Smart Grid Security Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Smart Grid Security Market Trends and Forecast

The future of the global smart grid security market looks promising with opportunities in the energy efficient resources, renewable energy resources, smart meters, and smart applications. The global smart grid security market is expected to reach an estimated $20.5 billion by 2028 with a CAGR of 9.8% from 2023 to 2028. The major drivers for this market are growing demand for cloud-based smart grids from organizations, expanding need for these grids to ensure cyber security standards, and introduction of technologically improved grids based on IoT and supervisory control and data acquisition systems.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown here.

Smart Grid Security Market by Segment

The study includes trends nd forecast for the global smart grid security market by deployment, security type, application, and region

Smart Grid Security Market by Deployment [Shipment Analysis by Value from 2017 to 2028]:

Cloud

On-Premises
Smart Grid Security Market by Security Type [Shipment Analysis by Value from 2017 to 2028]:

Network Security

Application Security

Endpoint Security

Database Security
Smart Grid Security Market by Application [Shipment Analysis by Value from 2017 to 2028]:

Energy Efficient Resources

Renewable Energy Resources

Smart Meters

Smart Application

Others
Smart Grid Security Market by Region [Shipment Analysis by Value from 2017 to 2028]:

North America

Europe

Asia Pacific

The Rest of the World
List of Smart Grid Security Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, smart grid security companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the smart grid security companies profiled in this report include-

BAE Systems

IBM

Cisco

Intel

Siemens

Symantec

N-Dimension Solutions
Smart Grid Security Market Insights

Lucintel forecasts that database security will remain the highest growing segment over the forecast period due to rising number of cyber-attack cases and increasing risks on complex database infrastructure.

Smart meter will remain the largest segment due to its widespread application in eliminating the errors in manual meter readings and also helps in encouraging efficient utilization of power resources.

North America will remain the largest region over the forecast period due to the expanding number of smart grid projects, growing awareness towards cybersecurity information, and supportive investment from the US government for the installation of smart grids in the region.
Features of the Global Smart Grid Security Market

Market Size Estimates: Smart grid security market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2017 to 2022) and forecast (2023 to 2028) by various segments and regions.

Segmentation Analysis: Smart grid security market size by various segments, such as by deployment, security type, application, and region in terms of value ($B).

Regional Analysis: Smart grid security market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different deployments, security types, applications, and regions for the smart grid security Market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the smart grid security market.

Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ

Q.1 What is the smart grid security market size?

Answer: The global smart grid security market is expected to reach an estimated $20.5 billion by 2028.

Q.2 What is the growth forecast for smart grid security market?

Answer: The global smart grid security market is expected to grow with a CAGR of 9.8% from 2023 to 2028

Q.3 What are the major drivers influencing the growth of the smart grid security market?

Answer: The major drivers for this market are growing demand for cloud-based smart grids from organizations expanding need for these grids to ensure cyber security standards introduction of technologically improved grids based on IoT and supervisory control and data acquisition systems.

Q4. What are the major segments for smart grid security market?

Answer: The future of the smart grid security market looks promising with opportunities in the energy efficient resources, renewable energy resources, smart meters, and smart applications.

Q5. Who are the key smart grid security companies?

Answer: Some of the key smart grid security companies are as follows:

BAE Systems

IBM

Cisco

Intel

Siemens

Symantec

N-Dimension Solutions
Q6. Which smart grid security market segment will be the largest in future?

Answer: Lucintel forecasts that database security will remain the highest growing segment over the forecast period due to rising number of cyber-attack cases and increasing risks on complex database infrastructure.

Q7. In smart grid security market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to expanding number of smart grid projects, growing awareness towards cybersecurity information, and supportive investment from the US government for the installation of smart grids in the region.

Q.8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the global smart grid security market by deployment (cloud and on-premises), security type (network security, application security, endpoint security, and database security), application (energy efficient resources, renewable energy resources, smart meters, smart application, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

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