Utilities Security Market Set for Rapid Growth, to Reach USD 31.2 Billion by 2032

The global utilities security market, valued at $7.3 billion in 2022, is projected to soar to $31.2 billion by 2032, growing at a CAGR of 15.9% from 2023 to 2032. This growth is primarily driven by the increasing cyber threats and advancements in technology. Despite challenges such as financial constraints and integration issues, opportunities in operational resilience are expected to fuel market expansion.
The market is analyzed based on security type, deployment mode, end-user, and region. Security types include physical, cyber, and others, with deployment modes split between on-premise and cloud. End-users are categorized into oil & gas, electricity, and others. North America led the market in 2022, with Asia-Pacific expected to experience the fastest growth due to the adoption of smart grid technology and renewable energy sources.
The COVID-19 pandemic highlighted the utilities sector’s vulnerability, leading to increased investments in cybersecurity solutions. Technologies like AI and automation are gaining traction, enhancing security capabilities through improved threat detection and risk management.
Key market players include Honeywell International Inc., Cisco Systems, Inc., and Thales, among others, focusing on strengthening their market position through various strategies. The report emphasizes the importance of strategic decision-making based on comprehensive market insights provided by Allied Market Research.