Cyber Security in Energy Sector Market Driving at 11.7% CAGR Reach USD 25 Billion by 2032

Allied Market Research published a new report, titled, "Cyber Security in Energy Sector Market Driving at 11.7% CAGR Reach USD 25 Billion by 2032." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global cyber security in energy sector market size was valued at USD 8.6 billion in 2022 and is projected to reach USD 25 billion by 2032, growing at a CAGR of 11.7% from 2023 to 2032.

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Driving Factors

The rise in demand for cloud-based cybersecurity solutions in the energy sector and the surge in the occurrence of cyberattacks across the energy sector drive the growth of the market. However, complexities of device security, along with budget constraints among start-ups and SMEs limit the growth of the market. Conversely, increase in adoption of smart device applications and platforms in energy sector and robust need for strong authentication methods are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Market Segmentation

The cyber security in energy sector market is segmented on the basis of component, deployment model, enterprise size, end user, and region. Depending on component, the market is bifurcated into solutions and services. By solution, the market is fragmented into network security, endpoint security, application security, data security, others. By services, the market is segmented into vulnerability assessment, digital risk and threat monitoring, business continuity services, disaster recovery, digital forensics, penetration testing, threat intelligence, security information and event management, implementation and integration services, training and education services, and others.

By deployment model, the market is bifurcated into cloud and on-premise. By enterprise size, it is segregated into small and medium-sized enterprises (SMEs) and large enterprises. As per end user, it is classified into industrial, commercial, and residential. By industrial, the market is categorized into oil & gas industry, transmission & distribution, power plants, natural gas plants. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Players

The key players profiled in the cyber security in energy market analysis are 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 cyber security in energy market.

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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global cyber security in energy sector market revenue, owing to the rapid digital transformation initiatives in the energy sector, along with the increasing focus on resilience and business continuity in the wake of cyber incidents in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.1% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the increasing adoption of advanced technologies such as the Internet of Things (IoT) and cloud computing, expanding the attack surface and necessitating stronger security measures in the region.

Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for around three-fifths of the global cyber security in energy sector market revenue, owing , increase in need of automation and rise in use of industrial internet required more prominent data security system. However, the small & medium-sized enterprises (SMEs) segment is projected to attain the highest CAGR of 13.9% from 2023 to 2032, owing to the increase in need to recognize the importance of IT and systems department rather than just hardware repair among SMEs.

Based on end user, the industrial segment accounted for the largest share in 2022, contributing to less than half of the global cyber security in energy sector market revenue, owing to the rapid rise in digitalization and growth in networking of machines and industrial systems have given rise to the risk of cyberattacks, which eventually drives the demand for cyber security solution in industrial segment. However, the residential segment is also expected to portray the largest CAGR of 14.3% from 2023 to 2032 and is projected to maintain its fastest-growing position during the forecast period.

Based on component, the solution segment held the highest market share in 2022, accounting for around two-thirds of the global cyber security in energy sector market revenue, owing to the increase in need for vulnerability assessment, penetration testing, and ensuring compliance with the leading federal, defense, and industry security standards. However, the service segment is projected to attain the highest CAGR of 14.1% from 2023 to 2032, owing to the rise in adoption of digital technologies across the energy sector and increase in availability of desired information from anywhere at any time are putting data privacy and protection at greater risk.

Based on deployment model, the on-premise segment accounted for the largest share in 2022, contributing to more than half of the global cyber security in energy sector market revenue, owing to increase in need to secure critical data from cyberattacks and monitor the influx of data within the organization, which eventually drives the need for on-premise solutions in energy market. However, the cloud segment is also expected to portray the largest CAGR of 14.9% from 2023 to 2032 and is projected to maintain its fastest-growing position during the forecast period.

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● Recent Partnerships in the Market

On April 2023, A and Google partnered to help businesses better protect critical assets and strengthen security against persistent cyber threats. Together, they are providing the technology, trusted infrastructure, and security expertise organizations need to build resilient security programs and maintain confidence in their readiness.

In November 2022, Hitachi Energy proclaimed the partnership with Anlyz, an innovative SOCaaS platform provider company, expanding the managed services offerings. This strategic development further helped in identifying, responding, and remediating complex cyber risks.

● Recent Product launches in the Market

In April 2021, Siemen Energy introduced the world's first power transmission solution, SensSolution, which is integrated with universal cloud connectivity and web application suite. This allows the secured transmission of substation data to the cloud, enabling valuable real-time analyses and monitoring.

In November 2021, Hitachi Energy unveiled IdentiQ, a digital twin solution for high-voltage direct current (HVDC) and power quality solutions, which helps to advance the global energy systems to be more flexible and sustainable. Also, this solution is secured in compliance with industry-leading cybersecurity standards and protects all asset data and information.

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