Smart Grid Security Market Size To Expand at a Notable CAGR Of 8.53% During 2024-2032

MRFR Press Release/- Market Research Future published a half-cooked research report on Smart Grid Security Market.

Market Highlights

Deployment of smart grid has improvised the power system operation by provisioning the multi-directional information flow between different sub-stations. This has led to benefits such as effective metering to substations, increased security, resilient and efficient grid control, and efficient monitoring of assets among others. Smart grid security refers to the actions undertaken by the electricity grid stakeholders such as utility provider, regulators, and national/state government among others to secure the grid.

Smart grid security market is expected to grow from USD 8.31 Billion in 2024 to USD 16.00 Billion by 2032, at a compound annual growth rate (CAGR) of 8.53% 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.

Key players

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).

Regional Analysis

The global market for smart grid security is estimated to grow at a notable rate during the forecast period from 2024 to 2032. The geographical analysis of smart grid security market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the smart grid security market from 2018 to 2023 owing to the presence of advanced utility infrastructure, high concentration of market players in the region, and availability of proficient cyber-security expertise. However, Asia-Pacific is estimated to grow at the highest CAGR during the forecast period owing to shift of traditional grid structure to smart grid by many countries in the region.