Research: Smart Grid Cybersecurity Market To Reach $3.7 Billion By 2015

  • Jun 23, 2010

As governments and utilities invest in smart grid deployments, the need for robust security measures has become increasingly apparent.

Reports that would-be saboteurs have attempted to disrupt the security of the electrical power supply in the United States have added to the urgency for cyber security for the emerging smart grid.

Among other motivators, one key condition for smart grid funding awarded last year under the federal stimulus program was that the awardees incorporate strong security into their smart grid initiatives.

Those requirements will drive major investments in smart grid cybersecurity over the next several years, according to a recent report from Pike Research.

The cleantech market intelligence firm estimates that cybersecurity spending will represent approximately 15 percent of total smart grid capital investment between now and 2015.

Cumulative investment in the security sector will reach $21 billion between 2010 and 2015, with annual revenue reaching $3.7 billion by 2015. While North America will account for the largest share of the market in that year, with revenue of $1.5 billion, other regions will experience rapid growth also, including Asia Pacific ($1.2 billion) and Europe ($784 million).

“The electrical grid is being modernized and transformed into a smart grid,” said Senior Analyst Bob Gohn, “but industry players have recognized that you can’t have a smart grid without smart security. That’s why total investment in these critical technology upgrades will grow at a rapid pace within the next few years.”

Smart grid deployments result in control networks and IT networks that are more integrated, leading to increased vulnerability to cyberattacks. One of the key elements for the adoption of stronger security for smart grids is interoperable smart grid standards; thus, the U.S. government has appointed the National Institute of Standards and Technology (NIST) to develop such standards for interoperability between disparate systems and industry participants.

Featured

  • New Report Reveals Top Trends Transforming Access Controller Technology

    Mercury Security, a provider in access control hardware and open platform solutions, has published its Trends in Access Controllers Report, based on a survey of over 450 security professionals across North America and Europe. The findings highlight the controller’s vital role in a physical access control system (PACS), where the device not only enforces access policies but also connects with readers to verify user credentials—ranging from ID badges to biometrics and mobile identities. With 72% of respondents identifying the controller as a critical or important factor in PACS design, the report underscores how the choice of controller platform has become a strategic decision for today’s security leaders. Read Now

  • Overwhelming Majority of CISOs Anticipate Surge in Cyber Attacks Over the Next Three Years

    An overwhelming 98% of chief information security officers (CISOs) expect a surge in cyber attacks over the next three years as organizations face an increasingly complex and artificial intelligence (AI)-driven digital threat landscape. This is according to new research conducted among 300 CISOs, chief information officers (CIOs), and senior IT professionals by CSC1, the leading provider of enterprise-class domain and domain name system (DNS) security. Read Now

  • ASIS International Introduces New ANSI-Approved Investigations Standard

    • Guard Services

  • Cloud Security Alliance Brings AI-Assisted Auditing to Cloud Computing

    The Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining standards, certifications, and best practices to help ensure a secure cloud computing environment, today introduced an innovative addition to its suite of Security, Trust, Assurance and Risk (STAR) Registry assessments with the launch of Valid-AI-ted, an AI-powered, automated validation system. The new tool provides an automated quality check of assurance information of STAR Level 1 self-assessments using state-of-the-art LLM technology. Read Now

  • Report: Nearly 1 in 5 Healthcare Leaders Say Cyberattacks Have Impacted Patient Care

    Omega Systems, a provider of managed IT and security services, today released new research that reveals the growing impact of cybersecurity challenges on leading healthcare organizations and patient safety. According to the 2025 Healthcare IT Landscape Report, 19% of healthcare leaders say a cyberattack has already disrupted patient care, and more than half (52%) believe a fatal cyber-related incident is inevitable within the next five years. Read Now

Most   Popular

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area.

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities