The global cyber security in energy market forecast is influenced by a number of factors such as increase in malware & phishing threats among energy & utility providers, high adoption of cyber security among energy providing organizations, and strong inclination toward cloud-based solutions. Furthermore, constant need to conform to industry standards & regulations in the device security is expected to affect the market growth. Furthermore, surge in adoption of cyber security solutions by organizations aligned to strategic business activities to minimize the damage of IT resources is the major factor expected to provide opportunities for the market growth. Thus, each of these factors is anticipated to have a definite impact on the growth of the global cyber security in energy market during the forecast period.
According to a new report published by Allied Market Research, titled, “Cyber Security In Energy Market,” The cyber security in energy market was valued at $8.6 billion in 2022, and is estimated to reach $21.8 billion by 2031, growing at a CAGR of 11.3% from 2023 to 2031.
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Moreover, as the risk of cyber threats has increased at an alarming rate, security solutions have increasingly progressed. Solutions, such as antivirus software & firewalls, have grown in complexity and have proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has led to the rapid development of the cyber security in energy industry, as implementing technical defenses has become a standard best practice in every industry vertical.
By enterprise size, the large enterprises segment acquired the major cyber security in energy market size in 2021. This is attributed to the fact that large enterprises in energy & utility sector focused on implementing effective security solutions such as user access management, identity & access management, and security incident management due to increase in instances of cyberattacks in recent years.
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By region, the North America dominated the cyber security in energy market share in 2021. This is attributed to the increase in cloud-enabled activities and growth in cloud marketplace trends such as adoption of multi & hybrid cloud environment and private cloud repatriation in North American energy & utility sector.
Based on end user, the industrial segment accounted for the largest share in 2021, contributing to nearly half of the global cyber security in energy market. The need to implement cost-effective cybersecurity solutions drives the adoption of cybersecurity in the industrial sector. However, the residential segment is expected to portray the largest CAGR of 14.2% from 2022 to 2031. The need to provide network security for residential homes and home offices, the adoption of cyber security in the residential sector is increasing.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global cyber security in energy market. The major factors that contributes toward the growth of cybersecurity in North America are increase in usage of mobile & web in energy sector. In addition, increase in dependency on internet and digital platforms is another major factor fueling the market growth in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.1% from 2022 to 2031, and is likely to dominate the market during the forecast period. The major factor contributing toward the adoption of cybersecurity solutions in Asia-Pacific is increase in usage of mobile data for various applications such as mobile banking and social media.
Leading Market Players
- General Electric
- Ansaldo Energia
- Vestas
- Elliot Ebara
- IBM Corporation
- Baker Hughes
- Mitsubishi Power
- Hitachi Energy Ltd.
- Accenture
- Nordex SE
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