Smart grids are now termed as the next-gen power systems. These smart grids combine sophisticated communication and computing technologies to give better reliability and efficiency to the power systems. With the growing prevalence of renewable energy to meet the increasing demand for electricity, the use of smart grid systems has grown substantially. Their growing use has also given rise to another market known as the smart grid cyber security market. The market is flourishing on the increasing need to secure a large number of interconnected devices across different power facilities. Smart grid cyber security has now become a fundamental component while installing a smart grid system.
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One key benefit smart grid cyber security is its ability to tackle any issue that pops up due to the power failure of any important component in the power system. The security system can help in restoring the power and making the system work smoothly.
Some of the key driving factors that are influencing the growth of the global smart grid cyber security market are listed below:
- Increasing demand for power coupled with the rising mandates for the use of smart grid technologies is on the key reason for the development of the global smart grid cyber security market. These security systems are also a key component in maintaining a stable and reliable power supply during any emergency. It is also helping the growth of the market.
- A smart grid security system helps in securing, stabilizing the communication layer of the smart grid systems. This is also helping to up the adoption of these security systems across the globe and thus drive its growth.
- Growing incidences of cyber-attacks from various sources such as terrorists, disgruntled employees, or business competitors is also encouraging the uptake of smart grid cyber security market.
Some prominent players in the global smart grid cyber security market include names such as IOActive Inc., Industrial Defender Inc., IBM Corporation, and ViaSat Inc. among others.
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