(MENAFN- GlobeNewsWire – Nasdaq) The length of the smart grid security market is expected to grow from $9. 51 billion in 2023 to $28. 00 billion in 10 years. The market is expected to witness an expansion rate due to the increasing occurrence of cyber attacks across the world.
Newark, Aug. 06, 2024 (GLOBE NEWSWIRE) — Brainy Insights estimates that the global smart grid security market will grow from $9. 51 billion in 2023 to $28. 00 billion in 2033. Upcoming trends and technologies will influence the long-term of smart grids. network security. Blockchain technology is gaining traction in securing transactions and communications in the power grid sector due to its decentralized nature that is resistant to tampering. In addition, the popularity of edge computing continues to grow as it promotes greater power in knowledge processing while editing security with real-time risk reaction capabilities. Quantum computing is also vital, the evolution of which presents benefits and demanding situations to improve the cybersecurity of smart grids through complex encryption techniques; This evolution puts existing methods at risk. Properly preparing for these adjustments will be essential for operations to achieve complex cybersecurity criteria in the electric power distribution industry.
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Smart Grid Security Market Key Landscape
The Asia-Pacific region is expected to grow at the highest CAGR of the forecast period.
During the forecast period, the Asia Pacific region is expected to witness the largest expansion in the global smart grid security market. The Asia-Pacific region will expand significantly. The Asia-Pacific region is experiencing immediate urbanization and industrialization, leading to a significant increase in force requirements. Countries such as India, Japan, South Korea and China are experiencing significant demographic expansion and economic development, requiring reliable and effective infrastructure to meet their demands. The implementation of smart grid generation is of utmost importance to meet this developing energy demand while ensuring consistency within the energy source network. The smart network security market in Asia Pacific is not only thriving but also plays a vital role in the global market. Due to increased investments in similar projects, the allocation of significant resources from the region to modernize infrastructure with complex technologies and integrate select force resources has been essential. Given this stable inflow of committed investment budget for such projects over time, the region is expected to witness a significant expansion in the global smart grid security market. This influence and contribution to the global market will be a source of pride for all stakeholders in the region.
Report Scope and Segmentation –
Go to the detailed summary of the studies report with index:
The call reaction systems segment is expected to grow at the highest CAGR of the forecast period.
The sub-formula segment includes call for reaction formulas, supervisory control and knowledge acquisition (SCADA)/industrial control formula (ICS), internal force control formula, complex measurement infrastructure, and others. The reaction formula summoning segment is expected to grow at the highest CAGR during the forecast period. With the increasing use of force globally, utilities need to ensure grid reliability and efficiency. Demand reaction formulas are imperative to manage peak loads well, reducing the need to build more power plants while minimizing power interruptions. It will be necessary to ensure the security of these formulas to avoid interruptions and ensure smooth operations, while maintaining the functionality of the network uninterrupted.
The local segment is expected to hold the second highest market share during the forecast period.
The deployment mode segment includes cloud and on-premises. The local segment is expected to have the second-highest market percentage during the forecast period. Utilities have full authority over their knowledge and security infrastructure with local responses, which are imperative to comply with strict knowledge sovereignty regulations or protective sensitive data that cannot be stored off-site. place. These solutions can be tailored to meet specific application security needs while offering seamless integration with existing systems and operational generation (OT) configurations to ensure a comprehensive policy against potential threats.
The database security segment is expected to grow at the highest CAGR of the forecast period.
The security types segment includes endpoint security, application security, knowledge base security, and network security. The knowledge base security segment is expected to grow at the highest CAGR during the forecast period. Sensitive and critical knowledge, such as operational measurements, customer data, and recipe settings, is stored in knowledge bases within smart networks. It is extremely important to protect against unauthorized access, manipulation or theft of this knowledge. Industry compliance with strict knowledge protection regulations plays a vital role in incentivizing strict security measures for those knowledge bases in the smart grid industry. Using knowledge base security responses helps maintain reliable operations by maintaining integrity and availability, while preventing issues such as unauthorized access to formulas as a result of potential service interruptions or bribery attempts to gain access to certain classified areas/components that can be attacked due to their vulnerability. state, thus guaranteeing general safety standards. ArrayRecent developments:
. March 2022: Gridspertise and Analog Devices, Inc. se partnered to improve smart grid technology, focusing on distribution grid control and control. The partnership aims to expand cutting-edge technologies that will increase the reliability and productivity of smart grids employing semiconductors. functions of Analog Devices, Inc. , and Gridspertise’s force software.
Market dynamics
Driver: increased investment in network infrastructure
The global smart grid security market is booming due to really significant investments in smart grid infrastructure. To improve the efficiency, reliability, and sustainability of power grids, governments, utilities, and personal establishments are investing a significant budget in upgrading existing systems with state-of-the-art technologies, while integrating renewable energy resources.
Constraint: High costs and implementation
One of the biggest hurdles facing the global smart grid security industry is the huge expense of implementation and maintenance. Comprehensive safeguards require significant investment in complicated tools, such as next-generation firewalls, intrusion detection and activation systems (IDPS), and security data. and event control systems (SIEM). This fee may be overblown, as integrating those technologies into existing electric power infrastructure could be too expensive for small utilities with limited monetary resources.
Opportunity: emergence of complex risk detection and reaction solutions
Cutting-edge technologies such as device learning, behavioral analytics, and synthetic intelligence are imperative to mitigating complex cyber risks, unlike smart grids. Traditional security measures, such as firewalls and antivirus software, can no longer meet the growing need for physical security. powerful protection. As a result, there is a developing trend towards implementing complex risk detection and reaction responses that ensure the real-time identity of malware with proactive risk mitigation mechanisms.
Some of the major players operating in the network security market are:
. BAE Systems Plc. Seimens AG. Schneider Electric. Lockheed Martin Company. IBM. Entergie. IOActive. Business Alert. Black & Veatch. AlienVault Inc. Cisco Systems Inc. Honeywell (Elster). Eaton Company. N-dimensional solutions. HP Inc.
Coverage of Key Market Segments:
For security:
. Database security. Network security. Application security. Endpoint security
By subsystem:
. Demand reaction system. Supervisory Control and Data Acquisition (SCADA)/Industrial Control System (ICS). Home energy control system. Advanced measurement infrastructure. Others
By deployment mode:
. Cloud. On site
By region
. North America (United States, Canada, Mexico). Europe (Germany, France, United Kingdom, Italy, Spain, Europe). Asia Pacific (China, Japan, India, Rest of APAC). South America (Brazil and South America). Middle East & Africa (UAE, South Africa, rest of MEA)
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About the report:
The market is analyzed based on price (in billions of dollars). All segments have been analyzed at a global, regional and national level. The study includes, in part, studies from more than 30 countries. The report analyzes the driving factors, opportunities, restraints, and demanding situations to obtain a critical review of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitive position network analysis, and marketing and distribution channel research.
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