According to IMARC Group’s latest report, titled “Smart Grid Security Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026,” the global smart grid security market reached a value of US$ 6.3 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 12.1% during 2021-2026.
Smart grid security includes various solutions and services used to secure smart power grids, communications, and information technology (IT) systems. They ensure cost-effective, efficient and clean distribution of energy throughout the grid. Smart grid security consists of advanced components and control methods, with integrated communication systems and enhanced interfaces for measurement and sensing. It uses several technological solutions, such as antimalware, firewalls, antivirus, identity and access management (IAM), encryption and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), home energy management systems and advanced metering infrastructure, also help in ensuring efficient smart grid security.
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Market Trends
The rising global consumption of electricity, along with the growing prevalence of cyberattacks, has increased the employment of smart grid security systems to secure communications across smart grids. Furthermore, the growing adoption of the web- and cloud-based applications across various industrial verticals is also augmenting the market growth. The demand is further propelled by implementing these security solutions with connected devices to protect data and safeguard the home area network (HAN). Moreover, the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT) is projected to further drive the smart grid security market in the coming years.
Smart Grid Security Market 2021-2026 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
For more information about this report: https://www.imarcgroup.com/smart-grid-security-market
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
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.
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