Smart Grid Cyber Security Market Detailed Analysis and Forecast by 2025
Smart grids, considered next-generation power system, combine sophisticated computing and communication technologies to better efficiency and reliability of power systems. Emergence of renewable energy in response to rising demand for electricity, has particularly stoked their uptake. On account of their salient features which consists of millions of interconnected electronic devices across power facilities heavily reliant on communication networks, cyber security emerges to be a critical issue for smart grids.
This has spawned the market for smart grid cybersecurity, which tackles both deliberate attacks from terrorists, business enemies, and disgruntled employees and inadvertent ones resulting from equipment failures, errors by users, and natural disasters. The primary benefit of smart grid security is its ability to counter any contingency brought about by power failure of any crucial component of the power system by facilitating a reliable and stable power system. A challenge facing the market currently is the lack of standard reference architecture for the smart grid and the dearth of release mechanisms.
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From a geographical standpoint, North America and Europe generate maximum demand in the global market for smart grids cybersecurity. On account of a slew of guidelines and policies pertaining to data security and privacy in countries of Germany, the Netherlands, and the U.K., the market in Europe is slated to see good growth in the upcoming years. Asia Pacific, powered by China, will also likely emerge as a key market in the next couple of years.
Siemens AG, VeriSign, Lockheed Martin Corp., ViaSat Inc., Industrial Defender Inc., IOActive Inc., and IBM Corp are some of the main providers of smart grid cybersecurity.
Global Smart Grid Cyber Security Market: Inclusive Insight
Cyber security comprises checking damage, illegal usage, and misuse of communication systems, electronic information, and the information contained therein to ensure availability, integrity and confidentiality. It also includes restoration of electronic information and communication systems in case of natural disaster or deliberate attack. The components within smart grid that are prone to cyber-attacks include operational technologies, IT systems, and end access points. The operational technologies which are exposed to cyber threats are power line communication devices, supervisory control, intelligent electronic devices, and data acquisition (SCADA) and energy management systems.
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This industry research report is a brief review of the growth trail in terms of existing, past, and future scenarios of the global smart grid cyber security market. It deals with the evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research report offers references of the research and development activities, mergers and acquisitions, and specifics on licensing and collaborations. The report probes into the strategies related to publicity, shares, and product range of the key participants in the global smart grid cyber security market.
Global Smart Grid Cyber Security Market: Drivers and Inhibitors
The growing demand for power along with growing global mandate for smart grid technologies is expected to bolster the progress of the global smart grid cyber security market. A smart grid provides a network of electricity for consumers and suppliers to regulate the demand for energy and flow of information through the high-end devices. The communication layer is the backbone of the smart grid and is susceptible to cyber-attacks. The smart grid is envisioned to decrease the vulnerability of the electricity systems and improve emergency response. Smart grid security is an important parameter to maintain reliable and stable power system during the contingency situation due to power failure of any critical power system component.
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The chief driver of growth of the global smart grid cyber security market is the increasing occurrence of cyber threats owing to rising interconnection and integration. Furthermore, the new two way communication systems and growing risk to operations are expected to boost the demand for smart grid cyber security technologies globally. Nevertheless, the dearth of standard reference architecture for the smart grid and the lack of release mechanisms is expected to hamper the growth of the market.
Global Smart Grid Cyber Security Market: Regional Outlook
Currently, North America and Europe account for the peak demand of cyber security. In European nations such as the UK, German and the Netherlands, there are several of guidelines and policies for data security and privacy. The market for smart grid cyber security in Europe is estimated to rise progressively in the near future. In Asia Pacific, China is expected to drive the growth of the smart grid cyber security market mostly driven by methods to reinforce the smart grid systems.
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