Visiongain has published a new report entitled Energy Security Market Report 2024-2034: Forecasts by Components (Supervisory Control and Data Acquisition Systems (SCADA), Physical Security Devices, Cybersecurity Hardware), by Infrastructure Type (Power Plants Security, Transmission Security, Distribution Network Security, Oil and Gas Infrastructure Security), by Solutions (Physical Security Solutions, Cybersecurity Solutions, Surveillance Systems, Monitoring Systems, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global energy security market was valued at US$16.3 billion in 2023 and is projected to grow at a CAGR of 7.7% during the forecast period 2024-2034.
Climate Change and Extreme Weather Events: Risks to Energy Infrastructure
Climate change-related impacts, including extreme weather events such as hurricanes, storms, heatwaves, and wildfires, pose significant risks to energy infrastructure and supply chains, affecting energy security. Disruptions to power generation, transmission, and distribution networks can lead to outages, economic losses, and societal impacts. Enhancing resilience and adaptive capacity through infrastructure upgrades, climate-resilient design, and disaster preparedness measures is essential for mitigating climate-related risks to energy security.
Climate change-related impacts, including extreme weather events such as hurricanes, storms, heatwaves, and wildfires, pose significant risks to energy infrastructure and supply chains, affecting energy security. Disruptions to power generation, transmission, and distribution networks can lead to outages, economic losses, and societal impacts. Enhancing resilience and adaptive capacity through infrastructure upgrades, climate-resilient design, and disaster preparedness measures is essential for mitigating climate-related risks to energy security.
Cybersecurity Threats and Vulnerabilities: Safeguarding Energy Infrastructure
The increasing digitization and connectivity of energy systems expose critical infrastructure to cybersecurity threats, including cyberattacks, data breaches, and ransomware attacks. Disruptions to energy networks can have severe consequences for national security, economic stability, and public safety. Strengthening cybersecurity measures, enhancing threat detection capabilities, and promoting information sharing and collaboration among stakeholders are crucial for safeguarding energy infrastructure and ensuring resilience against cyber threats.
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How has COVID-19 had a significant negative impact on the Energy Security Market?
The COVID-19 pandemic has had a profound impact on the global energy security market, reshaping dynamics and priorities as nations grappled with the unprecedented challenges brought about by the health crisis. One of the immediate and visible effects was the significant decline in energy demand worldwide, triggered by lockdowns, travel restrictions, and economic slowdowns. The sudden drop in energy consumption, particularly in sectors like transportation and industry, exposed vulnerabilities in traditional energy models and emphasized the need for diversified and resilient energy systems.
As economies faced disruptions, the energy security landscape witnessed heightened concerns regarding supply chain vulnerabilities. Disruptions in the production, transportation, and distribution of energy resources highlighted the importance of securing critical infrastructure and ensuring the continuous operation of essential energy services. This shift in focus necessitated a reevaluation of strategies to enhance energy resilience and minimize risks associated with unforeseen crises.
Renewable energy sources faced both challenges and opportunities during the pandemic. On one hand, renewable projects experienced delays and disruptions due to supply chain interruptions and logistical constraints. On the other hand, the pandemic underscored the resilience of decentralized renewable systems, such as solar and wind, as they are less reliant on centralized infrastructure and proved more adaptable to local energy needs.
How will this Report Benefit you?
Visiongain’s 358-page report provides 112 tables and 179 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global energy security market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Energy Security. Get financial analysis of the overall market and different segments including components, infrastructure type, and solutions and capture higher market share. We believe that there are strong opportunities in this fast-growing energy security market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increased Government Pressure and Security Compliance Driving the Market Growth
Increased government pressure and security compliance are identified as key driving factors for the growth of the energy security market. The rising prominence of energy security concerns has compelled governments globally to prioritize renewable energy programs. This shift is underscored by the 59th EY Renewable Energy Country Attractiveness Index (RECAI), which highlights the heightened focus on energy security following geopolitical instability and escalating gas prices.
Governments worldwide are actively seeking to accelerate and expand their renewables initiatives as part of a strategic effort to reduce dependence on imported energy. According to RECAI 59, this prioritization is evident in the pursuit of renewables programs to mitigate energy security risks. The adoption of emerging technologies and green fuels plays a crucial role in diminishing the reliance on gas in power generation, thus creating a favourable investment climate for renewable energy sources
Increasing Investment in Energy Sector driving the Market Growth
The increasing investment in the energy sector serves as a pivotal driving force behind the growth of the energy security market. As countries and businesses globally recognize the strategic importance of a secure and reliable energy supply, there has been a substantial uptick in investments aimed at fortifying the resilience of energy infrastructure and ensuring uninterrupted energy access. Governments and private entities alike are directing significant financial resources toward enhancing the security of critical energy assets, such as power plants, oil and gas facilities, and electricity grids. This surge in investment is motivated by the recognition that energy security is not only integral to national stability but also imperative for sustaining economic activities and fostering industrial growth.
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Where are the Market Opportunities?
Partnership and Collaboration between Market Players Opportunity for the Market
One significant market opportunity lies in fostering partnerships and collaborations among key players in the energy security sector. As the industry faces evolving challenges, collective efforts can lead to the development of comprehensive solutions. By forming strategic alliances, companies can leverage each other's strengths, share expertise, and create synergies that enhance the overall effectiveness of energy security measures. These collaborations may involve joint research and development initiatives, information sharing on emerging threats, and the establishment of unified standards to ensure a cohesive response to potential risks.
For instance, on 16 Jan 2024, A teaming agreement has been inked by Northrop Grumman Corporation and Mitsubishi Electric Corporation to work together on integrated air and missile defence capabilities for Japan's ground-based systems.
Increasing Pipeline infrastructure Opportunities for the Market
The expansion and development of pipeline infrastructure present promising opportunities for the energy security market. Enhanced pipeline networks contribute to the efficient transportation of energy resources, reducing vulnerabilities associated with other modes of transportation. Investing in the construction and upgrading of pipelines can significantly improve the reliability and resilience of energy supply chains. This opportunity extends to both conventional and renewable energy sources, as an extensive and well-maintained pipeline infrastructure becomes crucial for securing diverse energy supply routes and mitigating potential disruptions.
For instance, on Gas Conclave emphasized the necessity of robust infrastructure for India to achieve energy security. The discussions highlighted the importance of a well-established and resilient energy infrastructure to meet the growing energy demand and ensure a secure energy future for the country.
Competitive Landscape
The major players operating in the energy security market are ABB Ltd., BAE Systems plc, Cisco Systems, Inc., General Electric Company, Honeywell International Inc., Huawei Technologies Co., Ltd., International Business Machines Corporation, Leidos Holdings, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Schneider Electric SE, Siemens AG, Teledyne FLIR LLC, Thales Group. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 03 Nov 2023, Elvia, the Norwegian distribution system operator (DSO), has implemented Siemens software in order to enhance its distribution grid management capabilities for the future.
- 08 March 2023, ABB has formed a strategic alliance with Direct Energy Partners (DEP), a start-up that uses digital technology to accelerate the adoption of Direct Current (DC) microgrids. ABB Technology Ventures, ABB's venture capital unit, will make a minority investment in Direct Energy Partners as part of the partnership (ATV). Financial details of the investment were not disclosed.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Energy Storage Systems (ESS) Market Report 2023-2033
- Sodium Sulphur Battery Market Report 2022-2032
- Battery Electric Vehicle (BEV) Market Report 2022-2032
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