Richard Ginika Izuora
The Global Energy Security Market size is expected to reach $30.6 billion by 2028, rising at a market growth of 10.2 per cent.
Rapid deployment of renewable energy, diversification of energy sources, enhanced energy efficiency, energy depots, and machine-usable energy types result in substantial energy security and economic benefits.
Increasing pressure from the government and security compliance and regulation, as well as rising terrorism and cyber-attack threats, are driving the expansion of the energy security market, according to 2022-2028 outlook and forecast by ResearchAndMarkets.com.
In addition, the expansion of the energy security market is positively impacted by the rise of physical attacks and insider threats. The emergence of a new energy sector in emerging economies would create lucrative expansion prospects for the energy security market. The energy supply is vital for households and businesses. In addition, the energy supply must be inexpensive, sustainable, reliable, and secure, making energy systems a difficult task.
Digital energy systems are an evolving area that employs potent digital tools and diverse digital models to solve and manage the increasingly complex energy systems of the twenty-first century. Within the field, digital tools and models like blockchain technology and artificial intelligence are used to analyze data from various energy systems and sources to drive new control and operational strategies and business models and support critical goals such as achieving Net Zero emissions.
In addition, cloud computing enables energy applications to request access to a common pool of computing resources. It consists of social and networked enhancements to corporate intranets and other traditional software platforms large corporations use to organize communication. In contrast to conventional enterprise software, which imposes structure before encouraging usage, enterprise social software tends to encourage use before imposing structure.
The report observed that several government authorities and power plant owners are implementing network and physical solutions such as a perimeter, microwave intrusion detection, secured communications, surveillance systems, access control systems, and detectors.
These solutions are intended to thwart potential threats. In addition, network systems such as antivirus, firewall, SCADA systems, and IPS/IDS systems are implemented to prevent cybercriminals from attacking the network power plant network.
The government’s effort to implement security solutions to safeguard power plants from threats is projected to propel energy security adoption and market growth.