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Energy Security Market Share Growing At a 10.5% CAGR to Hit $42 Billion by 2031

Energy Security Market

The need for protecting existing energy infrastructure and resources in developed nations along with increased pipeline infrastructure drives the market growth.

PORTLAND, PORTLAND, OR, UNITED STATES, December 13, 2023 /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.

Energy security involves employing cybersecurity defense strategies that utilize traps and decoys to mislead attackers within a system’s infrastructure, simulating authentic assets. The primary goal is to thwart cybercriminals who have infiltrated a network and prevent them from causing substantial damage. Additionally, energy security focuses on managing the energy system and responding promptly to abrupt changes in energy supply and demand cycles.

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Ensuring the efficient operation of power plants for electricity generation requires safeguarding them against both physical and cyber threats, constituting the concept of energy security. The rapid embrace of renewable energy contributes significantly to enhanced energy efficiency. The positive effects on economic growth and energy security can be achieved by diversifying energy sources, exploring various energy storage options, and employing different types of energy machinery. This approach not only secures energy corridors and reliable access to energy resources but also fosters environmental protection. Ultimately, it serves as a tool to drive economic expansion, thereby reducing poverty and elevating living standards through improved accessibility to contemporary energy services.

The growth of the global energy security market is attributed to increased government pressure for security compliance, rising threats from terrorism and cyberattacks, and a surge in physical attacks and insider threats. However, the market faces obstacles due to a lack of awareness about security implementation among operators. On a positive note, the rise of new energy markets in developing economies is expected to offer lucrative expansion opportunities in the forecast period.

The global energy security market is analyzed across component, 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.

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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 showcase the fastest CAGR of 12.0% during the forecast period.

By power plant, the thermal and hydro segment accounted for the highest share in 2021, generating nearly half of the global energy security market revenue. The renewable energy segment would portray the fastest CAGR of 12.9% during the forecast period.

By technology, the physical security segment contributed to nearly one-third of the global energy security market share in 2021, and is projected to rule the roost by 2031. The network security segment, on the other hand, would display the fastest CAGR of 12.8% throughout the forecast period.

In terms of technology, the physical security segment holds the largest market share, driven by high demand and rapid adoption of physical security systems. Nevertheless, the network security segment is anticipated to experience the highest growth rate due to an increasing number of current threats posing cybersecurity risks.

Geographically, North America dominated the energy security market in 2021, and this trend is expected to continue owing to the growing adoption of balanced energy production in the oil and natural gas industries. However, Asia-Pacific is poised for significant growth, fueled by infrastructure improvements and updates to current export policies.

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While the COVID-19 outbreak negatively impacted the market’s growth, recovery is expected by the third quarter of 2022. This rebound is attributed to substantial investments in advanced technologies like the Internet of Things (IoT) and smart technologies, along with government initiatives such as smart cities in Asia-Pacific countries like China and India. The adoption of technologies like cloud, Artificial Intelligence (AI), and IoT is anticipated to gain momentum. As control over the pandemic increases, various sectors, including retail, manufacturing, and automotive, are projected to witness rising investments in energy security solutions, offering opportunities for digitization and business expansion across regions. Furthermore, collaborations between public and private entities are expected to create ecosystems for sharing data under a common regulatory and cybersecurity framework, presenting lucrative opportunities for global market growth.

The key market players analyzed in the global energy security market report include ABB Ltd., AEGIS Security & Investigations, BAE Systems plc, Elbit Systems Ltd., Thales, Teledyne FLIR LLC, Honeywell International Inc, hexagon ab, Lockheed Martin Corporation, and Siemens AG. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

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Similar Report:

1. UK Energy Security Market 

2. South Korea Energy Security Market

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Originally published at https://www.einpresswire.com/article/674756116/energy-security-market-share-growing-at-a-10-5-cagr-to-hit-42-billion-by-2031-abb-ltd-hexagon-ab

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