Global Smart Grid Cyber Security Market 2017-2021

Overview of the global smart grid cyber security market

Technavio’s smart grid security industry analysis identifies the increasing vulnerabilities to be one of the primary growth factors for the smart grid cyber security market. Smart grid is integrated with advanced IT systems that enable the utilities to effectively monitor and control the grid. Integration of innovative technologies improves service and reliability, while, creating weak points for the competitors to damage the functionality. Damaging the power grid will result in outages in power supply, that breaches the privacy of the customer. Consequently, deployment of new smart grid technologies is increasing the vulnerability of the utilities to cyber security threats. Our smart grid security market forecast analysts estimate that the market will grow steadily at a CAGR of more than 10% by 2021.

Implementation of smart grid technologies is further increasing the grid modernization that is widely influenced by the factors such as increase in outages and the cost associated with grid failures, mandatory increase in the use of renewables, and need for efficiency gains. Grid modernization also increases the number of cyber threats raising the need for cyber security systems. Increased investments towards grid modernization is identified to be one of the key trends contributing to the growth of the smart grid cyber security market.

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Competitive landscape and key vendors

The smart grid cyber security market is moderately fragmented due to the presence of several international, regional, and local vendors offering wide range of off-the-shelf cyber security solutions. These solutions can be easily customized and scaled as per the customer requirements and contribute to the high growth potential of the cyber security in smart grids market. Regional vendors account for major market share in developed and developing economies. Competition among the vendors is forecasted to increase due to increasing adoption of automation systems in various industries.

The leading vendors in the market are

• BAE Systems
• IBM
• IOActive
• Lockheed Martin

The other prominent vendors in the market are AlertEnterprise, AlienVault, Black and Veatch, Cisco Systems, Intel (McAfee), Entergy Services, HP, N-Dimension Solutions, Siemens, Sophos, Sourcefire, Symantec, ViaSat, VeriSign, Honeywell International, N-Dimension Solutions, AlertEnterprise, Leidos, Sentryo, and Eaton.

Segmentation by application and analysis of the smart grid cyber security market

• Consumption
• Generation
• Distribution and control

Growing electricity demand will increase the need to deploy smart grids for power supply, that additionally demand for smart meters that are used to read the power consumption rates. To protect the smart meters from cyber-attacks, there is increased adoption of smart grid cyber security solutions for consumption applications.

Geographical segmentation and analysis of the smart grid cyber security market

• Americas
• APAC
• EMEA

The Americas is witnessing steady deployment of smart grids that is influenced by the rise in electricity consumption and increasing number of smart grid projects in this region. Adoption of smart meters drives the need for the adoption of end-to-end cyber security solutions. Also, the increased support provided by the US government for the installation of smart grids by developing initiatives to protect the grid from cyber-attacks will drive the growth of the market in the region.

Key questions answered in the report include

• What will the market size, market size and the growth rate be in 2021?
• What are the key factors driving the global smart grid cyber security market?
• What are the key market trends impacting the growth of the global smart grid cyber security market?
• What are the challenges to market growth?
• Who are the key vendors in the global smart grid cyber security market?
• What are the market opportunities and threats faced by the vendors in the global smart grid cyber security market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global smart grid cyber security market?