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Smart Grid Cyber Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Security Type (Network Security, Endpoint Security, Application Security, Database Security, Others), 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), By Deployment Mode (On-Premises and Cloud), By Function (SCADA/ICS, Advanced Metering Infrastructure, Demand Response System, Home Energy Management), By Region, Competition

September 2023 | 188 pages | ID: S8F170FFDAEFEN
TechSci Research

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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.

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.

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
    • Network Security
    • Endpoint Security
    • Application Security
    • Database Security
    • Others
  • Smart Grid Cyber Security Market, 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
  • Smart Grid Cyber Security Market, By Deployment Mode
    • On-Premises
    • Cloud
  • Smart Grid Cyber Security Market, By Function
    • SCADA/ICS
    • Advanced Metering Infrastructure
    • Demand Response System
    • Home Energy Management
  • Smart Grid Cyber Security Market, By Region
    • North America
      • United States
      • Canada
      • Mexico
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Italy
    • South America
      • Brazil
      • Argentina
      • Colombia
    • 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).
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


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
6.3. By Company
6.4. 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

13. MARKET TRENDS & DEVELOPMENTS


14. COMPANY PROFILES

14.1. Cisco System, Inc.
  14.1.1. Business Overview
  14.1.2. Key Revenue and Financials (If Available)
  14.1.3. Recent Developments
  14.1.4. Key Personnel
  14.1.5. Key Product/Services
14.2. IBM Corporation
  14.2.1. Business Overview
  14.2.2. Key Revenue and Financials (If Available)
  14.2.3. Recent Developments
  14.2.4. Key Personnel
  14.2.5. Key Product/Services
14.3. BAE System PLC
  14.3.1. Business Overview
  14.3.2. Key Revenue and Financials (If Available)
  14.3.3. Recent Developments
  14.3.4. Key Personnel
  14.3.5. Key Product/Services
14.4. Siemens AG
  14.4.1. Business Overview
  14.4.2. Key Revenue and Financials (If Available)
  14.4.3. Recent Developments
  14.4.4. Key Personnel
  14.4.5. Key Product/Services
14.5. Symantec Corporation
  14.5.1. Business Overview
  14.5.2. Key Revenue and Financials (If Available)
  14.5.3. Recent Developments
  14.5.4. Key Personnel
  14.5.5. Key Product/Services
14.6. Elster Solutions
  14.6.1. Business Overview
  14.6.2. Key Revenue and Financials (If Available)
  14.6.3. Recent Developments
  14.6.4. Key Personnel
  14.6.5. Key Product/Services
14.7. AlertEnterprise
  14.7.1. Business Overview
  14.7.2. Key Revenue and Financials (If Available)
  14.7.3. Recent Developments
  14.7.4. Key Personnel
  14.7.5. Key Product/Services
14.8. Leidos
  14.8.1. Business Overview
  14.8.2. Key Revenue and Financials (If Available)
  14.8.3. Recent Developments
  14.8.4. Key Personnel
  14.8.5. Key Product/Services
14.9. Intel Corporation
  14.9.1. Business Overview
  14.9.2. Key Revenue and Financials (If Available)
  14.9.3. Recent Developments
  14.9.4. Key Personnel
  14.9.5. Key Product/Services
14.10. N-Dimension Solutions
  14.10.1. Business Overview
  14.10.2. Key Revenue and Financials (If Available)
  14.10.3. Recent Developments
  14.10.4. Key Personnel
  14.10.5. Key Product/Services

15. STRATEGIC RECOMMENDATIONS


16. ABOUT US & DISCLAIMER

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


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