How Is The Global Smart Grid Security Market Defined?
Smart grid security refers to the security of digital assets, systems, and data within modern electric power grids, often known as smart grids. It is used to protect key infrastructure, prevent unauthorized access, and reduce cyber risks that could interrupt or jeopardize the grid's reliability, efficiency, and safety.
Smart Grid Security Global Market Report 2024 provides data on the global smart grid security market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart grid security market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Smart Grid Security Market Projected?
The smart grid security sector has expanded significantly, growing from $8.98 billion in 2023 to $10.12 billion in 2024 at a CAGR of 12.7%. Past growth has been shaped by rising cyber threats, regulatory compliance, renewable energy integration, IoT adoption, and the need for resilient grids. The market is projected to reach $16.40 billion in 2028 at a CAGR of 12.8%. Future growth will be driven by increasing investments in smart grid deployments, enhanced IoT usage, stringent regulatory requirements, and continued advancements in grid modernization. Key trends include AI and ML for threat detection, blockchain for security, cloud-based security solutions, public-private partnerships addressing security challenges, and the expansion of edge computing.
What Are The Primary Growth Drivers In The Smart Grid Security Market?
The growing threat of cybersecurity risks is likely to accelerate the growth of the smart grid security market. Cybersecurity risks, such as unauthorized access or data breaches, are rising due to the expansion of digital technology, increased sophistication of cyberattacks, and the shift toward remote work and cloud services. Smart grid security solutions are crucial for mitigating these risks by offering automated alerts, incident management workflows, and threat intelligence. For instance, the Australian Cyber Security Centre reported a 13% rise in cybercrime reports, totaling 76,000 in 2022 compared to the previous year, thus pushing the demand for smart grid security solutions.
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What Is The Segmentation Of The Global Smart Grid Security Market?
The smart grid security market covered in this report is segmented –
1) By Type: Endpoint, Network, Application, Database
2) By Security Layers: Physical Security, Network Security, Application Security, Data Security
3) By Deployment Mode: On-Premise, Cloud
4) By Application: Consumption, Generation, Distribution And Control
5) By End-Users: Utilities, Energy Management, Industrial, Residential, Commercial
What Emerging Trends Are Shaping The Smart Grid Security Market Landscape?
Companies in the smart grid security market are developing advanced solutions, such as smart grid security platforms, to protect electric power grids from cyber threats. For example, in August 2022, Dubai Electricity and Water Authority (DEWA), a public service infrastructure company in the UAE, launched its Big Data and Analytics platform to integrate smart grid applications. These platforms aim to enhance data security and management while processing large volumes of data and providing analytics for current and future projects. Additionally, DEWA introduced the Smart Grid Data Governance platform, ensuring compliance with data policies and processes. This platform focuses on best practices for accountability, decision-making, data management, and stewardship, treating data as an asset and defining strategies, policies, standards, processes, and metrics.
Which Region Has The Fastest Expansion In The Smart Grid Security Market?
North America was the largest region in the smart grid security market in 2023. The regions covered in the smart grid security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
