Consumption Segment Dominates the Global Smart Grid Cyber Security Market | Technavio

November 6, 2017

LONDON–(BUSINESS WIRE)–#CyberSecurity–According to the latest market study released by Technavio,
the global smart grid cyber security market is expected to grow at a
CAGR of more than 10% during the forecast period.

This research report titled ‘Global
Smart Grid Cyber Security Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This report also includes an up to date analysis and forecasts for
various market segments and all geographical regions.

This report is available at a USD 1,000 discount for a limited time
only: View
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The market research analysis categorizes the global smart grid cyber
security market into the following type of application. They are:

Consumption
Generation
Distribution and control

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Consumption

The consumption segment in the smart grid cyber security market
accounted for more than 37% of the total market share in 2016. The
growing electricity demand will increase the need to deploy smart grids
for power supply. Smart meters, which are installed at consumer's
premise, transmit consumer usage data to electric utilities. Smart
meters are used for reading the power consumption in real time, provide
accurate billing, and to identify electricity theft. They also allow
consumers to manage electricity consumption of home appliances, which
can be monitored either by a mobile application or personal computer.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for power
research, “Many government authorities have set guidelines, aimed at
protecting smart meters from cyber-attacks. This leads to an increased
adoption of safety measures such as data authentication and encryption,
which will drive the demand for smart grid cybersecurity solutions for
consumption applications over the forecast period.”

Generation

In 2016, the generation segment in the smart grid cyber security market
occupied for more than 34% of the total market share. The increasing
demand for electricity has put pressure on utilities to produce more
power. As per the US EIA's Annual Energy Outlook 2017, the cumulative
planned electricity generation capacity addition in the US during
2017-2021 is expected to be 40.6 GW. Renewable energy is being
increasingly integrated into power generation plants. As per IEA's World
Energy Outlook 2016, power generation from renewables is expected to
increase from 23% of the global power generation in 2016 to 37% by 2040.

“The increase in power generation demand by EV use can be met through
grid modernization, which also increases cybersecurity concerns.
Protection of generation assets is of prime concern for operators. In
case of a cyber-attack, failure of generation assets will lead to a
severe power failure that translates to high T&D and monetary losses.
Thus, the introduction of SCADA systems will fuel development in the
global market,” says Thanikachalam.

Distribution and control

The distribution and control segment in the smart grid cyber security
market accounted for around 29% of the total market share in 2016. Power
grid modernization enables grid system operators to centralize the
control and monitoring of their distribution assets. Incorporation of
SCADA into the grid has allowed operators to effectively manage the load
and decrease the outage time, thereby increasing the reliability of the
grid. SCADA system can record data and analyze it to prevent any severe
incidents to occur.

The top vendors highlighted by Technavio’s market research analysts in
this report are:

BAE Systems
IBM
IOActive
Lockheed Martin

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