Smart Grid Security Market Industry Analysis | Future Growth | Trends

Northbrook, IL, USA, 2020-Mar-20 —

Most of the countries are transforming the traditional grid to smart grid technology. There are around 100 smart grid deployment projects across the globe, distributed among various phases of the smart grid deployment such as Advanced Metering Infrastructure Residential (AMI R), Advanced Metering Infrastructure Industrial (AMI I), Peak Load Management (PLM), Outage Management System (OMS), and Power Quality Management (PQM).

The Smart Grid Fund in Canada has been supporting the deployment projects since 2011. Asian countries have the second largest number of smart grid projects with the Indian Smart Grid Forum accounting for the highest implementation of smart grid projects in India. The New Energy and Industrial Technology Development Organization (NEDO), along with local utility bodies, is implementing smart grid projects in Japan.

The bottom-up procedure was employed to arrive at the overall market size of the global smart grid security market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives.

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The major forces driving the smart grid security market are global development of smart grids and increased sophistication of cyber-attacks. The smart grid security market is growing rapidly because of the growing security needs of Internet of Things (IoT) and digitization in energy sector and increased deployment of web & cloud-based business applications.

Encryption solution to grow at the highest CAGR from 2016 to 2021

Cyber security solutions are used to secure the data, network infrastructure, and connected devices. The increasing adoption of smart grid has connected number of devices and applications through internet, which are susceptible to Advanced Persistent Threats (APTs). The encryption solution is expected to witness the highest CAGR in the global smart grid security market during the period 2016–2021. North America is expected to account for the largest market share in 2016, due to the greater awareness of cyber security and early adoption of smart grid security in the region.