At what pace is the smart grid security market growing, and what is its estimated value?
The smart grid security market size has grown rapidly in recent years. It will grow from $10.12 billion in 2024 to $11.44 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. 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 $18.49 billion in 2029 at a compound annual growth rate (CAGR) of 12.7%. 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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What are the top drivers to the rising demand in the smart grid security market?
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.
How is the smart grid security market segmented?
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
Subsegments:
1) By Endpoint: Smart Meters, Grid Devices (Sensors, Controllers), Distributed Energy Resources (DERs), Electric Vehicle Charging Stations
2) By Network: Communication Networks (SCADA, IEC 61850), VPN Or Firewall Solutions, Intrusion Detection Systems (IDS), Distributed Denial-Of-Service (DDoS) Protection
3) By Application: Grid Management Software, Demand Response Platforms, Energy Management Systems (EMS), Supervisory Control And Data Acquisition (SCADA) Systems
4) By Database: Data Encryption, Data Integrity Solutions, Database Access Control, Security Information And Event Management (SIEM)
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Who are the top competitors in the smart grid security market?
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
What significant trends should we anticipate in the smart grid security market over the forecast period?
Major companies operating in the smart grid security market are focused on developing innovative solutions, such as advanced smart grid security platforms, to gain a competitive edge in the market. Advanced smart grid security platforms are sophisticated cybersecurity solutions specifically designed to protect modern electric power grids from cyber threats and vulnerabilities. For instance, in August 2022, Dubai Electricity and Water Authority (DEWA), a UAE-based public service infrastructure company, launched the Big Data and Analytics platform to integrate smart grid applications. These two advanced platforms were developed to enhance smart grid data security and management. This allows the processing of enormous amounts of data while also providing fact-based analytics and predictions for current and future initiatives. The platform helps improve the operation and management of assets and smart meters, boosting stakeholders’ experiences and happiness. It also introduced the Smart Grid Data Governance platform, which ensures compliance with all data policies and processes. This assures best practices for accountability, decision-making framework, data management, and stewardship. The Smart Grid Data Governance platform treats data like an asset, defining and approving data strategies, policies, standards, processes, and measurements.
Which regional trends are influencing the smart grid security market, and which area dominates the industry?North America was the largest region in the smart grid security market in 2024. 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.
What Does The Smart Grid Security Market Report 2025 Offer?
The smart grid security market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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