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.
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.
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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.
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.
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.
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