PUBLISHER: The Business Research Company | PRODUCT CODE: 1695035
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695035
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 $10.12 billion in 2024 to $11.44 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to increasing cyber threats, regulatory requirements, integration of renewable energy, growing adoption of IoT devices, demand for grid resilience.
The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $18.49 billion in 2029 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to growing cyber threats, increasing adoption of IoT devices, stringent regulatory requirements, expanding smart grid deployments, rising investments in grid modernization. Major trends in the forecast period include integration of AI and machine learning for threat detection, adoption of blockchain for enhancing data security, cloud-based security solutions, emphasis on public-private partnerships for addressing security challenges, expansion of IoT devices and edge computing.
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 2024. 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.
Smart Grid Security Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart grid security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart grid security ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart grid security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.