USD 21.8 Billion Cyber Security in Energy Market Reach by 2031

According to the report published by Allied Market Research "The USD 21.8 Billion Cyber Security in Energy Market Reach by 2031." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

The rise in need and requirement to keep information, data, and devices secure in the energy sector and surge in risks of cyber-attacks on energy industry for execution of mass operations drive the growth of the global cyber security in energy market. Moreover, technological advancements in cyber security in energy, such as inclusion of artificial intelligence (AI) and automations and the rise in adoption of digital practices for various operations in energy sector present new opportunities in the coming years.

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The global cyber security in energy market was valued at USD 8.6 billion in 2022, and is projected to reach USD 21.8 billion by 2031, growing at a CAGR of 11.3% from 2023 to 2031.

The cyber security in energy market is segmented on the basis of component, deployment model, enterprise size, end user, and region. Depending on component, the market is bifurcated into solution and service. By deployment model, the market is fragmented into cloud and on-premises. By enterprise size, it is segregated into large enterprises and SMEs. As per end user, it is classified into industrial, commercial, and residential. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the solution segment held the highest market share in 2021, accounting for more than two-thirds of the global cyber security in energy market and is estimated to maintain its leadership status throughout the forecast period. Increase in need for vulnerability assessment, penetration testing, and ensuring compliance with the leading federal, defense, and industry security standards is the major reason for the adoption of cyber security solutions. However, the service segment is projected to manifest the highest CAGR of 13.6% from 2022 to 2031.

Based on end user, the industrial segment accounted for the largest share in 2021, contributing to nearly half of the global cyber security in energy market. The need to implement cost-effective cybersecurity solutions drives the adoption of cybersecurity in the industrial sector. However, the residential segment is expected to portray the largest CAGR of 14.2% from 2022 to 2031. The need to provide network security for residential homes and home offices, the adoption of cyber security in the residential sector is increasing.

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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global cyber security in energy market. The major factors that contribute toward the growth of cybersecurity in North America are the increase in usage of mobile & web in energy sector. In addition, the increase in dependency on the internet and digital platforms is another major factor fueling the market growth in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.1% from 2022 to 2031 and is likely to dominate the market during the forecast period. The major factor contributing toward the adoption of cybersecurity solutions in Asia-Pacific is the increase in usage of mobile data for various applications such as mobile banking and social media.

The report on cyber security in energy market analysis includes profiles of key players operating in the cyber security in energy market such as IBM Corporation, General Electric, Vestas, Mitsubishi Power, Hitachi Energy Ltd, Nordex, Ansaldo Energia, Baker Hughes, and Elliot Ebara. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber security in energy market.

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Covid-19 Scenario

● The outbreak of the Covid-19 pandemic had a positive impact on the global cyber security in energy market. This is attributed to the fact that with the emergence of COVID-19, the use of cyber security had enabled energy sector to address security issues and facilitate secured information access while remote working.

● In addition, the risk of cyberattacks had increased at a considerable rate in various organizations during the pandemic. This was owing to a rise in internet traffic, which propelled the need for cybersecurity solutions in energy market. Thus, the pandemic had a positive impact on cyber security in energy market.

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