Energy Security Market

The global energy security market is growing due to heightened demand for protecting established energy infrastructure and the expansion of pipeline networks.

PORTLAND, PORTLAND, OR, UNITED STATES, April 22, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global energy security market was estimated at $15.61 billion in 2021 and is expected to hit $42 billion by 2031, registering a CAGR of 10.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

The energy security industry is a cybersecurity defense practice that aims to deceive attackers by distributing a collection of traps and decoys across a system's infrastructure to imitate genuine assets. Energy security aims to prevent a cybercriminal that has managed to infiltrate a network from doing any significant damage. Moreover, it mainly tackles the energy system and can carry out prompt responses to sudden changes in the energy supply and demand cycle.

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Furthermore, increased government pressure and security compliance and regulation and an increase in threats from terrorist and cyberattacks boost the growth of the global energy security market. In addition, an increase in physical attacks and insider threats is positively impacts the growth of the energy security market. However, lack of apprehension about security implementation by operators is hampering the energy security market growth. On the contrary, rise of new energy markets in developing economies is expected to offer remunerative opportunities for expansion during the energy security market forecast

The global energy security market is analyzed across the components, technology, power plant, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By component, the solution segment held the largest share in 2021, garnering around three-fourths of the global energy security market revenue, and is projected to maintain its dominance by 2031. The service segment showcases the fastest CAGR of 12.0% during the forecast period.

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Depending on technology, the physical security segment holds the largest energy security market share owing to, high demand and fast adoption of physical security systems. However, the network security segment is expected to grow at the highest rate during the forecast period, owing to increasing the number of current threats may represent a cyber security risk.

The key players profiled in the energy security market analysis are Accenture, Capgemni SE, Cisco Systems Inc, Fujitsu, Cognizant, Delloite, IBM Corporation, Infosys, Tata Consultancy services, Tech Mahindra Limited, Oracle Software, HCL Technology, Tesco Controls, Burrow Global, INTECH, Crystalloids Inc, and Mangrovia Blockchain Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the energy security industry.

Covid-19 scenario-

• With alarming increase in COVID-19 patients, various governments have implemented lockdowns, which significantly increased digital business operations in energy industry, which in turn drives the growth of the market.

• Furthermore, the increase in a number of new power plants to support the growing electrical demands from various countries is substantially driving the demand for energy security to protect from both internal and external threats.

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Key components of the energy security market include:

1. Physical Security Solutions: These include measures to protect energy infrastructure such as power plants, pipelines, refineries, and distribution networks from physical threats such as sabotage, theft, and vandalism. Physical security solutions may involve surveillance systems, access control systems, perimeter security, and emergency response protocols.

2. Cybersecurity: With the increasing digitization and interconnectedness of energy systems, cybersecurity has become a critical aspect of energy security. Cyber threats such as malware, ransomware, and cyberattacks targeting energy infrastructure can disrupt operations, cause financial losses, and pose significant risks to national security. The energy security market includes cybersecurity solutions tailored to the specific needs of the energy sector, including network monitoring, threat detection, encryption, and incident response.

3. Resilience and Disaster Recovery: Resilience measures aim to ensure that energy systems can withstand and recover from disruptions caused by natural disasters, extreme weather events, and other emergencies. This may involve the deployment of backup power systems, redundant infrastructure, and contingency planning to minimize downtime and maintain essential services.

4. Supply Chain Security: Ensuring the security and reliability of energy supply chains is crucial for energy security. This includes measures to protect the transportation, storage, and distribution of energy resources, as well as efforts to diversify energy sources and reduce dependence on single suppliers or routes.

5. Policy and Regulation: Government policies and regulations play a significant role in shaping the energy security landscape. Regulatory frameworks may address issues such as infrastructure investment, emergency preparedness, cybersecurity standards, and international cooperation on energy security issues.

6. Market Intelligence and Risk Management: Energy companies and government agencies rely on market intelligence and risk management tools to anticipate and mitigate potential threats to energy security. This may involve the use of data analytics, modeling, and scenario planning to assess vulnerabilities, identify emerging risks, and develop proactive strategies for enhancing energy security.

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Related Report:

1. Cyber Security in Energy Sector Market

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