Smart Grid Security Market Size, Share & Industry Analysis, By Security Type ( Application Security, Endpoint Security, Database Security, Network Security, ), By Service ( Professional Service, Managed Service ), By Application ( Smart Meters, Smart Application, Others ), By Deployment Type ( Cloud, On-Premises ) and regional Forecast, 2024-2032

A smart grid is a huge complex network consisting of millions of devices with units connected, and this integration results in empowering of the electricity providers and consumers. It also increases the efficiency of the power system while continually monitoring, regulating, and managing the power flow as per the demands of customers. They are considered to be the integration of traditional power grid and information & communication technologies. The smart grid security market continues to evolve with technology and to achieve efficient, reliable, economical, and clean energy distribution. Smart grids make use of different technologies such as advanced components, integrated communication, advanced control methods, improved decision support & interfaces, and measurement & sensing to manage the energy savings through reducing the consumption. Hence, the smart grid security market is expected to provide solutions that help secure the network infrastructure, data, and the devices connected in the grid.

Based on the security type, the market is segmented as application security, endpoint security, database security, and network security. Database security will lead the market owing to the reason of growing cyber-attacks and other threats on the critical infrastructure. The technology advancement and research & development in each part are being performed in the market. Based on the service type, the market is classified as professional and managed. Professional service holds the larger market share due to a lack of security experts in energy & utility companies and the urgent need to address smart grid security threats.

Based on the application, it is divided into smart meters, smart applications, and others. Smart meters will lead the market, which will eliminate the errors in manual meter readings and encourage more efficient use of power resources. The adoption of smart meters has gained pace across many regions such as Europe, North America, and Asia Pacific in recent years. Europe has a maximum penetration of smart meters. Based on by deployment type, the market is classified into cloud and on-premises. The cloud segment is expected to have a significant growth rate during the forecast period owing to a high degree of security and level of control. The cloud services enable effective management of a huge number of customers from a single location, which serves as a benefit to the utility company.

The key market driver for the global smart grid security market is energy savings through reducing consumption by use of smart grid networks. The other market drivers include fraud detection, avoided technical losses and reduced balancing cost with the use of data analysis techniques.

The key market restraint for the smart grid security market is the threat of cyber attacks. The number of cyber stacks has risen in recent years, which poses a threat to data stored over the large grid network. Other factors hampering the market growth include the high cost of switching from traditional grid to smart grid as it involves deployment of smart meters and requires changes in transmission and distribution lines.

Key Market Driver -

Energy savings through reducing the consumption.

Key Market Restraint -

Threat of cyber attacks to the smart grid network.

Key Players Covered:

Some of the key players in the smart grid security market are BAE Systems, IBM, Cisco, Intel Corporation, Siemens, Symantec, N-Dimension Solutions, Inc., Leidos, AT&T Cybersecurity, Alert Logic, CyberX, IOActive, Inc, and Sophos.

Regional Analysis:

The global smart grid security market is studied across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is expected to lead the market due to awareness of the cybersecurity information and research & development to avoid the threat of cyber attacks. Switching from a conventional grid network to a smart grid network, which also involves the replacement of transmission and distribution lines, is responsible for the growth of the market in the region. Europe has the highest revenue generating market due to the increased projects being carried out to adopt smart grids across various countries. Also, the increasing penetration of smart meters across the globe has a maximum percentage in the region, which is uplifting the market. The Asia Pacific region is expected to witness a healthy growth in the market due to the efficient billing procedures brought in with smart rids, early identification of faults, and less time required for correction of faulty equipment. Countries like Japan, India, and China are expected to play a major role in the market growth owing to a large number of electricity networks customers in the country.

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Segmentation

 Key Industry Developments

• In February 2020, Europe’s leading CISO’s and cybersecurity experts convened in Berlin to advance prevention, detection, and response strategies to ensure the reliability and resilience of the smart grid against a rapidly changing threat landscape.


• In November 2016, IEEE Smart Grid hosted a workshop with IEEE Cyber Security Initiative and IEEE Power & Energy Society, with participation from UIUC’s Information Trust Institute entitled the IEEE Invitational Workshop to create a Building Code for Power System Software Security. The purpose of the workshop was to establish an initial consensus among industry and academic participants on the appropriate components of a “building code” that would be appropriate to reduce the vulnerability of cyber components of electric grids to malicious attacks significantly.