Global Smart Grid Security Market: Snapshot
The growth in the global smart grid security market is correlated to the growth in population and the swift pace of urbanization in developing economies. This is because, hard-pressed to serve the ever growing energy needs of the urban population, energy resources companies are increasingly turning to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud. This also makes smart grids highly vulnerable to various cyber-attacks, thus spawning a security market which is meant to bulwark them.
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Posing a major challenge to the global smart grid security market, on the other hand, is the long investment cycles in the energy sector that makes technology assessment difficult and leads to a time lag between implemented and up-to-date solutions.
Currently, the global smart grid security market is fragmented on account of the presence of numerous diversified local, regional, and international vendors who offer various services to the power utilities. In many countries, the market is dominated only by the local or regional vendors and this is probably intensify competition in the years ahead.
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.
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Application Security Segment to Progress at Maximum Pace due to their Ability to Prevent Security Breaches
The global market for smart grid security can be segmented based on the type of security into application security, database security, network security, and endpoint security. Of them, the network security of smart grid security holds most of the share in the market. The segment is expected to make good progress in the next couple of years too. Network security includes approaches and practices to monitor and prevent unauthorized access, modification, misuse or denial of a network accessible resources and computer network.
The application security segment, on the other hand, is predicted to clock maximum growth. Application security entails steps taken to improve security of an application regularly by uncovering and tackling security issues and also preventing them.
Technological Progress in Energy and Power Industry to Stoke Maximum Growth in Asia Pacific
From a geographical standpoint, the global smart grid security market is being led by North America, which currently holds maximum share and is slated to expand at a healthy clip in the next couple of years. In 2016, the North America market accounted for a share of 38.7% in the global smart grid security market. Technological progress is one of the key drivers of growth in the region which has resulted in a shift toward digitalization of grid systems, especially for commercial usage. The U.S., in North America, holds dominant share.
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Europe, powered by the U.K, France, Germany, Italy, and the rest of Europe, trails North America vis-à-vis market share in the global smart grid security market. Growing technological progress in the grid systems and security systems is spurring market growth in the region. In terms of growth rate, however, Asia Pacific is expected to surpass all other regions by registering a CAGR of 11.3% from 2017 to 2025. This is mainly on account of the swift technological developments in the energy and power industry across different countries, especially India, China, and Japan.
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.
Smart Grid Security Market to Thrive on Increasing Deployment of Smart Grid Projects
A smart grid refers to a system of information and communication technology utilized for the purpose of generation, delivery, and consumption of power. It makes use of two-way communication in an effort to come up with an automated and extensively distributed system with highly advanced functionalities. These advanced functionalities comprise improved integration of renewable technology, real-time control, operational efficiency, and grid resilience. Incorporation of renewable technology ensures diminished carbon emission. All these benefits and its subsequent adoption are likely to play an important role in the development of the global smart grid security market in the forthcoming years.
On the other hand, the global smart grid security market is faced with the challenge of maintenance of standards of cyber security from time to time and there is communication protocol upgradation over time. Shortage of awareness about its security is likely to hamper growth of the global smart grid security market.
Increasing Incidences of Sophisticated Cyber Attacks to Accentuate Demand in the Market
Several countries are making a shift from current, traditional grid to advanced smart grid technology. There are several smart grid deployment projects all over the world. These projects are already distributed amongst the different phases of deployment, such as Power Quality Management (PQM), Outage Management System (OMS), Peak Load Management (PLM), Advanced Metering Infrastructure Industrial (AMI I), and Advanced Metering Infrastructure Residential (AMI R). Most of these projects can be found in countries like Canada and the US. As such, the smart grid security market is likely to gain traction in developed parts of the world.
With increasing deployment of smart grids across the globe, there have been increased cyber attacks, which are getting more advanced with time. Furthermore, these grids need to conform to the standards and regulations of the related sector, which is likely to play an important role in the expansion of the global smart grid security market in the years to come.
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