The smart grid security market is expected to reach USD 12.84 Billion by 2026, according to a new report by Reports and Data
New York, NY -- (SBWIRE) -- 02/25/2021 -- The growth of the market is governed by various factors such as the growing grid digitalization by advanced technologies
Market Size – USD 5.97 Billion in 2018, Market Growth - CAGR of 9.9%, Market Trends- Enhanced distribution and usage while reducing transmission loss
The Smart Grid Security Market is expected to reach USD 12.84 Billion by 2026, according to a new report by Reports and Data. Constant development and integration of innovative novel and networking technologies are enhancing the security measures. Acknowledging the complexity associated with smart grid due to complex network, there is an improvement in the risk factors, including data confidentiality, security, and vulnerabilities. This could result in an improved attack by penetrating the network and earning access over the software and transform load conditions to intrude the grid, resulting in a surge in demand for smart grid security solutions. Moreover, rising government initiatives for digitizing the power sector toward smart grid technology will propel the growth of the market during the forecast period. This helps in improved distribution and usage while decreasing transmission loss during power transmission.
The market in the Asia Pacific region is anticipated to witness the highest CAGR of 10.3% during the forecast period. The rising government support and desirable policies are propelling market growth. Upcoming smart city plans in emerging regions are anticipated to offer an opportunity during the forecast period.
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The competitive landscape of the market offers significant insight into the key market players operating in the Smart Grid Security market. The segment covers market share, product portfolio, pricing analysis, and strategic business decisions taken by each market player. The report also includes the strategic steps and initiatives undertaken by the companies to combat the impact of the pandemic. The major companies explored in the report are Cisco Systems, Inc., BAE Systems PLC, Intel Security (Mcafee), Siemens AG, Symantec Corporation, IBM Corporation, N-Dimension Solutions, Inc., Elster Solutions, Alertenterprise, Leidos.
Further key findings from the report suggest
- The smart grid security market is estimated to reach USD 12.84 Billion by 2026, at a CAGR of 9.9% during the forecast period.
- The cloud deployment accounted for a larger share of 65.8% of the market in 2018.
- New and advanced cloud technology services allow thousands of customers to use related resources helping companies to decrease their expenses. Cloud enables technology to adjust quickly to the changing landscape and in matching the new needed changes. Cloud service providers assures that the applications can be effortlessly configured and build entire solutions in a brief time. These factors help the organizations to focus on its core competency, which in turn, results in their overall growth.
- The energy efficient resources application segment accounted for the largest share of 29.3% of the market in 2018.
- The application security type is expected to witness the highest CAGR of 10.3% during the forecast period.
- The largest share is accounted by North America with a share of 32.3% of the market in 2018. The technological shifts in IT have led to constant improvements in the region.
- Various players are developing strategies to mark their presence in the industry.
- Siemens extended its strategic alliance with Atos in November 2016 and increased its capabilities in the field of Machine Intelligence, Industrial Security, Service Enhancing Technologies, Industrial Data Analytics, and Web of Systems.
The report offers a comprehensive study of the regional bifurcation of the market and provides insightful data about the regulatory framework, current and emerging market trends, opportunities, supply-demand ratio, production and consumption volume, and the import/export ratio in each region. It also evaluates the presence of each market player in the region and strategic initiatives taken by the companies to gain a robust presence in the region. The regional segmentation covers country-wise analysis of the market and includes:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The research report on the global Smart Grid Security market offers extensive analysis of the product spectrum and application scope of the business landscape. Based on the product type, the Smart Grid Security market is split into:
Deployment Outlook (Revenue, USD Billion ; 2016-2026)
Security Type Outlook (Revenue, USD Billion ; 2016-2026)
Application Outlook (Revenue, USD Billion ; 2016-2026)
Energy Efficient Resources
Renewable Energy Resources
Key findings of the report:
- Historical and current trends of the market
- Factors likely to influence the dynamics of the market
- Growth assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players including their market share, revenue contribution, and global position
- Growth strategies adopted by key market players to combat the impact of COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Smart Grid Security market
- Strategic recommendations to the established market players and emerging companies
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Smart Grid Security Market Segmentation & Impact Analysis
4.1. Smart Grid Security Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
188.8.131.52. Rising incidences of cyber-attacks
184.108.40.206. Growing population leads to rising energy consumption
4.2.3. Market restraints analysis
220.127.116.11. High investment cost
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
To summarize, the report provides insightful data regarding every aspect of the market to enable the players to gain a competitive edge. The report comprises of data and information gathered from extensive primary and secondary research and is validated and verified by industry experts and professionals. The data provides reliable statistics for the period of 2020-2027 organized in the form of tables, charts, graphs, diagrams, and other graphical representations.
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