The North America Smart Grid Security Market is expected to witness market growth of 28.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Smart Grid Security Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of USD11.12 billion by 2031. The Canada market is experiencing a CAGR of 29.8% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 29.5% during 2024-2031.
The smart grid security market has emerged as an important part of the global energy infrastructure as the transitions toward more advanced, interconnected, and digitalized electricity systems. Traditional power grids, which have long relied on mechanical and analog systems to manage electricity distribution, are being replaced by smart grids that leverage digital communication technologies, real-time data analytics, and automation to optimize energy efficiency, reliability, and sustainability.
Additionally, as these power grids become more sophisticated and connected, they become increasingly vulnerable to cyberattacks, data breaches, and other security threats. The smart grid infrastructure's uninterrupted and secure operation is contingent upon the development and implementation of rigorous security measures in response to the increasing complexity and digital dependency.
North America's smart grid security market is rapidly expanding, fueled by the increasing digitalization of energy systems and growing cyberattack threats. In this region, adopting smart grids is critical for enhancing energy efficiency, integrating renewable sources, and managing the rising electricity demand. Governments in the United States, Canada, and Mexico are taking significant steps to secure this infrastructure, from funding cybersecurity initiatives to enforcing stringent regulations that protect critical assets.
The US market dominated the North America Smart Grid Security Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of USD11.12 billion by 2031. The Canada market is experiencing a CAGR of 29.8% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 29.5% during 2024-2031.
The smart grid security market has emerged as an important part of the global energy infrastructure as the transitions toward more advanced, interconnected, and digitalized electricity systems. Traditional power grids, which have long relied on mechanical and analog systems to manage electricity distribution, are being replaced by smart grids that leverage digital communication technologies, real-time data analytics, and automation to optimize energy efficiency, reliability, and sustainability.
Additionally, as these power grids become more sophisticated and connected, they become increasingly vulnerable to cyberattacks, data breaches, and other security threats. The smart grid infrastructure's uninterrupted and secure operation is contingent upon the development and implementation of rigorous security measures in response to the increasing complexity and digital dependency.
North America's smart grid security market is rapidly expanding, fueled by the increasing digitalization of energy systems and growing cyberattack threats. In this region, adopting smart grids is critical for enhancing energy efficiency, integrating renewable sources, and managing the rising electricity demand. Governments in the United States, Canada, and Mexico are taking significant steps to secure this infrastructure, from funding cybersecurity initiatives to enforcing stringent regulations that protect critical assets.
List of Key Companies Profiled
- Broadcom, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Oracle Corporation
- Honeywell International, Inc.
- ABB Group
- General Electric Company
- Schneider Electric SE
- Hitachi, Ltd.
Market Report Segmentation
By Services
- Professional Services
- Managed Services
By Deployment
- Cloud
- On-premises
By Application
- Smart Application
- Smart Meters
- Other Applications
By Enterprise Size
- Large Enterprises
- SMEs
By Security Type
- Network Security
- Application Security
- Endpoint Security
- Database Security
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Smart Grid Security Market by Services
Chapter 6. North America Smart Grid Security Market by Deployment
Chapter 7. North America Smart Grid Security Market by Application
Chapter 8. North America Smart Grid Security Market by Enterprise Size
Chapter 9. North America Smart Grid Security Market by Security Type
Chapter 10. North America Smart Grid Security Market by Country
Chapter 11. Company Profiles
Companies Mentioned
Some of the key companies in the North America Smart Grid Security Market include:- Broadcom, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Oracle Corporation
- Honeywell International, Inc.
- ABB Group
- General Electric Company
- Schneider Electric SE
- Hitachi, Ltd.
Methodology
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