The smart grid is an integration of conventional grid with advanced IT technology, which enables users to efficiently monitor and have greater control over various segments of the network. Combining a conventional grid with advanced machine and communication technologies enhances service and security through data exchange, and active assistance of end-users. Advancements in IT, and implementation of such technologies increase power distribution, and production control in the overall process.
The increase in demand for energy, and current advancements in technologies of power grids are two primary factors expected to drive growth of the global smart grid security market. Governments in various developed and developing countries are preferring grid operators to employ latest technologies to meet increasing demand for power. Smart grids are a combination of IT with conventional grid, and gives greater control over the operations which further improves reliability.
Adoption of cloud-based technology is also expected to further fuel growth of the global market in coming years. Cloud-based smart grid products offer organizations various features to decrease operational costs, and to incorporate their resources. However, cloud-based applications operate on Web, which makes smart grid applications more exposed to cyber-attacks. This may hamper growth of the global market.
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The global smart grid security market report has been segmented on the basis of component, security type, application, and region. On the basis of region, the global smart grid security market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Smart grid security is an advanced power distribution solution for their end customers. It has highest adoption rate within North America. North America dominates the global smart grid security market. In Europe, smart grid security is widespread in Germany, the U.K., France, and others. Japan has the highest market share for smart grid security in Asia Pacific region, followed by China. The Asia Pacific global smart grid security market is also growing positively, and expected to grow at highest CAGR.
Key players operational in the global market include Cisco Systems Inc., BAE Systems PLC., IBM Corporation, Intel Corporation, Siemens AG, Symantec Corporations, Elster Solutions, AlertEnterprises, Leidos, and N-Dimension Solutions, Inc.