Smart grid security market is expected to grow from
USD 405.37 million in 2017 to USD 747.07 million by 2023, at a compound annual
growth rate (CAGR) of 10.73% during the forecast period. The growing
investments to shift country utility infrastructure to smart grid, increased
sophistication of cyber-attacks, and growing need to comply with energy
generation and consumption regulations and standards are some of the factors
driving the growth of smart grid security market.
Deployment of smart grid has improvised the power
system operation by provisioning the multi-directional information flow between
different sub-stations. This has led to benefits such as effective metering to
substations, increased security, resilient and efficient grid control, and
efficient monitoring of assets among others. Smart grid security refers to the
actions undertaken by the electricity grid stakeholders such as utility
provider, regulators, and national/state government among others to secure the
grid.
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Smart Grid Security Market
Key players
The prominent players in the smart grid security
market have been identified across all the major regions based on their country
of origin, presence across different regions, recent key developments, product
diversification, and industry expertise. The major vendors of the market are
BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.),
Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec
Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.),
Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (US), Lockheed
Martin Corporation (US) and McAfee LLC (US).
Regional
Analysis
The global market for smart grid security is
estimated to grow at a notable rate during the forecast period from 2018 to
2023. The geographical analysis of smart
grid security market is done for North America, Europe, Asia-Pacific,
and the rest of the world.
North America is expected to dominate the smart
grid security market from 2018 to 2023 owing to the presence of advanced
utility infrastructure, high concentration of market players in the region, and
availability of proficient cyber-security expertise. However, Asia-Pacific is
estimated to grow at the highest CAGR during the forecast period owing to shift
of traditional grid structure to smart grid by many countries in the region.
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