According to a new market report published by Transparency Market Research “Global Smart Grid Security Market (By Deployment – Cloud and On-Premises, By Security Type– Database Security, Network Security, Application Security, Endpoint Security, By Application – Smart Meters, Smart Application, Renewable Energy Resources and Energy Efficient Resources) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025” was valued in terms of revenue at USD 4.35 Bn in 2016 and is expected to reach USD 10.58 Bn by the end of the forecast period 2025, growing at a CAGR of 10.5% from 2017 to 2025.
The idea of a smart grid originated from the integration of the power frameworks perspective of the power network with its comparing data systems view. The consolidated view that uses the data system to upgrade the functioning of the electricity grid is by and large what is known as the smart grid.
The installation of smart grid systems has dramatically changed the old grid systems and traditional energy services and the market is experiencing a significant transformation. In addition, the bulk generation services of the smart grid are integrated distributed generation, where a lot of small sizes energy sources such as so-called distributed energy resources and others are dispersed along with the distribution, transmission and customer domains. Additionally, smart grid systems considerably improved control over electricity consumption and distribution to the advantage of consumers, grid operators and electricity suppliers. Moreover, increasing need for cost reduction in energy distribution and fraud detection, the market for smart grid security is growing significantly. The impact of this factor has been analyzed to be high, currently, and is likely to remain high during the forecast period.