Smart Grid Security Global Market Report 2024

The smart grid security market size has grown rapidly in recent years. It will grow from $8.98 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth observed in the historic period can be attributed to several factors, including the escalating frequency of cyber threats targeting smart grid infrastructure, regulatory mandates imposing stringent security standards, the integration of renewable energy sources into the grid, widespread adoption of Internet of Things (IoT) devices for grid monitoring and control, and the increasing emphasis on enhancing grid resilience to withstand various challenges and disruptions.

The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.4 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth in the forecast period can be attributed to several factors, including the escalating frequency and sophistication of cyber threats targeting smart grid infrastructure, the proliferation of Internet of Things (IoT) devices in grid networks, the imposition of stringent regulatory requirements to bolster grid security, the expanding deployment of smart grid technologies, and the increasing investments in grid modernization initiatives. Major trends expected in this period include the integration of artificial intelligence (AI) and machine learning algorithms for proactive threat detection, the adoption of blockchain technology to enhance data security and integrity, the implementation of cloud-based security solutions for scalable protection, a focus on public-private partnerships to address complex security challenges, and the continued expansion of IoT devices and edge computing capabilities to fortify grid defenses.

The smart grid security market is poised for significant growth due to the escalating cybersecurity risks facing digital systems and networks. These risks encompass threats and vulnerabilities that can result in unauthorized access, data breaches, or operational disruptions. Factors contributing to the increasing cybersecurity risks include technological expansion, sophisticated cyberattacks, remote work and cloud adoption, and a lack of security awareness. Smart grid security solutions play a crucial role in mitigating these risks by providing automated alerting mechanisms, incident management workflows, and response playbooks to expedite incident response in the event of a cyber attack or breach. Additionally, these systems leverage threat intelligence feeds and data from cybersecurity research organizations to stay abreast of evolving cyber threats and attack vectors. For instance, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, totaling 76,000 cases, underscoring the growing urgency for robust smart grid security measures.

Major players in the smart grid security market are intensifying their focus on developing innovative solutions to gain a competitive advantage. One such advancement is the development of advanced smart grid security platforms, tailored cybersecurity solutions specifically designed to safeguard modern electric power grids from cyber threats and vulnerabilities. For example, in August 2022, Dubai Electricity and Water Authority (DEWA) introduced the Big Data and Analytics platform to integrate smart grid applications. This sophisticated platform enhances smart grid data security and management by enabling the processing of vast amounts of data, providing data-driven analytics and predictions for current and future initiatives. Additionally, DEWA introduced the Smart Grid Data Governance platform to ensure compliance with data policies and processes, setting the groundwork for robust data management and stewardship practices.

In January 2023, TE Connectivity (TE), a prominent technology company based in Switzerland, made a strategic moveby acquiring Kries, a Germany-based provider of smart grid security solutions. This acquisition strengthens TE's position as a global leader in grid reliability solutions, particularly for utilities, power network owners, and renewable energy infrastructure. By integrating Kries' expertise in smart grid security into its energy business unit, TE enhances its ability to offer comprehensive smart distribution grid solutions, addressing the growing demand for reliable and secure energy infrastructure.

Major companies operating in the smart grid security market are Siemens AG, Lockheed Martin Corporation, HP Inc., International Business Machines Corporation, Cisco Systems Inc., N-Dimension Solutions, Schneider Electric SE, Broadcom Inc., ABB Ltd., BAE Systems Plc, Eaton Corporation plc, Leidos Holdings Inc., Entergy Corporation, Xylem Inc., Palo Alto Networks Inc., Fortinet Inc., Black & Veatch Holding Company, Landis+Gyr, FireEye Inc., Sophos Ltd., AlertEnterprise Inc., Trilliant Holdings Inc., IOActive, AT&T Cybersecurity, GE Grid Solutions LLC.

North America was the largest region in the smart grid security market in 2023. The regions covered in the smart grid security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart grid security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart grid security encompasses a range of measures and practices aimed at safeguarding the digital assets, systems, and data integral to modern electric power grids, commonly referred to as smart grids. It is employed to secure critical infrastructure, thwart unauthorized access attempts, and mitigate cyber threats that have the potential to disrupt or compromise the reliability, efficiency, and safety of the grid.

The primary types of smart grid security encompass endpoint security, network security, application security, and database security. Endpoint security involves securing individual devices or systems connected to the smart grid network, such as meters or sensors, to ensure the protection of data collected and transmitted by these devices. This security approach incorporates multiple layers, including physical security, network security, application security, and data security. Endpoint security solutions can be deployed both on-premise and in the cloud, catering to various applications such as consumption monitoring, energy generation, distribution management, and grid control. These security measures find application across diverse sectors including utilities, energy management, industrial facilities, residential complexes, and commercial establishments.

The smart grid security market research report is one of a series of new reports that provides smart grid security market statistics, including smart grid security industry global market size, regional shares, competitors with a smart grid security market share, detailed smart grid security market segments, market trends and opportunities, and any further data you may need to thrive in the smart grid security industry. This smart grid security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart grid security market includes revenues earned by entities by providing services such as cybersecurity solutions, risk assessment, compliance management, and incident response. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.