Smart Grid Security Market: Increased Sophistication of Cyber-attacks Driving Demand

The outcome of installation of smart grid security systems is data collection and use for perfect modeling of networks especially at LV (low voltage) level. Increasing installation of smart grid systems due to more active distribution, exploiting active and reactive control capabilities of distributed energy resources. This factor is acting as a driver of this market and is expected a significant growth during the forecast period.

Additionally, technological developments are a major driver of the smart grid security market. The infrastructure is gradually shifting toward digitalization of grid systems, especially for commercial usage, which is anticipated to propel the market for smart grid security over the forecast period globally. This drives the global smart grid security market positivelyand is anticipated a robust growth during the forecast period.

However, consumer’s lack of awareness about power supply is resulting in a declining growth rate of smart grid security industry. Therefore, before executing the smart grid concepts, the consumers need to be aware about this systems and its contribution towards low carbon economy and its benefits.

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Smart grid security is a very advanced energy distribution solution for their target consumers. It has the highest adoption rate in North America. In Europe, smart grid security is popular in the U.K., Germany and France among others. Japan holds the largest market for smart grid security in the Asia Pacific followed by China. There are opportunities in developing nations such as India and Africa. North America is the largest market for smart grid security at present. Asia Pacific is currently the fastest-growing market and is expected to become the largest market during the forecast period.

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