Over the next several years, investments in smart-grid cybersecurity will soar to an estimated $3.7 billion, according to a report from Pike Research.
The clean-technology market intelligence firm has estimated cybersecurity spending will make up for roughly 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, Asia and Europe will also experience accelerated expansion.
“The electrical grid is being modernized and transformed into a smart grid,” senior analyst Bob Gohn said, “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.”
The “Smart Grid Cyber Security” report examines global market trends in terms of business drivers, technologies, standards, objectives and requirements. The report looks at five key cybersecurity categories: policy/planning/awareness, equipment protection and configuration management, monitoring and incidence response, access/audit/integrity, and risk management. It also features profiles of key industry players and detailed market forecasts for world regions through 2015.