Smart Grid Security Market Analysis 2022-2027, Industry Size, Share, Trends and Forecast

According to IMARC Group’s latest report, titled “Smart Grid Security Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global smart grid security market reached a value of US$ 7.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2027, exhibiting at a CAGR of 12.3% during 2022-2027.

Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

Smart grid security comprises various services and solutions to secure smart power grids and information technology (IT) and communication systems. It also includes advanced components and control methods, which are deployed with communication systems and improved interfaces for measurement and sensing. Besides this, it ensures efficient, reliable, cost-effective, and clean energy distribution throughout the grid.

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Market Trends

Increasing investments by governing agencies of numerous countries to develop smart cities and digitize the power sector with smart grids represent one of the major factors strengthening the growth of the market. In addition, the integration of artificial intelligence (AI), internet of things (IoT), remote access virtual private network (VPN), fifth-generation (5G) technology, hybrid communication network, and cognitive radio solutions is favoring the market growth. Apart from this, the rising adoption of renewable, efficient and resilient energy solutions and the escalating demand for cloud- and web-based applications across various industrial sectors is creating a positive outlook for the market.

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Smart Grid Security Market 2022-2027 Analysis and Segmentation:

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

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.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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