Smart Grid Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Grid Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global smart grid security market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.9% during 2023-2028.

Smart grid security refers to various solutions and services that are used to secure smart power grids, communications and information technology (IT) systems. It ensures that there is efficient, reliable, cost-effective and clean distribution of energy throughout the grid. It consists of advanced components and control methods and integrated communications systems with improved interfaces for measurement and sensing. It employs various technological solutions, such as antivirus, antimalware, firewalls, identity and access management (IAM), encryption, intrusion detection and data loss prevention (DLP) systems. Various subsystems, including Industrial Control System (ICS), advanced metering infrastructure and home energy management systems, are also used to ensure efficient smart grid security.

The rising demand for electricity and power generation in both developed and developing countries, and the increasing incidences of cyberattacks, currently represent as the key factors driving the growth of the market. This has led to the widespread adoption of smart grid security systems to secure communications and smart grid deployments. Furthermore, increasing utilization of cloud- and web-based applications across various industrial sectors is also providing a boost to the market growth. Consumers are implementing these security solutions with their connected devices to safeguard the home area network (HAN) and ensure the privacy and protection of data. Additionally, various technological advancements, such as the integration of Supervisory Control and Data Acquisition (SCADA) systems with the Internet of Things (IoT), are creating a positive outlook for the market. Other factors, including rapid urbanization, along with the implementation of favorable government initiatives to digitize the power sector with smart grid technologies, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart grid security market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, subsystem, deployment type and security type.

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
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being AlertEnterprise Inc., BAE Systems, Broadcom Inc., Cisco Systems Inc., Honeywell International Inc., International Business Machines Corporation, Leidos, Lockheed Martin Corporation, N-Dimension Solutions Inc. (IPKeys Power Partners LLC), Siemens Aktiengesellschaft, Sophos Ltd. (Thoma Bravo LLC), etc.

Key Questions Answered in This Report

1. What was the size of the global smart grid security market in 2022?
2. What is the expected growth rate of the global smart grid security market during 2023-2028?
3. What are the key factors driving the global smart grid security market?
4. What has been the impact of COVID-19 on the global smart grid security market?
5. What is the breakup of the global smart grid security market based on the component?
6. What is the breakup of the global smart grid security market based on the subsystem?
7. What is the breakup of the global smart grid security market based on the deployment type?
8. What is the breakup of the global smart grid security market based on the security type?
9. What are the key regions in the global smart grid security market?
10. Who are the key players/companies in the global smart grid security market?