Cybersecurity in the energy sector Report details Overview Trends, opportunities and forecast for 2032

The increase in cyberattacks in the energy sector is driving market growth.

According to a new report published by Allied Market Research titled “Cybersecurity in the Energy Sector Market”, the cybersecurity market size in the energy sector was valued at $8.6 billion in 2022 and is estimated to reach $25 billion by 2032, with growing at a CAGR of 11.7% in 2023–2032.

Cybersecurity in the energy sector refers to measures and practices designed to protect energy infrastructure, including energy generation, transmission and distribution systems, from cyber threats. The sector is increasingly reliant on digital technologies, making it vulnerable to cyberattacks that can disrupt operations, cause physical damage and pose risks to national and public security.

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The energy industry plays a pivotal role in modern society, providing essential services that power the economy, infrastructure and homes. In this scenario, the development of smart grid devices has been seen across the energy distribution system, along with supporting integrated communication networks, creating an urgent need for a coordinated energy cybersecurity strategy.

The scope of potential attacks (or threat vectors) is increasing both due to the increasing sophistication of cybercriminals and the increasing number of available targets within the smart energy ecosystem. These key trends are therefore expected to encourage the adoption of robust cybersecurity measures, which in turn will drive the growth of cybersecurity in energy sector market analysis.

Moreover, the market forecast for cyber security in the energy sector has increased due to several factors such as increase in malware and phishing threats among energy suppliers, high adoption of cyber security among energy supply organizations and high inclination towards cloud-based solutions across the globe . Additionally, the constant need to comply with industry standards and regulations for device security is expected to impact the market growth.

On the other hand, the surge in the adoption of cybersecurity solutions by organizations aligned with strategic business activities to limit damage to IT assets is a major factor that is expected to provide market growth opportunities.

Thus, each of these factors is expected to have a decisive impact on the growth of global cybersecurity in the energy market during the forecast period. Moreover, as the risk of cyber threats has increased at an alarming rate, there has been increasing progress in implementing security solutions.

Solutions such as antivirus software and firewalls have gained significant popularity and have proven effective in stopping threats and attacks such as malware, Trojans and phishing. The success of these solutions often led to the rapid development of cybersecurity in the energy industry, as the implementation of technical security measures became standard practice in every industry.

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Based on enterprise size, the large enterprise segment accounted for the highest market share in 2022, accounting for approximately three-fifths of global cybersecurity market revenue in the energy sector, due to increased demand for automation and increased use of industrial internet. outstanding data security system. However, the small and medium enterprise (SME) segment is expected to grow at the highest CAGR of 13.9% from 2023 to 2032 due to the growing need to recognize the importance of IT and systems, rather than just hardware repair, among SMEs.

Based on the end-user segment, the industrial segment dominated the market in 2022 and this trend is expected to continue during the forecast period due to the increasing demand for cybersecurity measures in power transmission and distribution facilities and increasing investments in security solutions by leading energy suppliers, which helps in expanding the market growth prospects. However, the residential segment is expected to grow significantly in the coming years due to the need to promote smart home technology as well as the increase in user awareness of cyber threats, which is encouraging the adoption of cybersecurity principles in the energy sector market in the residential segment.

Regionally, the energy cybersecurity market in 2022 was dominated by North America and is expected to maintain its position during the forecast period due to high healthcare costs driving the demand for efficient health claims processing and administration in the region. However, the Asia-Pacific region is expected to witness significant growth over the forecast period due to the rapid economic growth in the region and growing middle-class population, resulting in increased demand for insurance goods and services.

These factors are therefore expected to drive the growth of global Internet security in the energy sector market during the forecast period.

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Internet security in the energy market has seen significant growth over the past few years, and even in the face of the pandemic, the demand for cybersecurity solutions has increased dramatically. This is because, with the emergence of Covid-19, the use of cybersecurity allows businesses to address security issues and facilitate secure access to information while working remotely.

Additionally, the risk of cyberattacks has increased significantly across organizations due to the increase in internet traffic and the rising trend of industrial automation, which is driving the demand for cybersecurity solutions. Innovations and advancements in cybersecurity solutions including features such as cloud security,

AI-integrated solutions and others, along with the increase in cyberattack incidents following the emergence of this pandemic, have further contributed to the increase in cybersecurity in the energy industry. For example, according to a survey conducted by the Information Systems Security Association (ISSA) & ESG in April 2020, the cybersecurity industry saw a nearly 63% increase in pandemic-related cyberattacks.

Thus, the increase in the risk of cyberattacks increases the demand for cybersecurity solutions and services, thus driving the growth of global cybersecurity in the energy industry.

Leading market players:-

• Accenture
• IBM Corporation
• General Electric
• Hitachi Energy Ltd.
• Schneider Electric
• THREAD
• Schweitzer Engineering Laboratories, Inc.
• Siemens
• AT&T
• Eaton Corporation Limited

The report provides a detailed analysis of these key players in global cybersecurity in the energy market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements and others to increase their market share and maintain dominant shares in various regions.

The report is valuable as it highlights the business performance, operating segments, product portfolio and strategic moves of the market participants to present the competitive scenario.

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