Energy Security Market Size, Share, Analysis, Trends, Growth Report, 2030

Global Energy Security Industry Prospective:

The global energy security market size was worth around USD 15.43 Billion in 2022 and is predicted to grow to around USD 31.45 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.18% between 2023 and 2030.

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Global Energy Security Market: Overview

The energy sources are available in an uninterrupted manner at an affordable cost is termed energy security. It depends on a reliable, affordable, and adequate supply of energy that offers a degree of independence. There are chances of conflict with uneven distribution and inequitable availability of energy sources. Energy security has several facets: Short-term energy security chiefly emphasizes the capability of the energy system to react on time to abrupt changes in the supply-demand balance. Long-term security primarily deals with supplying energy to environmental needs and economic developments with timely investments.

Global Energy Security Market: Growth Factors

The growing necessity to protect energy sources from physical & cyber-attacks, the rise in demand for energy requirements, and the growing adoption of energy security solutions at a faster rate are some of the key features that are spurring the growth of the global energy security market. Most of the countries are highly dependent on energy supply from a solitary source and lack an appropriately unified energy market. In addition to this, the world’s oil reserves are depleting at a rapid rate and climate change is continuing speedily.

This in turn creates the necessity to increase the powerful force for the redirection of energy from fossil fuels to several types of energy resources thereby emphasizing the significance of energy security. In several regions of the world, the majority of the wars and conflicts are directly or indirectly due to energy resources, primarily oil & gas. The political struggle and cut-throat race for energy resources have moved the states to look for a strategic alternative that is cheap & safe to withstand the industrial infrastructure.

Thus, there is a rise in the demand for energy security solutions thereby contributing to the growth of the global market. Furthermore, the rise in the adoption of nuclear energy as an energy source and heavy investments by the government in R&D activities to develop new technologies may lead to greater opportunities for the growth of the global energy security market over the forecast period. However, the dearth of awareness among the operators is the major factor hampering the growth of the global energy security market.

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The pandemic of Covid-19 has led to the biggest global crisis by severely affecting societies, economies, and health systems. With unprecedented facets, governments of several countries are majorly focusing on bringing the spread of the disease under control and reviving the economies. The strict lockdowns and restrictions on trade and transport have slowed down transport, economic activity, and trade across the world.

The countries with a complete lockdown experienced a decline in the demand for energy including oil and electricity. Countries such as the UK, Spain, Italy, and France were under full lockdown during the first quarter of the year 2020 which resulted in decreased demand for electricity. Additionally, due to the disruption of the supply chain, the supply of equipment and machinery was also interrupted. Moreover, the restriction on personnel movement and goods led to low investment in energy activities. All these factors combinedly severely affected the growth of the global energy security market during the pandemic.

Global Energy Security Market: Report Scope

Global Energy Security Market: Segmentation

The global energy security market is categorized by technologies, professional services, power plants, and region. Based on the technologies, the global energy security market is split into network security and physical. Based on professional services, the global market is bifurcated into system design, integration & consulting, risk management services, and managed services. The power plant segment is classified by oil & gas, nuclear, renewable energy, and thermal & hydro.

Global Energy Security Market: Regional Analysis

North America is expected to lead the global energy security market during the forecast period. Factors such as the use of advanced technologies for the prevention of energy resources from physical & cyber-attacks, the presence of major players, the rise in demand for sophisticated networks, and the rise in spending for energy security solutions are boosting the growth of the market in this region. On the other hand, Asia Pacific is estimated to experience rapid growth during the forecast period. This is attributable to the rise in government initiatives for compliance with security.

Global Energy Security Market: Competitive Players

Some of the major players operating in the global energy security market.

• Honeywell International Inc.
• Symantec Corporation
• Thales Group
• Aegis Defense Services Ltd
• Ericsson
• HCL
• Cassidian
• Tofino
• BAE System
• Raytheon

The global energy security market is segmented as follows:

By Technologies

• Network Security and Physical

By Professional Services

• System Design
• Integration & Consulting
• Risk Management Services
• Managed Services

By Power Plants

• Oil & Gas
• Nuclear
• Renewable Energy
• Thermal & Hydro

Global Energy Security Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.