Certified Global Research Member

Key Questions Answered

Global Market Outlook
In-depth analysis of global and regional trends
Analyze and identify the major players in the market, their market share, key developments, etc.
To understand the capability of the major players based on products offered, financials, and strategies.
Identify disrupting products, companies, and trends.
To identify opportunities in the market.
Analyze the key challenges in the market.
Analyze the regional penetration of players, products, and services in the market.
Comparison of major playersâ€™ financial performance.
Evaluate strategies adopted by major players.
Recommendations

Why Choose Market Research Future?

Vigorous research methodologies for specific market.
Knowledge partners across the globe
Large network of partner consultants.
Ever-increasing/ Escalating data base with quarterly monitoring of various markets
Trusted by fortune 500 companies/startups/ universities/organizations
Large database of 5000+ markets reports.
Effective and prompt pre- and post-sales support.

Smart Grid Security Market Share

ID: MRFR//5702-HCR | 100 Pages | Author: Shubham Munde| December 2024

The Smart Grid Security market, a pivotal part of the developing energy scene, is seeing serious rivalry as organizations endeavor to lay out and extend their market share. In this powerful climate, firms utilize different situating techniques to acquire an upper hand and catch a critical piece of the market.

One common system is separation, where organizations center around offering one of a kind and creative elements in their security arrangements. By putting resources into innovative work, firms can foster state of the art advancements that put them aside from contenders. For example, executing progressed encryption conventions, peculiarity discovery calculations, and continuous checking capacities can improve the apparent worth of a smart grid security arrangement. Separation draws in clients looking for predominant security as well as makes an obstruction for contenders attempting to imitate these imaginative highlights.

Another essential methodology includes cost administration, where organizations mean to turn into the minimal expense supplier in the Smart Grid Security market. Accomplishing economies of scale through proficient creation processes and vital associations can empower firms to offer serious evaluating. Cost initiative is especially interesting to cost-cognizant clients, for example, service organizations hoping to improve their grid security while overseeing costs. Besides, a lower price tag can go about as a hindrance for likely contenders, making it trying for them to enter the market without an equivalent expense structure.

Market division is likewise a critical system in situating for progress in the Smart Grid Security market. Perceiving the different requirements of clients and fitting answers for explicit portions can yield critical advantages. Organizations might foster particular security bundles for various sorts of utilities, considering elements like size, geographic area, and foundation intricacy. By understanding the interesting difficulties looked by each fragment, firms can furnish designated arrangements that resound with their clients, cultivating faithfulness and market share development.

Joint effort and organizations are progressively becoming basic to market share situating in the Smart Grid Security area. Given the intricacy of smart grid frameworks and the developing idea of digital dangers, organizations frequently track down strength in shaping coalitions. Coordinated efforts with innovation suppliers, cybersecurity specialists, and service organizations can make collaborations that improve the general incentive of a security arrangement. By utilizing correlative qualities, organizations can offer complete and coordinated security arrangements that resound with clients looking for comprehensive insurance for their smart grids.

Besides, essential marketing assumes a crucial part in market share situating. Compelling correspondence of an organization's incentive, special selling focuses, and examples of overcoming adversity can impact client insight and inclination. Building areas of strength for a picture as a solid and creative security supplier can convert into expanded market share. Moreover, designated marketing efforts that address the particular worries and needs of potential clients can make a strong association and drive reception.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018- 2022
Forecast Period	2023-2032
Growth Rate	9.80% (2023-2032)

Smart Grid Security Market Highlights:

Smart Grid Security Market Trends

Smart Grid Security Market Analysis

Smart Grid Security Market Share

Smart Grid Security Companies

Smart Grid Security Market Overview

The Smart Grid Security Market size is projected to grow from USD 8.31 Billion in 2024 to USD 16.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.53% during the forecast period (2024 - 2032). Additionally, the market size for smart grid security was valued at USD 7.57 Billion in 2023.

The increase in demand for energy, current advancements in technologies of power grids, and growing demand for smart meters that are used to read the power consumption rates are the key market drivers enhancing the market growth.

Figure 1: Smart Grid Security Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Grid Security Market Trends

Ongoing smart city projects in developing countries are driving market growth.

Market CAGR for smart grid security is driven by the rising number of smart city projects. Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are happening worldwide, presenting a huge opportunity for technology companies, utility providers, and consulting service providers. In smart cities, key services about utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as loT and smart energy meters. Traditional power grid models cannot provide the same efficiency level to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing generated due to modernization.

Additionally, the growing demand for efficient power utilization and renewable energy resources worldwide are among the key factors driving the market. Constant development and integration of creative novel and networking technologies enhance security measures. Considering the complexity involved with smart grids due to complex networks, there is an expansion in risk factors, including data confidentiality, security, and vulnerabilities. This could result in an enhanced attack by penetrating the network, gaining access to the software, and modifying load conditions to disrupt the grid, resulting in an expansion in demand for smart grid security solutions.

Smart grid security is a digital infrastructure that helps observe energy consumption, grid conditions, and generation and automate various operations. A safe and secure smart grid system renders protective approaches to enhance security from cyber-attacks, such as distributed denial-of-service attacks. The IP standards used in smart grids give an extensively preferred connection standpoint between several framework segments. Expanding the utilization of IP for associated devices is expected to influence Intelligent Network security showcase demand. The adoption of cloud-based applications is expected to be one of the essential trends that will augment the smart grid security market revenue.

The rising demand for quality, secure, and reliable power supply is expected to ensure significant growth in the market. Growing concerns regarding carbon footprint and the need to replace aging infrastructure are shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control. The high demand for smart grids from several economies and the surge in ICT spending will also aid the market's growth. Additionally, a growing requirement by power utility firms to upgrade and update their transmission and distribution (T&D) networks due to the emergence of new utility-scale and generated renewable capacity.

Smart Grid Security Market Segment Insights

Smart Grid Security Type Insights

The global smart grid security market segmentation, based on security type, includes endpoint, network, application, and database. The database segment dominated the market, accounting for 35% of market revenue (2.65 Billion). In developing economies, category growth is driven by growing cyber-attacks and other threats to critical infrastructure. The technology advancement and research & development in each part are being performed in the market. However, application is the fastest-growing category owing to the growing trends of adoption of smart grids, the Internet of Things, and connected devices.

Smart Grid Security Application Insights

The global smart grid security market segmentation, based on application, includes consumption, generation, and distribution & control. The consumption category generated the most income (70.4%). This is due to a need for more security experts in energy & utility companies and the urgent need to address smart grid security threats. However, generation is the fastest-growing category due to the growing requirement for electricity and power generation in developed and developing countries.

Smart Grid Security Deployment Mode Insights

The global smart grid security market segmentation, based on deployment mode, includes on-premise and cloud. The cloud category generated the most income owing to a high degree of security and level of control. Cloud services enable effective management of a huge number of customers from a single location, which benefits the utility company. However, on-premise is the fastest-growing category as it offers features such as data ownership, data security and customization regarding storage capacity.

Figure 2: Smart Grid Security Market, by Deployment Mode, 2022 & 2032 (USD Billion)

Smart Grid Security Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Grid Security Regional Insights

By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American smart grid security market will dominate due to the high availability of both conventional and renewable energy resources, and numerous countries in the region are executing community-based micro smart grid security systems in their rural areas will boost the market growth in this region. Further, the US smart grid security market held the largest market share, and the Canada smart grid security market was the fastest growing market in the North American region.

Further, the prominent countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: SMART GRID SECURITY MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's smart grid security market accounts for the second-largest market share due to rising technological development in the grid systems, and security systems are boosting the market growth in this region. Further, the German smart grid security market held the largest market share, and the UK smart grid security market was the fastest-growing market in the European region.

The Asia-Pacific smart grid security market is expected to grow at the fastest CAGR from 2023 to 2032. This is due growing trend of adoption of smart grid and mobile-based business applications in this region. Moreover, China’s smart grid security market held the largest market share, and the Indian smart grid security market was the fastest-growing market in the Asia-Pacific region.

Smart Grid Security Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the smart grid security market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the smart grid security industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global smart grid security industry to benefit clients and increase the market sector. Major players in the smart grid security market, including BAE Systems Plc (United Kingdom), IBM (United States), IOActive (United States), Lockheed Martin Corporation (United States), AlertEnterprise (United States), and others, are attempting to increase market demand by investing in research and development operations.

Siemens Energy AG is an energy technology firm. It develops, produces, markets, and installs multi-megawatt wind turbines, gas turbines, steam turbines, gas engines and complete systems. The firm delivers a range of products and services for power generation, power transmission, renewable energy, power distribution, smart grid, automation, compression and expansion, and mechanical drives. It also delivers solutions related to the conversion, production, and transportation of primary fuels and oil and gas. Siemens Energy also operates integrated hydrogen power plants. The firm serves various industries such as air separation, ceramics, chemicals and pharmaceuticals, food and beverage, manufacturing, marine, metals, power, oil and gas, pulp and paper, sugar, and textiles. In September 2020, Siemens Energy launched its new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization. The UPFC PLUS helps the system works to stabilize the grid by dynamically controlling the load flow in alternating-current grids.

Schneider Electric SE is an energy management and automation firm that develops related technologies and solutions for electricity distribution. Its prominent products such as automation and control products, solar and energy storage, medium voltage distribution and grid automation, low voltage products and systems, critical power, cooling, and racks. The company also offers energy and sustainability services, field and automation, cloud, consulting and training services. The firm serves numerous industries, including healthcare, life sciences, marine, metals, food and beverage, minerals and cement, mining, oil and gas, retail, automotive and mobility. In January 2021, Schneider Electric acquired DC Systems BV, a major smart system supplier. This has helped the firm in advancing innovations in electrical distribution.

Key Companies in the Smart Grid Security market include

BAE Systems Plc (United Kingdom)

IBM (United States)

IOActive (United States)

Lockheed Martin Corporation (United States)

AlertEnterprise (United States)

AlienVault Inc. (United States)

Black and Veatch (United States)

Cisco Systems Inc. (United States)

McAfee-Intel (United States)

Honeywell (Elster) (United States)

Entergy (United States), HP (United States)

N-Dimension Solutions (Canada)

Smart Grid Security Industry Developments

May 2021: Thailand- grounded energy company Impact Solar partnered with Hitachi ABB Power Grids to provide an energy storehouse system for the country's largest private-possessed microgrid.

January 2021: Schneider Electric has acquired DC Systems BV, a major smart system supplier. This has assisted the firm in advancing innovations in electrical distribution.

Smart Grid Security Market Segmentation

Smart Grid Security Type Outlook

Endpoint

Network

Application

Database

Smart Grid Security Application Outlook

Consumption

Generation

Distribution & Control

Micro Mobile Data Center Deployment Mode Outlook

On-Premise

Cloud

Smart Grid Security Regional Outlook

North America

Canada

Europe

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Smart Grid Security Companies

Leading companies partner with us for data-driven Insights

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
	Single User	$ 4,950
	Multiuser License	$ 5,950
	Enterprise User	$ 7,250
Compare Licenses

Tailored for You

Dedicated Research on any specifics segment or region.
Focused Research on specific players in the market.
Custom Report based only on your requirements.
Flexibility to add or subtract any chapter in the study.
Historic data from 2014 and forecasts outlook till 2040.
Flexibility of providing data/insights in formats (PDF, PPT, Excel).
Provide cross segmentation in applicable scenario/markets.

FEATURES	LICENCE TYPE
FEATURES	Single User	Multiuser Licence	Enterprise User
Price	$ 4,950	$ 5,950	$ 7,250
Maximum User Access Limit	1 User	Upto 10 Users	Unrestricted Access Throughout The Organization.
Free Customization
Direct access to the Analyst
Deliverable Format
Deliverable Format
Platform Access
Discount on Your Next Purchase	10%	15%	10%
Printable Versions