Energy Cyber Security Market: Current Analysis and Forecast (2022-2028)

Report Description

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the energy cyber security market was valued at USD 9,086.0 million in 2021 and is expected to grow at a CAGR of 10.9% from 2022-2028.

Energy cyber security refers to the technologies, processes, and practices used to protect energy systems and infrastructure from cyber threats. The energy cyber security market includes a range of products and services, such as security software, hardware, and consulting services, that are designed to secure energy infrastructure.

The energy sector is an essential component of modern society, providing the power necessary to support economic, social, and political activity. However, the growing reliance on digital technologies and interconnected systems has also made the energy sector more vulnerable to cyber-attacks. The increasing number of cyber-attacks on energy systems and infrastructure has created a pressing need for effective energy cyber security measures to protect critical infrastructure and prevent large-scale disruption. For instance, according to AAG between 2017 and 2021, reported cybercrime increased by 153%, from 27,829 cases in 2017 to 70,288 cases in 2021. Furthermore, the threat of cyber-attacks on energy infrastructure is significant and multifaceted. Cybercriminals can use various methods to gain access to energy systems and disrupt operations, including malware, phishing, social engineering, and physical attacks on infrastructure. Additionally, cyber-attacks can target various aspects of energy systems, including power plants, transmission and distribution networks, and control systems.

Some of the major players operating in the market include BAE Systems; Alstom; E.ON SE; Iberdrola, S.A.; General Electric; Siemens; Cisco Systems, Inc.; AT&T; Amazon Web Services, Inc.; and Rapid7. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst security type, the network security segment held a dominating share of the market in 2021”

On the basis of security type, the market is segmented into endpoint security, network security, application security database security, and others. Network security is crucial for energy cyber security as it helps safeguard energy systems from cyber threats. The growing adoption of network security is mainly attributed to the growing number of cyber-attacks via connectivity and network, energy systems rely on interconnected networks to operate, but these networks also create vulnerabilities that can be exploited by attackers to disrupt operations, damage equipment, and compromise sensitive data.

 “Amongst deployment, the cloud energy cyber security technology is expected to grow with a significant CAGR during the forecast period.

Based on deployment, the market is bifurcated into cloud and on-premises. cloud category is anticipated to witness the highest CAGR during the forecast period.  The growing factors such as scalability, accessibility, and security provided by cloud-based solutions are driving the growth of the segment. Cloud-based solutions can easily scale up or down as needed, allowing organizations to quickly adjust to changing demands and avoid investing in costly hardware and infrastructure. In addition, Cloud-based solutions can be more cost-effective for organizations since they do not require the purchase and maintenance of expensive hardware and software.

“North America dominated the energy cyber security market in 2021.”

The energy cybersecurity market in the North American region held the largest market share and is expected to maintain its growth throughout the forecast period. The growing incidences of cyber-attacks in the region are expected to significantly influence the market growth during the forecast period. For instance, according to AAG Between 2017 and 2021, reported cybercrime increased by 153%, from 27,829 cases in 2017 to 70,288 cases in 2021.

Energy Cyber Security Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Customization Options:

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Research Methodology

Research Methodology for the Energy Cyber Security Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global energy cyber security market were the three major steps undertaken to create and analyze the adoption of energy cyber security in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global energy cyber security market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the energy cyber security market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the energy cyber security market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, deployment, and security type Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the energy cyber security market. Further, we conducted factor analysis using dependent and independent variables such as component, deployment, and security type of the energy cyber security market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the energy cyber security market sector across the globe.

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 Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global energy cyber security market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the energy cyber security market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global energy cyber security market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global energy cyber security market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global energy cyber security market.

The main objective of the Global Energy Cyber Security Market Study

The current & future market trends of the global energy cyber security market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the energy cyber security market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component, deployment, and security type.
• Define and analysis of the regulatory framework for the energy cyber security industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the energy cyber security market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the energy cyber security market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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