Smart Grid Security Market Drivers, Demand, Insights 2024-2033

Overview and Scope

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.

Sizing and Forecast

The smart grid security market size has grown rapidly in recent years. It will grow from $8.98 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing cyber threats, regulatory requirements, integration of renewable energy, growing adoption of IoT devices, demand for grid resilience.

The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.40 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to growing cyber threats, increasing adoption of IoT devices, stringent regulatory requirements, expanding smart grid deployments, rising investments in grid modernization. Major trends in the forecast period include integration of AI and machine learning for threat detection, adoption of blockchain for enhancing data security, cloud-based security solutions, emphasis on public-private partnerships for addressing security challenges, expansion of IoT devices and edge computing.

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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

The growing cybersecurity risks are expected to propel the smart grid security market going forward. Cybersecurity risks refer to potential threats and vulnerabilities in digital systems, networks, and data that can lead to unauthorized access, data breaches, or disruption of operations. Cybersecurity risks have been increasing due to several factors, such as the expansion of technology, the sophistication of cyberattacks, remote work and cloud adoption, and a lack of security awareness. Smart grid security solutions help to speed up incident response in the case of a cyber attack or security breach by offering automated alerting mechanisms, incident management workflows, and response playbooks. Smart grid security systems also use threat intelligence feeds and data from cybersecurity research organizations to keep up with developing cyber threats and attack vectors. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the growing cybersecurity risks are driving the growth of the smart grid security market.

Key Industry Players

Major companies operating in the smart grid security market are Siemens AG, Lockheed Martin Corporation, HP Inc. , International Business Machines Corporation, Cisco Systems Inc., N-Dimension Solutions, Schneider Electric SE, Broadcom Inc., ABB Ltd., BAE Systems Plc, Eaton Corporation plc , Leidos Holdings Inc., Entergy Corporation, Xylem Inc., Palo Alto Networks Inc., Fortinet Inc., Black & Veatch Holding Company, Landis+Gyr, FireEye Inc., Sophos Ltd., AlertEnterprise Inc., Trilliant Holdings Inc., IOActive, AT&T Cybersecurity, GE Grid Solutions LLC

The smart grid security market report table of contents includes: