Global Smart Grid Security Market By Deployment (On-premises and Cloud-based)’ By Security Type (Database’ Application’ Network’ Endpoint’ and Others)’ By Application (Smart Meters’ Smart Application’ Energy Efficient Resources’ and Others)’ and By Geography (North America’ Europe’ APAC’ and RoW) – Global Forecast up to 2025
Overview
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This comprehensive market research report delves into the global smart grid security market, segmenting it by deployment (on-premises and cloud-based), security type (database, application, network, endpoint, and others), application (smart meters, smart application, energy-efficient resources, and others), and geography (North America, Europe, APAC, and RoW). The report identifies major vendors operating in this market, including Cisco Systems, Inc., N-Dimension Solutions Inc., Elster Solutions, Intel Corporation, IBM Corporation, Oracle, Symantec Corporation, Siemens AG, BAE Systems, and Leidos.
Market Overview
The global smart grid security market is poised to experience significant growth at a rate exceeding 8% during the forecast period from 2019 to 2025. This growth is primarily driven by the increasing demand for efficient power consumption and the adoption of renewable energy resources worldwide. As modernization and innovative networking technologies continue to be integrated into the smart grid, opportunities for enhancing security measures arise. However, the presence of diverse cybersecurity guidelines poses challenges to market growth.
Key drivers for market growth include:
- Rising demand for efficient power consumption and renewable energy resources globally.
- Continuous development and integration of innovative networking technologies to enhance security measures.
- Increased complexity of smart grids leading to higher risks in terms of security, data confidentiality, and vulnerabilities.
- Government initiatives promoting smart grid technology for the digitization of the power sector, enabling enhanced distribution and reduced transmission losses during power delivery.
Regional Analysis
North America held the largest share of the global smart grid security market in 2018, driven by a high number of technology innovators and increasing adoption of smart grid security solutions. This region is expected to dominate the market during the forecast period. The Asia Pacific region is anticipated to witness the fastest growth rate due to the growing need for secure and reliable power supply.
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Competitive Analysis and Key Vendors
This report covers and analyzes the global smart grid security market. Major vendors across various verticals are actively developing products and investing in this market, contributing to the expected growth in the coming years. Key players are adopting organic and inorganic growth strategies, such as mergers & acquisitions, collaborations, partnerships, and joint ventures, to gain a competitive advantage.
Key Vendors in the Smart Grid Security Market:
- BAE Systems PLC
- IBM Corporation
- Cisco Systems, Inc.
- Intel Corporation
- Siemens AG
- Symantec Corporation
- N-Dimension Solutions
- Elster Solutions
These companies offer a range of hardware and software products related to smart grid security systems. Several other vendors have been studied based on their portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D to provide a comprehensive analysis of the ecosystem.
Market Segmentation
- Smart Grid Security Market By Deployment
- On-premise
- Cloud-based (Expected to experience significant growth during the forecast period 2019-2025)
- Smart Grid Security Market By Security Type
- Database security
- Application security
- Network security
- Endpoint security
- Others
- Smart Grid Security Market By Application
- Smart meters
- Smart application
- Renewable energy resources
- Energy efficient resources
- Others
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Benefits of the Report
This report offers an in-depth analysis of the smart grid security market, covering factors such as increasing safety and security concerns and technological advancements in smart devices that positively impact the demand for smart grid security globally. Recent product launches indicate that this technology is approaching market readiness. The growing prevalence of cyber-attacks and other threats to critical infrastructure is driving demand for smart grid security solutions.
The report discusses the market in terms of deployment, security type, applications, and regions, providing details about the major challenges impacting market growth.
Region/Country Coverage in the Report
- North America
- Europe
- APAC
- RoW
Key Players Covered in the Report
- BAE Systems PLC
- IBM Corporation
- Cisco Systems, Inc.
- Intel Corporation
- Siemens AG
- Symantec Corporation
- N-Dimension Solutions
- Elster Solutions
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