San Francisco, California, August 16, 2018 – The growing deployment of smart grids world over has led to security challenges and triggered a variety of threats, thus intensifying the need for effective smart grid security solutions. The rising adoption of smart meters in the energy sector in various parts of the world and the rapid penetration made by internet of things (IoT) technologies in the utility sector are notable factors driving the demand for smart grid security mechanism and technologies.
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A report by TMR Research takes a closer look at these trends and factors influencing the various prospects of the market. The study is titled “Smart Grid Security Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”.
The presence of several communication nodes has upped the vulnerability of smart grids to cyberattacks, which is propelling the need for defense monitoring mechanism for the system. The mounting concern of threats, terrorist attacks, and natural disasters in smart grids is a crucial aspect fueling the smart grid security market growth. The ever rising worldwide demand for energy is boosting smart grids deployments and ensuring an interrupted operation of these is critical, thereby bolstering the demand for smart grid security solutions. The rising application of cloud-based applications is a significant factor fortifying the uptake of smart grid security.
Rising research and development activities to gain a better understanding of the various privacy and security issues plaguing smart grids augurs well for the overall smart grid security market. The rapid strides being made by the power industry in emerging economies is also catalyzing the demand for smart grid security. The growing demand of various encryption services for smart meters in the grid infrastructure is paving way to several lucrative opportunities for market players.
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The market is increasingly competitive with the presence of a large number of regional and international vendors competing against each other on the basis of the services they offer. Some of the top players operating in the smart grid security market are Elster Solutions, Symantec Corporation, Siemens AG, Intel Corporation, Cisco Systems, IBM Corporation, BAE Systems PLC, and Smart Grid Security.