Some of the prominent participants in the global Smart Grid Security Market are Intel Corporation, Siemens AG, Symantec Corporation, IBM Corporation, Cisco Systems, Inc, Leidos Holdings, Inc., Honeywell International Inc., BAE Systems Plc., N-Dimension Solutions Inc., and AlertEnterprise Inc.
At present, the global smart grid security market is fragmented and is characterized by the presence of numerous diversified local, regional, and international vendors who offer various services to the power utilities. However, in many countries, the market is dominated only by the local or regional vendors. This in turn, will predictably heat up competition in the market in upcoming years.
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A report by Transparency Market Research predicts the global smart grid security market to progress at a healthy CAGR of 10.5% during the period between 2017 and 2025 to become worth US$10.58 bn by 2025 from US$4.35 bn in 2016.
Digitization of Grid Systems Drives North America Market
Depending upon the type of security, the global market for smart grid security can be segregated into application security, database security, network security, and endpoint security. Network security of smart grid security, of them, accounts for maximum share in the market and going forward too is expected to see impressive growth. Network security comprises of the approaches and practices received to monitor and prevent unauthorized access, modification, misuse or denial of a network accessible resources and computer network.
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Geography-wise, the key segments of the global smart grid security market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. At present, North America accounts for maximum share in the market and going forward too is slated to expand at a healthy clip. In 2016, the North America market accounted for a share of 38.7%. The infrastructure in the region is gradually shifting toward digitalization of grid systems, especially for commercial usage, which is anticipated to propel the market for smart grid security over the forecast period. The U.S., in North America, holds maximum market share.
Efforts to Modernize Smart Grids Catalyze Market Growth
One of the major drivers of the global smart grid security market is obviously the thrust on modernizing the power grids, worldwide on account of the swift pace of urbanization and the resultant demand for more power. Smart grid systems benefit consumers, grid operators, and suppliers by improving control over electricity consumption and distribution. However, smart grids are highly susceptible to more and more sophisticated cyber-attacks. This has spawned the demand for smart grid security. Explains the lead analyst of the report, “The smart grid security market is expanding at a rapid pace because of the rising security needs resulting from the uptake of modern technologies such as the Internet of Things (IoT), along with digitalization of the energy sector and increased adoption of the web and cloud-based business applications.”
One of the major challenges facing the global smart grid security market, on the other hand, is the protracted investment cycles in the energy sector that makes technology assessment challenging and results in a time lag between implemented and up-to-date solutions.
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