Smart Grid Cyber Security Market in Consumption Application Had 37.15% Share in 2015 and Will Register the Fastest Growth Through 2020

According to the latest market study released by Technavio, the global smart grid cyber security market is expected to grow at a CAGR of close to 10% during the forecast period.

This research report titled ‘Global Smart Grid Cyber Security Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

Sayani Roy, a lead analyst at Technavio for research on smart grid, says, “The enormous potential of the smart grid to reduce the burden of risingenergy demand and its ability to control the load shedding and blackouts have resulted in both developed and developing countries to have major smart grid investment programs for transforming the grid. However, the older generation and distribution systems were not designed to be operated or controlled over the internet, which has made them vulnerable. This has raised the smart grid cyber security concerns, leading to the introduction of standards and efforts to improve the security of the power grid.”

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Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Based on application, the report categorizes the global smart grid cyber security market into the following segments:

Global smart grid cyber security market by application 2015

Consumption   37.15%
Generation   34.10%
Distribution and Control   28.75%

Source: Technavio

Global smart grid cyber security market in consumption application

The cyber security measures that are to be adopted for the consumption sector are expected to grow the fastest. Smart grid and the related fields have been attacked on several occasions before and such hacking of smart meters is expected to impact a wide area of connections. As there are millions of smart meters that have been installed and as they form a part of the advanced metering infrastructure (AMI) system, any breach in the smart meters would allow the attackers to perform unauthorized actions where they intrude into the privacy of individuals and encroach upon their confidential details such as accessing their bank accounts details, consumption patterns, and more. Smart meters are meant for reading the power consumption in real time, provide accurate billing, and for identification of electricity theft.

By hacking a smart meter, hackers can feed in false data on the amount of electricity that is being consumed, thus, leading to electricity theft, defeating one of the main purposes of installing smart meters. To avoid such instances, the respective government authorities have set guidelines that are aimed at protecting the smart meters from cyber-attacks. They lead to an increase in the adoption of safety measures such as data authentication and encryption, thereby, driving the smart grid cyber security market.

Global smart grid cyber security market in generation application

Hacking generation assets is one of the most complex tasks. Physical access is needed to break into the systems, utilities, and the grid operators need to ensure high protection for the generation assets, otherwise any damage could lead to cascading power failures, which in turn, would result in high monetary losses. By targeting the generation assets, hackers gain control of the power generators and by turning them on and off, it can result in an imbalance of power supply.

“A well- planned attack by hackers can cause outages in several regions causing monetary losses, and if the required infrastructure is not available for backup, it can cause national security issues. To avoid such situations cyber security measures have been gaining increasing attention and are driving the need for an end-to-end cyber-security solution in the power and utility sectors,” says Sayani.

Global smart grid cyber security market in distribution and control application

The modernization of the power grid has enabled grid operators to centralize the control and monitoring of their distribution assets. This has allowed operators to manage the load effectively and reduce the outage times, thereby increasing the reliability of the grid. However, the introduction of the smart grid has also brought new concerns, especially where most utilities use some level of automation for controlling the systems. Thousands of devices that have sensors such as PMUs, PLC, IEDs are placed across the grid for information gathering and managing the grid. These devices provide hackers the required access to target the integrity of the structure through false data injection. Addressing these issues has led to an enforcement of strong end-to-end authentication.

Source : http://www.businesswire.com/news/home/20160907005705/en/Smart-Grid-Cyber-Security-Market-Consumption-Application

SMART GRID Bulletin November 2017


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