Smart Grid Cyber Security Market 2018-2028 By Size, Share, Trends, Growth, Forecast

Summary

Report Description

Global Smart Grid Cyber Security Market is growing rapidly owing to the increasing demand for more automation software and solutions and increasing number of cyber-attacks on national infrastructure after the surge in Covid-19 pandemic. Smart grid cyber security is becoming the foundational technology model for safeguarding the power infrastructure. Many enterprises are adopting smart grid cyber security solutions as a cost-effective approach to bolster real-time analysis. The high usage for security solutions across various industries has become one of the significant factors offering cutting edge services for better efficiency, scalability, and customers experience. Additionally, the growth of the market is on account of the continuous evolution of smart grids extensively integrating with emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), digital twins, cloud computing and cybersecurity solutions across the globe during the forecast period. Technology has become the key enabler of excellence and businesses are gradually becoming mobile as digitalization emerges which is expected to boost the global smart grid cyber security market during the forecast period.

Smart grid cyber security is an electrical grid with automation, communication and IT systems that can monitor power flows from points of generation to points of consumption and control the power flow or curtail the load to match generation in real time. A reliable and secure smart grid system provides protective approaches to improve security from cyber-attacks, such as distributed denial-of-service (DDoS) attacks. Smart grid cyber security has three key components: systems data sources, network data sources, and distribution network. Smart grid cyber security can monitor grid conditions, energy consumptions and automate many of its operators and run sophisticated algorithms, which cannot be achieved by locally implementing SCADA or ICS. The solution generally evaluates the conditions and performance of equipment through periodic or continuous assets condition monitoring and alert technicians for an upcoming failure. The organizations use smart grid to make use of different technologies such as advance components, improved decision support & interfaces, integrated communication, advance control methods and measurement & sensing to manage the energy saving through reducing consumption. Cost maintenance reduction, increased asset utilization, real-time monitoring, assets life extension, lower cost of distribution and generation, reliability improvement of the electrical grid, quality risks, efficiency improvement benefits are enabling smart grid cyber security as a significant role in effective asset management and maintenance.

Increasing Technological Advancement and Growing Demand for Energy

The increase in technological advancement and growing demand for energy across the globe is driving the smart grid cyber security market as owing to the requirement of continuous advancement such as communication and advance computing power with real-time control and monitoring in smart energy technologies. Smart grid real-time monitoring and control enable the better generation of electricity power and an efficient way for transmission and distribution of the power over the traditional business intelligence solutions. Technological advancement with the concept of smart grid design allows businesses to create controllability of assets, enhancing the performance, grid observability and better security of power system. Developing economies which lack infrastructure are relying more on smart grid advance solutions for reliability of power transmission and distribution as the technology has a huge potential to maintain the high transmission losses. Furthermore, rising urbanization, amplifying living standards and advancement in technologies has increased the demand for electricity requirement vividly in various countries that are cost-effective, secure and offer flexibility during power delivery structure with good service reliability is enabling the growing adoption of smart grid security systems. Thus, this rising demand and adoption has anticipated the growth of smart grid cyber security in the market.

Increased Sophistication of Cyber-Attacks

One of the main drivers for the small and medium-sized enterprise is the increasing demand for better and secure solutions for overcoming recent cyber-attacks and safeguard critical power grids infrastructure. The recent cyber-attacks with increasing load and consumption demand have increased electricity complications along with problems such as blackouts, overloads, and voltage sags. Cyber-attack risks such as phishing, malware spreading, denial-of-services (DoS) and spoofing attacks have become common to hamper the power gird infrastructure. With the advent of integrating cyber security systems, enterprises can make business operations more functional, improve overall efficiency, develop risk assessments methodologies with real-time monitoring with great accuracy by addressing potential threats from disgruntled employees, terrorists, and espionage operations. Moreover, digitalization and 5G services in the emerging technology for streamlining the process are enabling the massive use of security solution, which is expected to drive the smart grid cyber security market during the forecast period.

Increasing Government Initiatives and Policies to Enhance Power Infrastructure

The increasing government initiatives and favorable policies to enhance the national power infrastructure are driving the demand of smart grid cyber security market during the forecast period. Several government initiatives and investments across the globe to secure the power infrastructure and increase the efficiency and productivity of energy while reducing the energy losses are helping enterprises to adopt more advanced solutions in the power grid. Different countries of the world have stepped forward in the era of smart grid and accept its reality. Government of different countries such as Australia, United States, China, Britain, South Korea, and Japan are already considering options such as smart grid for reducing carbon emission and energy security. Moreover, organizations such as The National Institute of Standards and Technology (NIST), European Network and Information Security Agency (ENISA) are developing guidelines with cohesive cyber strategy for smart grid cyber security. For instance, The Biden-Harris Administration through the U.S. Department of Energy (DOE) recently announced the new financing opportunities of $13 billion for the expansion and modernization of the nation’s electric grid, reaching 100% clean electricity by 2035 and a zero-emissions economy by 2050. Thus, the rising government initiatives, favorable policies and investments are expected to propel the demand of smart grid cyber security market during the forecast period.

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Market Segmentation

The smart grid cyber security market is segmented on the basis of security type, solution type, deployment mode, function, and region. Based on security type, the market is bifurcated into network security, endpoint security, application security, database security, and others. Based on solution type, the market is further split into identity & access management, risk & compliance management, encryption & decryption, data loss prevention, unified threat management, firewall, antivirus & malware, intrusion detection/prevention system, others. Based on deployment mode, the market is segmented into on-premises and clouds. Based on function, the market is segmented into SCADA/ICS, advanced metering infrastructure, demand response system, and home energy management.

Market Player

Major market players in the global smart grid cyber security market are IBM Corporation, Cisco Systems, Inc., BAE Systems PLC, Siemens AG, N-Dimension Solutions, Elster Solutions, AlertEnterprise, Intel Corporation, Symantec Corporation, Leidos.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
Report coverage	Revenue forecast, company share, growth factors, and trends
Segments covered	By Security Type By Solution Type By Deployment Mode By Function
Regional scope	North America, Asia-Pacific; Europe, South America, Middle East
Country scope	United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Spain, Italy, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE, Kuwait
Key companies profiled	IBM Corporation, Cisco Systems, Inc., BAE Systems PLC, Siemens AG, N-Dimension Solutions, Elster Solutions, AlertEnterprise, Intel Corporation, Symantec Corporation, Leidos.
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the global smart grid cyber security market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Smart Grid Cyber Security Market, By Security Type

o Network Security

o Endpoint Security

o Application Security

o Database Security

o Others

Smart Grid Cyber Security Market, By Solution Type

o Identity & Access Management

o Risk & Compliance Management

o Encryption & Decryption

o Data Loss Prevention

o Unified Threat Management

o Firewall

o Antivirus & Malware

o Intrusion Detection/Prevention System

o Others

Smart Grid Cyber Security Market, By Deployment Mode

o On-Premises

o Cloud

Smart Grid Cyber Security Market, By Function

o SCADA/ICS

o Advanced Metering Infrastructure

o Demand Response System

o Home Energy Management

Smart Grid Cyber Security Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ Japan

§ South Korea

§ India

§ Australia

o Europe

§ United Kingdom

§ Germany

§ France

§ Spain

§ Italy

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East

§ UAE

§ Saudi Arabia

§ South Africa

§ Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global smart grid cyber security market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

The global smart grid cyber security market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Service Overview

2. Research Methodology

3. Impact of COVID-19 on Global Smart Grid Cyber Security Market

4. Executive Summary

5. Voice of Customers

5.1. Brand Awareness

5.2. Reasons for Adopting the Smart Grid Cyber Security

5.3. Major Challenges Faced

5.4. Key Satisfaction Level

6. Global Smart Grid Cyber Security Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Security Type (Network Security, Endpoint Security, Application Security, Database Security, Others)

6.2.2. By Solution Type (Identity & Access Management, Risk & Compliance Management, Encryption & Decryption, Data Loss Prevention, Unified Threat Management, Firewall, Antivirus & Malware, Intrusion Detection/Prevention System, Others)

6.2.3. By Deployment Mode (On-Premises and Cloud)

6.2.4. By Function (SCADA/ICS, Advanced Metering Infrastructure, Demand Response System, Home Energy Management)

6.2.5. By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa (MEA))

6.2.6. By Company

6.3. Market Map

7. North America Smart Grid Cyber Security Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Security Type

7.2.2. By Solution Type

7.2.3. By Deployment Mode

7.2.4. By Function

7.2.5. By Country

7.3. North America: Country Analysis

7.3.1. United States Smart Grid Cyber Security Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Security Type

7.3.1.2.2. By Solution Type

7.3.1.2.3. By Deployment Mode

7.3.1.2.4. By Function

7.3.2. Canada Smart Grid Cyber Security Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Security Type

7.3.2.2.2. By Solution Type

7.3.2.2.3. By Deployment Mode

7.3.2.2.4. By Function

7.3.3. Mexico Smart Grid Cyber Security Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Security Type

7.3.3.2.2. By Solution Type

7.3.3.2.3. By Deployment Mode

7.3.3.2.4. By Function

8. Asia-Pacific Smart Grid Cyber Security Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Security Type

8.2.2. By Solution Type

8.2.3. By Deployment Mode

8.2.4. By Function

8.2.5. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Smart Grid Cyber Security Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Security Type

8.3.1.2.2. By Solution Type

8.3.1.2.3. By Deployment Mode

8.3.1.2.4. By Function

8.3.2. Japan Smart Grid Cyber Security Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Security Type

8.3.2.2.2. By Solution Type

8.3.2.2.3. By Deployment Mode

8.3.2.2.4. By Function

8.3.3. South Korea Smart Grid Cyber Security Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Security Type

8.3.3.2.2. By Solution Type

8.3.3.2.3. By Deployment Mode

8.3.3.2.4. By Function

8.3.4. India Smart Grid Cyber Security Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Security Type

8.3.4.2.2. By Solution Type

8.3.4.2.3. By Deployment Mode

8.3.4.2.4. By Function

8.3.5. Australia Smart Grid Cyber Security Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Security Type

8.3.5.2.2. By Solution Type

8.3.5.2.3. By Deployment Mode

8.3.5.2.4. By Function

9. Europe Smart Grid Cyber Security Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Security Type

9.2.2. By Solution Type

9.2.3. By Deployment Mode

9.2.4. By Function

9.2.5. By Country

9.3. Europe: Country Analysis

9.3.1. Germany Smart Grid Cyber Security Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Security Type

9.3.1.2.2. By Solution Type

9.3.1.2.3. By Deployment Mode

9.3.1.2.4. By Function

9.3.2. United Kingdom Smart Grid Cyber Security Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Security Type

9.3.2.2.2. By Solution Type

9.3.2.2.3. By Deployment Mode

9.3.2.2.4. By Function

9.3.3. France Smart Grid Cyber Security Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Security Type

9.3.3.2.2. By Solution Type

9.3.3.2.3. By Deployment Mode

9.3.3.2.4. By Function

9.3.4. Spain Smart Grid Cyber Security Market Outlook

9.3.4.1. Market Size & Forecast

9.3.4.1.1. By Value

9.3.4.2. Market Share & Forecast

9.3.4.2.1. By Security Type

9.3.4.2.2. By Solution Type

9.3.4.2.3. By Deployment Mode

9.3.4.2.4. By Function

9.3.5. Italy Smart Grid Cyber Security Market Outlook

9.3.5.1. Market Size & Forecast

9.3.5.1.1. By Value

9.3.5.2. Market Share & Forecast

9.3.5.2.1. By Security Type

9.3.5.2.2. By Solution Type

9.3.5.2.3. By Deployment Mode

9.3.5.2.4. By Function

10. South America Smart Grid Cyber Security Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Security Type

10.2.2. By Solution Type

10.2.3. By Deployment Mode

10.2.4. By Function

10.2.5. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Smart Grid Cyber Security Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Security Type

10.3.1.2.2. By Solution Type

10.3.1.2.3. By Deployment Mode

10.3.1.2.4. By Function

10.3.2. Argentina Smart Grid Cyber Security Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Security Type

10.3.2.2.2. By Solution Type

10.3.2.2.3. By Deployment Mode

10.3.2.2.4. By Function

10.3.3. Colombia Smart Grid Cyber Security Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Security Type

10.3.3.2.2. By Solution Type

10.3.3.2.3. By Deployment Mode

10.3.3.2.4. By Function

11. Middle East & Africa Smart Grid Cyber Security Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Security Type

11.2.2. By Solution Type

11.2.3. By Deployment Mode

11.2.4. By Function

11.2.5. By Country

11.3. Middle East & Africa: Country Analysis

11.3.1. UAE Smart Grid Cyber Security Market Outlook

11.3.1.1. Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2. Market Share & Forecast

11.3.1.2.1. By Security Type

11.3.1.2.2. By Solution Type

11.3.1.2.3. By Deployment Mode

11.3.1.2.4. By Function

11.3.2. Saudi Arabia Smart Grid Cyber Security Market Outlook

11.3.2.1. Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2. Market Share & Forecast

11.3.2.2.1. By Security Type

11.3.2.2.2. By Solution Type

11.3.2.2.3. By Deployment Mode

11.3.2.2.4. By Function

11.3.3. South Africa Smart Grid Cyber Security Market Outlook

11.3.3.1. Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2. Market Share & Forecast

11.3.3.2.1. By Security Type

11.3.3.2.2. By Solution Type

11.3.3.2.3. By Deployment Mode

11.3.3.2.4. By Function

11.3.4. Kuwait Smart Grid Cyber Security Market Outlook

11.3.4.1. Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2. Market Share & Forecast

11.3.4.2.1. By Security Type

11.3.4.2.2. By Solution Type

11.3.4.2.3. By Deployment Mode

11.3.4.2.4. By Function

12. Market Dynamics

12.1. Drivers

12.1.1. Increasing Technological Advancement and Growing Demand for Energy

12.1.2. Increased Sophistication of Cyber-Attacks

12.1.3. Increasing Government Initiatives and Policies to Enhance Power Infrastructure

12.2. Challenges

12.2.1. Lack of Awareness about Smart Grid Cybersecurity System

12.2.2. Maintaining Cybersecurity Standard Over Time

13. Market Trends & Developments

13.1. Continuous Evolution of Smart Grids

13.2. Integration Offering of Smart Grids IT And Cybersecurity Solutions

13.3. Increased Smart City Projects in Developing Countries

13.4. Increasing Adoption of E-Vehicles

13.5. Higher Penetration of AI, IoT, Automation and Robotics Technologies

14. Mergers & Acquisitions

15. Company Profiles

15.1. Cisco System, Inc.

15.1.1. Business Overview

15.1.2. Key Revenue and Financials (If Available)

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services

15.1.6. SWOT Analysis

15.2. IBM Corporation

15.2.1. Business Overview

15.2.2. Key Revenue and Financials (If Available)

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services

15.2.6. SWOT Analysis

15.3. BAE System PLC

15.3.1. Business Overview

15.3.2. Key Revenue and Financials (If Available)

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services

15.3.6. SWOT Analysis

15.4. Siemens AG

15.4.1. Business Overview

15.4.2. Key Revenue and Financials (If Available)

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services

15.4.6. SWOT Analysis

15.5. Symantec Corporation

15.5.1. Business Overview

15.5.2. Key Revenue and Financials (If Available)

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services

15.5.6. SWOT Analysis

15.6. Elster Solutions

15.6.1. Business Overview

15.6.2. Key Revenue and Financials (If Available)

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services

15.6.6. SWOT Analysis

15.7. AlertEnterprise

15.7.1. Business Overview

15.7.2. Key Revenue and Financials (If Available)

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services

15.7.6. SWOT Analysis

15.8. Leidos

15.8.1. Business Overview

15.8.2. Key Revenue and Financials (If Available)

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services

15.8.6. SWOT Analysis

15.9. Intel Corporation

15.9.1. Business Overview

15.9.2. Key Revenue and Financials (If Available)

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services

15.9.6. SWOT Analysis

15.10. N-Dimension Solutions

15.10.1. Business Overview

15.10.2. Key Revenue and Financials (If Available)

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services

15.10.6. SWOT Analysis

16. Strategic Recommendations

16.1. Dominating Market by Security Type

16.2. Fastest Growing Market by Function

16.3. Dominating Market by Region

17. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

Which are the main market players in the global Smart Grid Cyber Security market?

IBM Corporation, Cisco Systems, Inc., BAE Systems PLC, Siemens AG, N-Dimension Solutions, Elster Solutions, AlertEnterprise, Intel Corporation, Symantec Corporation, Leidos are the main players driving the global Smart Grid Cyber Security market.

What is Smart Grid Cyber Security?

The smart grid cyber security is an electrical grid with automation, communication and IT systems that can monitor power flows from points of generation to points of consumption and control the power flow or curtail the load to match generation in real time.

Which is the dominant region in the Smart Grid Cyber Security market?

North America is anticipated to be the leading region in the smart grid cyber security market owing to increasing technological development for automation solutions, smart devices, and cloud services and growing needs of business in organizations.

Write about the advantages of using Smart Grid Cyber Security?

The smart grid cyber security offers high quality power to customers more efficiently, aggregates large-scale real-time data analysis monitoring, high security and increased grid resilience and improving environmental performance.

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Press Release

Smart Grid Cyber Security Market to be Dominated by Increased Number of Cyberattacks

Feb, 2023

The rising technological advancement and growing demand for energy is expected to drive the market for the Global Smart Grid Cyber Security Market during the forecast period of 2024-2028.

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