The global smart grid security market to exhibit strong growth during the next five years.
According to IMARC Group’s latest report, titled “Smart Grid Security Industry Trends Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global smart grid security market to exhibit strong growth during the next five years.
Smart grid security includes various solutions and services used to secure smart power grids, communications, and information technology (IT) systems. They ensure cost-effective, efficient and clean distribution of energy throughout the grid. Smart grid security consists of advanced components and control methods, with integrated communication systems and enhanced interfaces for measurement and sensing. It uses several technological solutions, such as antimalware, firewalls, antivirus, identity and access management (IAM), encryption and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), home energy management systems and advanced metering infrastructure, also help in ensuring efficient smart grid security.
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Market Trends
The rising global consumption of electricity, along with the growing prevalence of cyberattacks, has increased the employment of smart grid security systems to secure communications across smart grids. Furthermore, the growing adoption of the web- and cloud-based applications across various industrial verticals is also augmenting the market growth. The demand is further propelled by implementing these security solutions with connected devices to protect data and safeguard the home area network (HAN). Moreover, the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT) is projected to further drive the smart grid security market in the coming years.
Smart Grid Security Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
AlertEnterprise Inc.
BAE Systems
Broadcom Inc.
Cisco Systems Inc.
Honeywell International Inc.
International Business Machines Corporation
Leidos (NYSE: LDOS)
Lockheed Martin Corporation (NYSE: LMT)
N-Dimension Solutions Inc. (IPKeys Power Partners LLC)
Siemens Aktiengesellschaft (ETR: SIE)
Sophos Ltd. (Thoma Bravo LLC)
Breakup by Component:
Solution
Encryption
Antivirus and Antimalware
Identity and Access Management (IAM)
Firewall
Others
Services
Managed Services
Professional Services
Others
Breakup by Subsystem:
Demand Response System
Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
Home Energy Management System
Advanced Metering Infrastructure
Others
Breakup by Deployment Type:
Cloud-based
On-premise
Breakup by Security Type:
Endpoint Security
Application Security
Database Security
Network Security
Others
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
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