacific is estimated to grow at the highest CAGR during the forecast period owing to shift of traditional grid structure to smart grid by many countries in the region.
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Competitive Analysis
The growth in cyber-attacks on the critical infrastructure in utility organizations boost the demand for smart grid security solutions. Players with global as well as regional presence mark strong presence in the smart grid security market. The other stakeholders of the market are security service providers, utility companies, state government, cloud service provider, resellers, and technology providers. In 2017, the US Defense Advanced Research Projects Agency (DARPA) awarded BAE Systems with a USD 8.6 million contract to develop a technology that can facilitate faster restoration of power to the US electric grid in case of failure caused by a cyber-attack.
Intended Audience
- National/state governments
- Municipal authorities
- Utility companies
- IT solution providers
- Smart grid security companies
- Cloud service providers
- System integrators
- Information security consulting firms
- Networking solution providers
- IT security agencies
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