Global Information Inc. would like to present a new market research report, "Cyber Security in Smart Grid - Market Size, Key Issues, Regulations and Outlook to 2020" by GlobalData.
China emerged as the leading smart grid cyber security market in 2011, accounting for nearly a quarter of the global market. The market in China was driven by its ongoing initiative to implement smart grid technologies, which has catapulted the market into a high-growth phase. This phase is expected to continue until 2015 when the construction phase of smart grids in China comes to an end. The growth of the smart grid cyber security market in China will dwarf the growth of the global market during the 2012-2020 period. It is unlikely that any other regional markets will surpass China during this period.
The global smart grid cyber security market (excluding China) will grow gradually during the 2012-2020 period. The market, excluding China, is expected to grow at a Compound Annual Growth Rate (CAGR) of 22% during 2012-2020 while China will grow at a CAGR of 41% during the same period. The global smart grid cyber security market (excluding China) will be driven mostly by the European countries that are expected to exhibit higher growth when compared to the North American markets during 2011-2020. The European and North American markets for smart grid cyber security will be in their early growth phase during 2011-2014 while witnessing significant growth from 2014 onwards.
There is an acute lack of proper disclosure mechanisms for power utilities to report cyber attacks. This is hampering the progress of the smart grid cyber security market. The utilities are unwilling to report cyber attacks on their infrastructure as they fear that their vulnerabilities may be exposed if the information is leaked. This has created a lack of visibility in the industry, where information sharing could prevent recurrence of similar attacks. The lack of reporting has also made it difficult for cyber security vendors to create a business case for their products as they are unable to convince utilities.
The immediate need to insulate power grids from cyber attacks from hostile nations will drive the market for smart grid cyber security. The international unrest in a number of regions and rising level of mistrust among economic powerhouses across the globe has raised the prospect of cyber attacks on the critical infrastructures of countries, including power grids. The threat has become more prominent as power grid assets are being linked through open networks. This has prompted regional governments to draw up strategies to implement cyber security measures for their critical assets, including their smart grid infrastructure. This will drive the market during 2012-2020.
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