Global Smart Grid Security Market – Industry Trends and Forecast to 2029

Global Smart Grid Security Market, By Solution (Firewall, Identity and Access Management (IAM), Antivirus/Antimalware, Encryption, Security and Vulnerability Management (SVM), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDOS) and Others), Service (Professional and Managed Services), Deployment Mode (On-Premises and Cloud), Subsystem (Supervisory Control and Data Acquisition/Industrial Control System (SCADA/ICS), Advanced Metering Infrastructure (AMI), Demand Response and Home Energy Management), Security Type (Endpoint Security, Network Security, Application Security and Database Security),– Industry Trends and Forecast to 2029

Market Analysis and Size

Smart grid technology is the unification of the traditional power grid with the information technology system which include cloud computing systems, some of the connected utilities, IoT, smart utilized, and many others. Their unification had led to certain benefits which include improved availability and distribution of power across several areas. It helps for the achievement of clean distribution of power, makes it efficient and more economical.

Data Bridge Market Research analyses that the smart grid security market value, which was USD 43.10 billion in 2021, is expected to reach the value of USD 138.40 billion by 2029, at a CAGR of 15.70% during the forecast period 2022-2029. The smart grid security  market report also covers pricing analysis, patent analysis, and technological advancements in depth.   

Market Definition

A smart grid is a massive complex network consisting of millions of connected devices and units, and this integration leads to the empowerment of providers and consumers of electrical utilities. It also improves performance and power system availability while constantly controlling, regulating, and handling customer demands.

Report Scope and Market Segmentation

Global Smart Grid Security  Market Dynamicss

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers:

• Supportive regulatory framework of governments worldwide to promote deployment of smart grids

Governments across the world have assessed several probative programs and authorizations, fastening on enforcing smart grids and spreading mindfulness about energy conservation. These regulations drive the relinquishment of smart grid technology for artificial, marketable, and domestic operations. The department of energy (DOE) was allocated USD 4.5 billion through the American Recovery and Reinvestment Act of 2009 (Recovery Act) finances to contemporize electric power grids. Under the Smart Grid Investment Grant (SGIG) program, the department of energy and the electricity sector have concertedly invested USD 8 billion in 99 cost- participated systems, wherein further than 200 electric serviceability and other associations have shared in contemporizing the electric grid structure, strengthening cybersecurity, perfecting interoperability, and collect an unknown position of data on smart grid operations and its benefits.

• Supervisory Control and Data Acquisition /Industrial Control System

ICS may be a software package & hardware integrated system that controls and monitors the commercial operations performed by completely different machineries. ICS includes completely different technologies, like Distributed management Systems (DCS), SCADA, and PLC. SCADA may be a method management software package application that acquires time period data from completely different locations and controls instrumentation & conditions. It includes hardware and software package elements and is employed in power plants. ICS security is that the ability of organizations to secure their automation processes associate degreed connected crucial data from cyber intrusions for an uninterrupted and sustained productivity of utilities & grids. Securing these systems has become a significant concern within the gift age of APTs, like Stuxnet and Havex RAT. Hence, the marketplace for ICS/SCADA security appears to witness a big share within the total good grid security market.

Opportunities:

• Ongoing smart city projects in developing countries

Smart cites are developed civic areas that produce sustainable profitable growth and high quality of life by outstripping in several fields, similar as technology, mobility, terrain, living standard, and government regulations. Further than 100 smart megacity systems are going on across the world, presenting a huge occasion for technology companies, mileage service providers, and consulting service providers. In smart cites, crucial services pertaining to serviceability, safety, transportation, and healthcare parts are managed more efficiently and intelligently with proper application of coffers and the relinquishment of advanced technologies similar as IoT and smart energy measures. Traditional power grid models can not give the same position of effectiveness to citizens and find it delicate to meet the conditions for energy monitoring, real- time data gathering.

 Smart cites are likely to significantly depend on a robust smart grid platform to produce a centrally planned and controlled structure. Favorable conditions similar as developed ICT structure and better internet access are likely to affect in wide relinquishment of smart grids in smart metropolises. APAC is witnessing rapid-fire urbanization. Developed and developing countries in the region are constantly fastening on espousing smart megacity technologies. To support smart grid technology, developing countries, similar as China, India, and Brazil, are anticipated to make a new structure, which will enable private and public sectors to produce cost-effective, innovative technology results.

Restrictions/ challenges:

• High installation cost of smart grids

The original phase of smart grid deployment is capital-ferocious.  The part of the original and public governments is vital in transubstantiating energy structure. Smart grid technology requires huge original investments to set up the transmission networks that allow two- way communication between the mileage and its guests.

High investments for the successful deployment of smart grids may add an profitable burden on the government. Also, high functional and conservation costs after the deployment of smart grid technology is another big concern for mileage providers. Developing countries with poor structure, similar as China, Brazil, and India, also need huge fiscal support for structure and streamlining the structure.

 Though billions of bones are being invested in smart metropolises systems, the challenge to insure a significant and favorable return on investment (ROI) is still there. Public and private associations are going to play a major part by offering loans at low- interest rates or offering subventions and finances for smart grid systems.

• Proper storage and management of complex data generated by smart grid infrastructure

The deployment of smart grid technologies has led to the generation of vast volumes of largely complex data. The data is related to consumer information, mileage consumption, transmission logs, etc. It's largely unshaped and needs to be reused to gain vital perceptivity. The nonstop generation of data from various bumps of networks is creating challenges for smart grid result providers to store and manage this data efficiently. The unmanaged data can raise multiple pitfalls, and it might ultimately come delicate to gain precious perceptivity from the data. The separate authorities need to produce high- volume data centers, as well as emplace logical results without adding the cost.

 A major challenge for mileage providers is to understand the social, profitable, and environmental value of the smart grid information and develop a result that's likely to total the data and relate the information generated by the smart grid.

 Smart serviceability are generating huge volumes of data from millions of smart measures, grid detectors, control bias, and networks of other electronic bias. Generating and gathering useful data perceptivity from similar vast data for intelligent decision- timber is the challenge faced by mileage technology providers. The processing of large volumes of data to give real- time analytics is one of the major functions of smart grid technology. To gain a competitive edge, result providers need to develop superior data logical ways and accurate prophetic analysis models. Furnishing intelligent business results to prognosticate outfit failure, natural disasters and their goods, and client usage  patterns grounded on the literal data and operation patterns is the most complex challenge faced by mileage providers.

This smart grid security  market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart grid security  market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Smart Grid Security Market

The pandemic, though, has led to the suspension of business activities on account of the coronavirus pandemic but there seems to be a high growth in demand for smart grid  security  systems on account of increased focus towards digitizing the economies. Rising number of small and medium scale enterprises especially in the developing economies coupled with growing acceptance of electronic signatures as part of business transactions have carved the way for greater opportunities for this make.

Recent Developments

• In May 2021, Thailand- grounded energy company Impact Solar partnered with Hitachi ABB Power Grids for provisioning an energy storehouse system for the country’s largest private- possessed microgrid.
• In September 2020, Siemens Energy, a attachment of Siemens, launched its new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization. The UPFC PLUS helps system drivers stabilize the grid by stoutly controlling the cargo inflow in interspersing-current grids.

Global Smart Grid Security Market Scope

The smart grid security  market is segmented on the basis of solution, service, deployment mode, subsystem, security type.The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Solution

• Firewall
• Identity and Access Management (IAM)
• Antivirus/Antimalware, Encryption
• Security and Vulnerability Management (SVM)
• Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
• Distributed Denial of Service (DDOS)
• Others

Service

• Professional
• Managed Services

Deployment Mode

• On-Premises
• Cloud

Subsystem

• Supervisory Control and Data Acquisition/Industrial Control System (SCADA/ICS
• Advanced Metering Infrastructure (AMI)
• Demand Response
• Home Energy Management

Security Type

• Endpoint Security
• Network Security
• Application Security
• Database Security

Smart Grid Security  Market Regional Analysis/Insights

The smart grid security  market is analysed and market size insights and trends are provided by country, solution, service, deployment mode, subsystem, security type,as referenced above.

The countries covered in the smart grid security  market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America includes countries like the USA, Canada, and Mexico. The USA and North American country, that contribute heavily to the expansion of the regional market. The region is calculable to account for the biggest share of the worldwide good grid market, and the same trend is anticipated to continue till 2023. one in all the key reasons for the big market size is that the early adoption of good grid comes. The sturdy monetary position of the USA and North American country permits them to take a position heavily in good infrastructure platforms of the good grid market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Grid Security  Market Share Analysis

The smart grid security  market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart grid security  market.

Some of the major players operating in the smart grid security  market are:

• BAE Systems. (UK)
• Cisco Systems, Inc.(US)
• Lockheed Martin Corporation.(US)
• IBM (US)
• Black & Veatch Holding Company.(US)
• IOActive Inc. (US)
• Entergy Corporation, (US)
• ALIENVAULT, INC.(US)
• AlertEnterpise, Inc.(US)
• McAfee, LLC (US)
• HP INDIA SALES PRIVATE LIMITED (US)
• Eaton.(Ireland)
• VeriSign, Inc.(US)
• Broadcom.(US)