Cyber fears to boost smart grid security market
June 7, 2017
The global smart grid security market is likely to witness a remarkable rise in the next few years, thanks to the increasing needs for cyber security across the world, according to TMR research.
The rising use of the web and cloud-based business applications, IoT, and various other information and communications technologies is expected to influence the demand for smart grid security products and services over the forthcoming years.
Researchers considered the geographical segments of the global market for smart grid security as the main parameters for the study of the production and sales of smart grid security products and services. They looked at North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific.
The dynamics of demand and supply and export and import were found to be the key factors that influenced the market for smart grid security products and services in each of these markets. Among these, North America has acquired the leading position and is expected to remain on the top over the forecast period from 2017 to 2025. The early adoption of cyber security and the swift pace of technological advancements in this region are likely to boost the North America market for smart grid security over the forthcoming years.
Asia Pacific, among other regional, is poised to gain significant impetus over the next few years. The advancements in technology and the presence of lucrative opportunities across emerging power industries in developing Asian nations, such as China, South Korea and India, are likely to propel the Asia Pacific market for smart grid security in the near future, notes the research study.
BAE Systems, Intel, IBM, Siemens, Cisco, Symantec and Elster have been profiled in this research to gain an insight into the competitive landscape in the market for smart grid security across the world. Researchers have reviewed the profiles of the key players using SWOT analysis to determine their strength and their visibility in the market.
A hierarchy of these market players has also been established on the basis of their past and present performance as well as future potential in this research study.