Summary

The energy cyber security market is expected to grow at a strong CAGR of around 10.9% during the forecast period.
Energy cyber security refers to the technologies, processes, and practices used to protect energy systems and infrastructure from cyber threats. The energy cyber security market includes a range of products and services, such as security software, hardware, and consulting services, that are designed to secure energy infrastructure.

The energy sector is an essential component of modern society, providing the power necessary to support economic, social, and political activity. However, the growing reliance on digital technologies and interconnected systems has also made the energy sector more vulnerable to cyber-attacks. The increasing number of cyber-attacks on energy systems and infrastructure has created a pressing need for effective energy cyber security measures to protect critical infrastructure and prevent large-scale disruption. For instance, according to AAG between 2017 and 2021, reported cybercrime increased by 153%, from 27,829 cases in 2017 to 70,288 cases in 2021. Furthermore, the threat of cyber-attacks on energy infrastructure is significant and multifaceted. Cybercriminals can use various methods to gain access to energy systems and disrupt operations, including malware, phishing, social engineering, and physical attacks on infrastructure. Additionally, cyber-attacks can target various aspects of energy systems, including power plants, transmission and distribution networks, and control systems.

Some of the major players operating in the market include BAE Systems; Alstom; E.ON SE; Iberdrola, S.A.; General Electric; Siemens; Cisco Systems, Inc.; AT&T; Amazon Web Services, Inc.; and Rapid7. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst security type, the network security segment held a dominating share of the market in 2021”
On the basis of security type, the market is segmented into endpoint security, network security, application security database security, and others. Network security is crucial for energy cyber security as it helps safeguard energy systems from cyber threats. The growing adoption of network security is mainly attributed to the growing number of cyber-attacks via connectivity and network, energy systems rely on interconnected networks to operate, but these networks also create vulnerabilities that can be exploited by attackers to disrupt operations, damage equipment, and compromise sensitive data.

“Amongst deployment, the cloud energy cyber security technology is expected to grow with a significant CAGR during the forecast period”
Based on deployment, the market is bifurcated into cloud and on-premises. cloud category is anticipated to witness the highest CAGR during the forecast period. The growing factors such as scalability, accessibility, and security provided by cloud-based solutions are driving the growth of the segment. Cloud-based solutions can easily scale up or down as needed, allowing organizations to quickly adjust to changing demands and avoid investing in costly hardware and infrastructure. In addition, Cloud-based solutions can be more cost-effective for organizations since they do not require the purchase and maintenance of expensive hardware and software.

“North America dominated the energy cyber security market in 2021.”
The energy cybersecurity market in the North American region held the largest market share and is expected to maintain its growth throughout the forecast period. The growing incidences of cyber-attacks in the region are expected to significantly influence the market growth during the forecast period. For instance, according to AAG Between 2017 and 2021, reported cybercrime increased by 153%, from 27,829 cases in 2017 to 70,288 cases in 2021

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