Cyber Security in Energy Market to Reach $21.8 Billion, Globally, by 2031 at 11.3% CAGR: Allied Market Research

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Mar 23, 2023, 05:56 ET

PORTLAND, Ore., March 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Security in Energy Market by Component (Solution, Service), by Deployment Model (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Mediumsized Enterprises), by End User (Industrial, Commercial, Residential): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global cyber security in energy industry generated $8.6 billion in 2021, and is anticipated to generate $21.8 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.

Prime determinants of growth

The rise in need and requirement to keep information, data, and devices secure in the energy sector and surge in risks of cyber-attacks on energy industry for execution of mass operations drive the growth of the global cyber security in energy market. However, high acquisition costs and complexities of cyber security restrict the market growth. Moreover, technological advancements in cyber security in energy, such as inclusion of artificial intelligence (AI) and automations and the rise in adoption of digital practices for various operations in energy sector present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global cyber security in energy market. This is attributed to the fact that with the emergence of COVID-19, the use of cyber security had enabled energy sector to address security issues and facilitate secured information access while remote working.
In addition, the risk of cyberattacks had increased at a considerable rate in various organizations during the pandemic. This was owing to rise in internet traffic, which propeled the need for cybersecurity solutions in energy market. Thus, the pandemic had a positive impact on cyber security in energy market.

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2021, accounting for more than two-thirds of the global cyber security in energy market, and is estimated to maintain its leadership status throughout the forecast period. Increase in need for vulnerability assessment, penetration testing, and ensuring compliance with the leading federal, defense, and industry security standards is the major reason for the adoption of cyber security solutions. However, the service segment is projected to manifest the highest CAGR of 13.6% from 2022 to 2031. The cyber security services help organizations in threat detection and risk management, which drives the market growth for cyber security services.

The on-premise segment to maintain its leadership status throughout the forecast period

Based on deployment mode, the on-premise segment held the highest market share in 2021, accounting for nearly three-fifths of the global cyber security in energy market. Increase in need to secure critical data from cyberattacks and monitor the influx of data within the organization is fueling the market growth for on-premises-based security solutions. However, the cloud segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2031, and is estimated to maintain its leadership status throughout the forecast period. Increase in usage of mobile devices and surge in demand for scalable, agile solutions drive the demand for cloud-based cybersecurity solutions.

The industrial segment to maintain its lead position during the forecast period

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.

North America to maintain its dominance by 2031

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.

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Leading Market Players: -

Accenture,
IBM Corporation,
General Electric,
Nordex SE,
Ansaldo Energia,
Baker Hughes,
Hitachi Energy Ltd.,
Elliot Ebara,
Vestas,
Mitsubishi Power

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