Demand for Smart Grid Cyber Security Solutions to Rise in Response to Increasing Number of Grid Projects Worldwide

Published Date : Sep 12, 2016

ALBANY, NY, Sep 12, 2016: recently added a new report to its repository. The report is titled “Global Smart Grid Cyber Security Market 2016-2020,” and presents insights into the various factors encouraging and inhibiting the market between 2016 and 2020. The report projects strong growth for the market during the period. 

The deployment of smart grids has considerably increased over the last few years as they provide operators with greater control over the grid functions for improving reliability with enhanced efficiency and monitoring through information exchange. Integrated with various information technology (IT) and operation technology (OT) systems, smart grids offer various access points for enemies to break the security system. Irrespective of the benefits offered by the IT and OT integration, it also opens new vulnerabilities for attacks. This is a primary factor fuelling demand for smart grid cyber security systems. 

The report provides a comprehensive overview of the various factors that are influencing the global smart grid cyber security market. It also presents a blueprint of the various technological advancements that are expected to create opportunities for the market in the forthcoming years.

Based on application, the report has segmented the global smart grid cyber security market into distribution and control, consumption, and generation. Of these, the consumption segment led the market in 2015, with a share of over 37%. The smart meters are considered a crucial part of the advanced metering infrastructure system and their installation has significantly increased in the recent years. This is expected be a key factor driving the demand for smart grid cyber security in the next few years. Moreover, the adoption of these solutions has been surging in light of recent attacks on smart grids and associated fields.

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Regionally, the Americas have been identified as a highly lucrative market for smart grid cyber security market. The region is likely to hold a significant share in the global market and emerge dominant by the end of 2020. The rising number of smart grid projects in the US and the increasing end users installing the smart metering systems across Latin America will fuel demand for cyber security solutions in the region.

To present a comprehensive overview of the prevailing competitive landscape, the report also profiles companies such as BAE Systems, IOActive, Lockheed Martin, and International Business Machines. Besides this the market also features the presence of several diversified local, regional, and international vendors who provide services to power utilities. This has rendered the market’s vendor landscape highly fragmented. These companies in general offer highly sophisticated and specialized security products. Many of them also boast a vast product portfolio.

The report studies the companies profiled based on the policies they adopted, their product portfolio and developmental strategies.

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