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Smart Grid Security Market 2024 Evolution boosting the growth Worldwide

Author : Ronak Bora | Published Date : 2019-03-25 

U.S. smart grid security market is expected to dominate the revenue owing to the early cyber security adoption and rapid technological advancements. The Asia Pacific region is forecast to grow at the highest CAGR, considering the rapidly emerging opportunities across power industries in this region. Growing need for data security, fragmentation and innovation in the field is predicted to provide huge impetus to the European smart grid security market. For instance, in Denmark, close data exchange between distribution system operators (DSO), transmission system operators (TSO), retailers and generators takes place via data hub. The TSO takes care of the data security and has been outsources to a third party.

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The smart grid security market also enable the constant controlling, monitoring and managing the consumer demands. Increase in usage of connected devices, technological advancements and increasing concerns for vulnerability & security are expected to boost the security systems demand.

The IP standards use in smart grids provide a huge advantage of compatibility between different system components. However, IP use makes the devices inherently vulnerable to many network attacks such as tear drop, denial of services and IP spoofing. Thus, increasing use of IP for connected devices is projected to propel smart grid security market demand.

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The smart grid security market is segmented by managed and professional services, of which, professional services account for majority share. The lack of security experts in energy & utility companies and urgent need to address smart grid security threats is expected are fuel the demand for professional grid security providers. Based on the solutions provided by the smart grid security systems, these are segmented into firewall, antimalware & antivirus, encryption, identity & access management, distributed denial of service (DDoS), vulnerability & security management, intrusion detection system (IDS), intrusion protection system (IPS), fraud detection and data loss prevention (DLP).

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Various stakeholders in the smart grid security market are cloud service providers, security service providers, national & state governments, utility companies, technology providers, enterprise users and IT service providers. BAE Systems PLC., Cisco Systems Inc., IBM Corporation, Siemens AG, Intel Corporation, Elster Solutions, Symantec Corporations, AlertEnterprises, N Dimension Solutions and Leidos are some of the players in the market. IOA Active Inc., Lockheed Martin Corp., McAfee, Alien Vault, Black & Veatch, Entergy Services, Sophos, Source Fire and ViaSat are some of the other leading providers of smart grid security. The companies are increasingly adopting the strategies of partnerships and collaborations to diversify the services portfolio and increase their market share.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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