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.
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).
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Smart grid is the integration of traditional power grid with the information technologies such as cloud computing, IoT, connected utilities, smart utilizes among others. This integration has resulted in benefits such as improved availability & distribution of the power across region. Furthermore, it helps achieve an efficient, economical, and clean power distribution. The key drivers for the smart grid security market are increasingly 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. Furthermore, the rise in adoption of Internet of Things (IoT) and digitization in energy sector that has led to increased deployment of web & cloud-based business applications has resulted in the demand for smart grid security solutions.
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.
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. Key players are adopting strategies such as mergers & acquisitions, partnerships & collaborations, and new product launches to increase their shares in the global smart grid security market. XX% of the total company developments were a part of partnership & collaboration whereas, new product launches and product enhancements accounted for XX% of the total strategic developments adopted by the key players in the market.
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