The report “Smart Grid Security Market Size,
Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia,
China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa),
Application Growth Potential, Competitive Market Growth & Forecast, 2016 –
2024”,
global Smart Grid Security Market size
will be fueled by growing development and increasing occurrences of
cyber-attacks. Increased cloud- and web-based applications in businesses are
anticipated to further propel market growth.
The frequency of usage of
Advanced Metering Systems (AMI) is on the rise in recent years. The smart meters
form an important constituent of the system. The installation of these and such
smart grids are expected to positively impact the smart grid security market
growth during the forecast period. Furthermore, the recent attacks on smart
grids is expected to increase the adoption of security systems exponentially.
However, the mismatch lifecycles of the IO and OT and differing practices in
maintenance, design and qualification are anticipated to create gaps. These
gaps can be maliciously exploited and are anticipated to pose threats to the
smart grid security market.
Smart grids are the
integration of traditional power grid and information & communication
technologies. The integration empowers the consumers & electrical utility
providers and improves availability & efficiency of the power systems.
Smart grid security market continues to evolve with technology and to achieve
efficient, reliable, economical and clean energy distribution, smart grids make
use of different technologies such as advanced components, integrated
communication, advanced control methods, improved decision support &
interfaces and measurement & sensing. These technological improvements
depend on analysis of massive amounts of data and new interconnectivity levels,
which is expected to further market growth. Hence, the smart grid security
market is expected to provide solutions that help secure the network
infrastructure, data and the devices connected in the grid.
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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.
Increasing internet of things (IoT) penetration and in turn rising
adoption of smart grids are anticipated to fuel the security systems demand
during the forecast period. The long investment cycles in energy sector and
heterogeneous guidelines pertaining to cyber security is anticipated to be the
biggest challenge faced by smart grid security market.
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.
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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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.
The increasing governmental initiatives to prepare a
country to face such attacks on smart grids is set to positively impact the
industry growth. For instance, the EU NIS directive, which will come to effect
in 2018, is designed to create national competent authorities to monitor the
application of Directive. The Distribution System Operators (DSOs) will be
responsible for the grid security and conformity with NIS requirements.
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.
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