Infrastructure protectionSmart grid security market to jump to $2 billion in 2016
Analysts project that spending on smart grid security will exceed $2 billion in the next five years; according to ABI Research’s report, titled “Smart Grid Security,” $590 million was spent on securing the smart grid in 2010 and by 2016 that number will rocket to $2 billion
Analysts project that spending on smart grid security will exceed $2 billion in the next five years.
According to ABI Research’s report, titled “Smart Grid Security,” $590 million was spent on securing the smart grid in 2010 and by 2016 that number will rocketto $2 billion.
Security spending includes identity management systems, access control, threat and theft defense, industrial control system security, as well as various other physical and cyber security solutions.
In 2011, security spending on transmission upgrades accounted for the bulk of smart grid spending with 54 percent of the total and it is projected to remain the largest segment for the next five years. Meanwhile electric vehicle charging stations are expected to see the largest growth of all smart grid security spending, increasing from $6 million to $150 million by 2016.
“There has been an enormous focus on smart grid security, particularly over the last two to three years. As well as providing security protection against physical and cyber-attacks on the smart grid, utilities are spending significant amounts of money on closed-circuit television (CCTV) surveillance and security software,” said Josh Flood, a senior analyst with ABI Research.
