Smart Grid Security Global Market Report 2024

Description

Smart grid security encompasses a range of measures and practices aimed at safeguarding the digital assets, systems, and data integral to modern electric power grids, commonly referred to as smart grids. It is employed to secure critical infrastructure, thwart unauthorized access attempts, and mitigate cyber threats that have the potential to disrupt or compromise the reliability, efficiency, and safety of the grid.

The primary types of smart grid security encompass endpoint security, network security, application security, and database security. Endpoint security involves securing individual devices or systems connected to the smart grid network, such as meters or sensors, to ensure the protection of data collected and transmitted by these devices. This security approach incorporates multiple layers, including physical security, network security, application security, and data security. Endpoint security solutions can be deployed both on-premise and in the cloud, catering to various applications such as consumption monitoring, energy generation, distribution management, and grid control. These security measures find application across diverse sectors including utilities, energy management, industrial facilities, residential complexes, and commercial establishments.

The smart grid security market research report is one of a series of new reports from The Business Research Company that provides smart grid security market statistics, including smart grid security industry global market size, regional shares, competitors with a smart grid security market share, detailed smart grid security market segments, market trends and opportunities, and any further data you may need to thrive in the smart grid security industry. This smart grid security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart grid security market size has grown rapidly in recent years. It will grow from $8.98 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth observed in the historic period can be attributed to several factors, including the escalating frequency of cyber threats targeting smart grid infrastructure, regulatory mandates imposing stringent security standards, the integration of renewable energy sources into the grid, widespread adoption of Internet of Things (IoT) devices for grid monitoring and control, and the increasing emphasis on enhancing grid resilience to withstand various challenges and disruptions.

The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.40 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth in the forecast period can be attributed to several factors, including the escalating frequency and sophistication of cyber threats targeting smart grid infrastructure, the proliferation of Internet of Things (IoT) devices in grid networks, the imposition of stringent regulatory requirements to bolster grid security, the expanding deployment of smart grid technologies, and the increasing investments in grid modernization initiatives. Major trends expected in this period include the integration of artificial intelligence (AI) and machine learning algorithms for proactive threat detection, the adoption of blockchain technology to enhance data security and integrity, the implementation of cloud-based security solutions for scalable protection, a focus on public-private partnerships to address complex security challenges, and the continued expansion of IoT devices and edge computing capabilities to fortify grid defenses.

The smart grid security market is poised for significant growth due to the escalating cybersecurity risks facing digital systems and networks. These risks encompass threats and vulnerabilities that can result in unauthorized access, data breaches, or operational disruptions. Factors contributing to the increasing cybersecurity risks include technological expansion, sophisticated cyberattacks, remote work and cloud adoption, and a lack of security awareness. Smart grid security solutions play a crucial role in mitigating these risks by providing automated alerting mechanisms, incident management workflows, and response playbooks to expedite incident response in the event of a cyber attack or breach. Additionally, these systems leverage threat intelligence feeds and data from cybersecurity research organizations to stay abreast of evolving cyber threats and attack vectors. For instance, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, totaling 76,000 cases, underscoring the growing urgency for robust smart grid security measures.

Major players in the smart grid security market are intensifying their focus on developing innovative solutions to gain a competitive advantage. One such advancement is the development of advanced smart grid security platforms, tailored cybersecurity solutions specifically designed to safeguard modern electric power grids from cyber threats and vulnerabilities. For example, in August 2022, Dubai Electricity and Water Authority (DEWA) introduced the Big Data and Analytics platform to integrate smart grid applications. This sophisticated platform enhances smart grid data security and management by enabling the processing of vast amounts of data, providing data-driven analytics and predictions for current and future initiatives. Additionally, DEWA introduced the Smart Grid Data Governance platform to ensure compliance with data policies and processes, setting the groundwork for robust data management and stewardship practices.

In January 2023, TE Connectivity (TE), a prominent technology company based in Switzerland, made a strategic moveby acquiring Kries, a Germany-based provider of smart grid security solutions. This acquisition strengthens TE's position as a global leader in grid reliability solutions, particularly for utilities, power network owners, and renewable energy infrastructure. By integrating Kries' expertise in smart grid security into its energy business unit, TE enhances its ability to offer comprehensive smart distribution grid solutions, addressing the growing demand for reliable and secure energy infrastructure.

Major companies operating in the smart grid security market are Siemens AG, Lockheed Martin Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., N-Dimension Solutions, Schneider Electric SE, Broadcom Inc., ABB Ltd., BAE Systems Plc, Eaton Corporation plc, Leidos Holdings Inc., Entergy Corporation, Xylem Inc., Palo Alto Networks Inc., Fortinet Inc., Black & Veatch Holding Company, Landis+Gyr, FireEye Inc., Sophos Ltd., AlertEnterprise Inc., Trilliant Holdings Inc., IOActive, AT&T Cybersecurity, GE Grid Solutions LLC

North America was the largest region in the smart grid security market in 2023. The regions covered in the smart grid security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart grid security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart grid security market includes revenues earned by entities by providing services such as cybersecurity solutions, risk assessment, compliance management, and incident response. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Including: 1) By Type: Endpoint; Network; Application; Database
2) By Security Layers: Physical Security; Network Security; Application Security; Data Security
3) By Deployment Mode: On-Premise; Cloud
4) By Application: Consumption; Generation; Distribution And Control
5) By End-Users: Utilities; Energy Management; Industrial; Residential; Commercial
Covering: Siemens AG; Lockheed Martin Corporation; HP Inc.; International Business Machines Corporation; Cisco Systems Inc.

Product Code: r17440

1. Executive Summary

2. Smart Grid Security Market Characteristics

3. Smart Grid Security Market Trends And Strategies

4. Smart Grid Security Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Smart Grid Security Market Size and Growth

5.1. Global Smart Grid Security Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Smart Grid Security Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Smart Grid Security Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Grid Security Market Segmentation

6.1. Global Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Endpoint
Network
Application
Database
6.2. Global Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Physical Security
Network Security
Application Security
Data Security
6.3. Global Smart Grid Security Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On-Premise
Cloud
6.4. Global Smart Grid Security Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Consumption
Generation
Distribution And Control
6.5. Global Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Utilities
Energy Management
Industrial
Residential
Commercial

7. Smart Grid Security Market Regional And Country Analysis

7.1. Global Smart Grid Security Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Smart Grid Security Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Smart Grid Security Market

8.1. Asia-Pacific Smart Grid Security Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Smart Grid Security Market

9.1. China Smart Grid Security Market Overview
9.2. China Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Smart Grid Security Market

10.1. India Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Smart Grid Security Market

11.1. Japan Smart Grid Security Market Overview
11.2. Japan Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Smart Grid Security Market

12.1. Australia Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Smart Grid Security Market

13.1. Indonesia Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Smart Grid Security Market

14.1. South Korea Smart Grid Security Market Overview
14.2. South Korea Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Smart Grid Security Market

15.1. Western Europe Smart Grid Security Market Overview
15.2. Western Europe Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Smart Grid Security Market

16.1. UK Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Smart Grid Security Market

17.1. Germany Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Smart Grid Security Market

18.1. France Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Smart Grid Security Market

19.1. Italy Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Smart Grid Security Market

20.1. Spain Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Smart Grid Security Market

21.1. Eastern Europe Smart Grid Security Market Overview
21.2. Eastern Europe Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Smart Grid Security Market

22.1. Russia Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Smart Grid Security Market

23.1. North America Smart Grid Security Market Overview
23.2. North America Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Smart Grid Security Market

24.1. USA Smart Grid Security Market Overview
24.2. USA Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Smart Grid Security Market

25.1. Canada Smart Grid Security Market Overview
25.2. Canada Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Smart Grid Security Market

26.1. South America Smart Grid Security Market Overview
26.2. South America Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Smart Grid Security Market

27.1. Brazil Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Smart Grid Security Market

28.1. Middle East Smart Grid Security Market Overview
28.2. Middle East Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Smart Grid Security Market

29.1. Africa Smart Grid Security Market Overview
29.2. Africa Smart Grid Security Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Smart Grid Security Market, Segmentation By Security Layers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Smart Grid Security Market, Segmentation By End-Users, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Smart Grid Security Market Competitive Landscape And Company Profiles

30.1. Smart Grid Security Market Competitive Landscape
30.2. Smart Grid Security Market Company Profiles
- 30.2.1. Siemens AG
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Lockheed Martin Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. HP Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. International Business Machines Corporation
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Cisco Systems Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Smart Grid Security Market Other Major And Innovative Companies

31.1. N-Dimension Solutions
31.2. Schneider Electric SE
31.3. Broadcom Inc.
31.4. ABB Ltd.
31.5. BAE Systems Plc
31.6. Eaton Corporation plc
31.7. Leidos Holdings Inc.
31.8. Entergy Corporation
31.9. Xylem Inc.
31.10. Palo Alto Networks Inc.
31.11. Fortinet Inc.
31.12. Black & Veatch Holding Company
31.13. Landis+Gyr
31.14. FireEye Inc.
31.15. Sophos Ltd.

32. Global Smart Grid Security Market Competitive Benchmarking

33. Global Smart Grid Security Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Smart Grid Security Market

35. Smart Grid Security Market Future Outlook and Potential Analysis

35.1 Smart Grid Security Market In 2028 - Countries Offering Most New Opportunities
35.2 Smart Grid Security Market In 2028 - Segments Offering Most New Opportunities
35.3 Smart Grid Security Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer