Unfolding of Smart Grid Security Market Due To Increase in the Technological Development

Population growth and fast paced social progress in developing countries has led to the growth of global smart grid security market. Since 2007, approximately 36 million smart electricity meters have been deployed. The market is also wide-spread in Italy, Sweden and Spain as well. Also, rest of the Asia and Europe are on the verge of huge deployments. With the increase in economic conditions, even a relatively poor economies are implementing and introducing smart grid projects with fast pace.

According to a report by Transparency market Research (TMR), global smart grid security market is expected to rise at a healthy CAGR of 10.5% during the period between 2017 and 2025 to become worth US$10.58 bn industry by 2025 from US$4.35 bn in 2016.

What are the driving forces influencing the global market of smart grid security?

Technological growth is of the major driving force for the smart grid security market. It can be seen mainly in the regions which has shown a shift towards digitalization of grid system for commercial usage. In several countries, since there is a huge dominance by the local and regional vendors, it is expected to increase the competition in coming times.

As Michel Madi, CEO of NES, has explained that smart grids are way more than mere electrical infrastructure. They are also a huge data networks that are essential for uninterrupted functioning of various economic sectors. It is now a must-have factor for certain sectors, especially for energy to make sure to have the latest security solutions to avoid risks.

What are the geographical segments that are expected to lead the market of smart grid security?

North America, holding the maximum shares, is the leading regional entity from a geographical point of view. The market in North America is responsible for 38.7% shares in the global smart grid security market. Europe, powered by its major countries such as U.K, France, Germany, Italy, and the rest of it, follows North America with regards to market share in the global smart grid security market. Asia pacific is estimated to exceed all other regions with a CAGR of 11.3% from 2017 to 2025 where mainly India, China, and Japan are getting a firmer grip on the technological developmental front.

How are the leading players performing globally in grid security market?

Honeywell International Inc., Intel Corporation, Siemens AG, Symantec Corporation, IBM Corporation, Leidos Holdings Inc., Cisco Systems, BAE Systems Plc., Inc., N-Dimension Solutions Inc., and Alert Enterprise Inc. are some of the significant participants in the global smart grid security market. These leaders are also planning to encash the opportunity in developing economies as well as the market there is adopting the latest and upcoming technology at a very high pace.


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