Global Energy Security Market Set to Hit $29.78 Billion by 2030, Growing at a 12.70% CAGR, Fueled by Rising Global Energy Demand, Projects Kings Research

DUBAI, UAE, Jan. 29, 2024 /PRNewswire/ -- As per the recent report released by Kings Research, the global Energy Security Market was worth USD 12.85 billion in 2022 and is anticipated to register a valuation of USD 29.78 billion by 2030, depicting a CAGR of 12.70% through the projection period of 2023-2030. Key drivers boosting the market growth include the burgeoning energy requirement, rising concerns about potential disruptions in energy supply caused by geopolitical tensions and climate change, and a growing reliance on interconnected energy networks.

Energy security entails the strategic assurance of a reliable, consistent, and economically viable supply of energy resources for a nation or region. The focus is on mitigating vulnerability to disruptions, covering diverse aspects such as physical infrastructure, energy resources, and regulatory frameworks. Understanding the importance of energy resilience, both governments and industries are heavily investing in technologies and methodologies aimed at reducing vulnerabilities in the energy sector.

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Trending Now: U.S. Leverages the Power of AI to Transform the Energy Security Sector

On October 31, 2023, the United States embraced the potential of artificial intelligence (AI) to revolutionize the energy sector. President Joe Biden signed an executive order stating that AI should be used responsibly, ensuring safety, security, and trustworthiness. The Department of Energy and its National Laboratories have been actively involved in the development of AI since the 1960s, devising cutting-edge tools and data science for open science and classified requirements. The order will establish new standards for AI safety and promote equality, innovation, and competition while protecting Americans' privacy and jobs.

Competitive Landscape

Prominent players in the global energy security market are prioritizing several business strategies, including partnerships, acquisitions, product innovations, mergers, and joint ventures to expand their product portfolio. For instance, in October 2021, Siemens launched Managed Detection and Response (MDR), an innovative industrial cybersecurity service, to cater specifically to the needs of small and medium-sized energy companies. Powered by Eos.ii, an AI-based platform, this service offers robust protection and response capabilities to safeguard critical infrastructure from cyber threats in the industrial sector.

Major players in the global energy security market include:

• Siemens
• Schneider Electric
• Honeywell International Inc.
• General Electric
• Thales
• Hexagon AB
• RTX
• ABB
• Lockheed Martin Corporation
• Northrop Grumman
• BAE Systems

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The global Energy Security Market is segmented as:

By Component

• Solution
• Services

Growing Focus on Improving and Modernizing Energy Infrastructure to Boost Demand for Energy Security Solutions

The solution segment dominated the market in 2022 largely attributable to the emphasis of energy security solutions on improving and modernizing the energy infrastructure.

The solution segment encompasses a diverse range of offerings, such as smart grid technologies, which play a vital role in enhancing energy distribution efficiency, minimizing losses, and bolstering the resilience of the energy grid. Businesses that invest in these advanced solutions can effectively address the challenges associated with energy security and contribute to the establishment of a dependable and sustainable energy system.

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By Technology

• Physical Security
• Network Security

Increasing Digitization and Interconnectivity to Facilitate the Use of Network Security Technology

The network security segment led the market in 2022 primarily due to the rising digitization and interconnectivity of energy infrastructure, which, in turn, has led to an increased demand for energy security and emerging cybersecurity risks. With the energy sector becoming increasingly reliant on networked systems, the potential for cyberattacks targeting critical infrastructure has risen significantly.

Vulnerabilities in network security can expose energy systems to unauthorized access, data breaches, and disruptive incidents, thereby posing substantial risks to energy security. As a result, there is a rising need to prioritize and invest in robust network security measures to safeguard the integrity and resilience of energy networks.

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Widespread Adoption of Advanced Technologies to Fuel Energy Security Market Growth

The rapid adoption of advanced technologies, such as smart grids, microgrids, and energy storage solutions, and renewable energy sources is significantly driving the growth of the market. The trend of integrating renewable energy sources and distributed energy systems into existing grids aligns with global initiatives to reduce greenhouse gas emissions. This trend is likely to propel the growth of solar and wind power, energy storage solutions, and smart grids, thereby supporting market expansion.

Another major factor driving market growth includes the emphasis on enhancing grid resilience through the implementation of advanced monitoring and control systems, leveraging technologies such as artificial intelligence (AI) and the Internet of Things (IoT). The implementation of stricter regulations is anticipated to provide lucrative opportunities for compliance-focused solutions. Furthermore, as electric vehicles (EVs) become widely adopted and EV charging infrastructure continues to develop, there will be an increased demand for electricity. This, in turn, will require upgrades to energy distribution systems, creating growth opportunities in the EV charging and energy management sectors. 

North America to Lead Market Due to Rising Emphasis on Grid Modernization and Cybersecurity

North America dominated the global energy security market in 2022 mainly driven by several factors such as the region's plentiful natural gas and oil resources, robust energy infrastructure, and a strong focus on grid modernization and cybersecurity.

The United States has been leading the way in implementing cutting-edge technologies to improve energy security. This includes the adoption of smart grids and microgrids, which play a crucial role in bolstering resilience against both natural disasters and cyber threats. In addition, North America's dedication to expanding its energy portfolio by incorporating more renewable sources further strengthens its dominant position in the market.

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Key Points from TOC:

Chapter 1 Introduction of the Global Energy Security Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Energy Security Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Energy Security Market, By Component
Chapter 7 Global Energy Security Market, By Technology
Chapter 8 Global Energy Security Market, By Power Plant
Chapter 9 Global Energy Security Market, By Geography
Chapter 10 North America 
Chapter 11 Europe 
Chapter 12 Asia Pacific 
Chapter 13 Middle East & Africa 
Chapter 14 Latin America

Chapter 15 Global Energy Security Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint

Chapter 16 Company Profiles
16.1 Siemens
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Component Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis

16.2 Schneider Electric
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Component Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis

16.3 Thales
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Component Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis

16.4 Hexagon AB
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Component Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis

Continued……..

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