Global Energy Security Market Set to Hit $29.78 Billion by 2030, Growing at a 12.70% CAGR, Fueled by Rising Global Energy Demand, Projects Kings Research

DUBAI, UAE, Jan. 29, 2024 /PRNewswire/ — As per the recent report released by Kings Research, the global Energy Security Market was worth USD 12.85 billion in 2022 and is anticipated to register a valuation of USD 29.78 billion by 2030, depicting a CAGR of 12.70% through the projection period of 2023-2030. Key drivers boosting the market growth include the burgeoning energy requirement, rising concerns about potential disruptions in energy supply caused by geopolitical tensions and climate change, and a growing reliance on interconnected energy networks.

Energy security entails the strategic assurance of a reliable, consistent, and economically viable supply of energy resources for a nation or region. The focus is on mitigating vulnerability to disruptions, covering diverse aspects such as physical infrastructure, energy resources, and regulatory frameworks. Understanding the importance of energy resilience, both governments and industries are heavily investing in technologies and methodologies aimed at reducing vulnerabilities in the energy sector.
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Trending Now: U.S. Leverages the Power of AI to Transform the Energy Security Sector
On October 31, 2023, the United States embraced the potential of artificial intelligence (AI) to revolutionize the energy sector. President Joe Biden signed an executive order stating that AI should be used responsibly, ensuring safety, security, and trustworthiness. The Department of Energy and its National Laboratories have been actively involved in the development of AI since the 1960s, devising cutting-edge tools and data science for open science and classified requirements. The order will establish new standards for AI safety and promote equality, innovation, and competition while protecting Americans’ privacy and jobs.
Competitive Landscape
Prominent players in the global energy security market are prioritizing several business strategies, including partnerships, acquisitions, product innovations, mergers, and joint ventures to expand their product portfolio. For instance, in October 2021, Siemens launched Managed Detection and Response (MDR), an innovative industrial cybersecurity service, to cater specifically to the needs of small and medium-sized energy companies. Powered by Eos.ii, an AI-based platform, this service offers robust protection and response capabilities to safeguard critical infrastructure from cyber threats in the industrial sector.
Major players in the global energy security market include:
SiemensSchneider ElectricHoneywell International Inc.General ElectricThalesHexagon ABRTXABBLockheed Martin CorporationNorthrop GrummanBAE SystemsInquire Before Buying This Report: https://www.kingsresearch.com/enquiry/energy-security-market-300 
The global Energy Security Market is segmented as:
By Component
SolutionServicesGrowing Focus on Improving and Modernizing Energy Infrastructure to Boost Demand for Energy Security Solutions
The solution segment dominated the market in 2022 largely attributable to the emphasis of energy security solutions on improving and modernizing the energy infrastructure.
The solution segment encompasses a diverse range of offerings, such as smart grid technologies, which play a vital role in enhancing energy distribution efficiency, minimizing losses, and bolstering the resilience of the energy grid. Businesses that invest in these advanced solutions can effectively address the challenges associated with energy security and contribute to the establishment of a dependable and sustainable energy system.
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By Technology
Physical SecurityNetwork SecurityIncreasing Digitization and Interconnectivity to Facilitate the Use of Network Security Technology
The network security segment led the market in 2022 primarily due to the rising digitization and interconnectivity of energy infrastructure, which, in turn, has led to an increased demand for energy security and emerging cybersecurity risks. With the energy sector becoming increasingly reliant on networked systems, the potential for cyberattacks targeting critical infrastructure has risen significantly.
Vulnerabilities in network security can expose energy systems to unauthorized access, data breaches, and disruptive incidents, thereby posing substantial risks to energy security. As a result, there is a rising need to prioritize and invest in robust network security measures to safeguard the integrity and resilience of energy networks.
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Widespread Adoption of Advanced Technologies to Fuel Energy Security Market Growth
The rapid adoption of advanced technologies, such as smart grids, microgrids, and energy storage solutions, and renewable energy sources is significantly driving the growth of the market. The trend of integrating renewable energy sources and distributed energy systems into existing grids aligns with global initiatives to reduce greenhouse gas emissions. This trend is likely to propel the growth of solar and wind power, energy storage solutions, and smart grids, thereby supporting market expansion.
Another major factor driving market growth includes the emphasis on enhancing grid resilience through the implementation of advanced monitoring and control systems, leveraging technologies such as artificial intelligence (AI) and the Internet of Things (IoT). The implementation of stricter regulations is anticipated to provide lucrative opportunities for compliance-focused solutions. Furthermore, as electric vehicles (EVs) become widely adopted and EV charging infrastructure continues to develop, there will be an increased demand for electricity. This, in turn, will require upgrades to energy distribution systems, creating growth opportunities in the EV charging and energy management sectors. 
North America to Lead Market Due to Rising Emphasis on Grid Modernization and Cybersecurity
North America dominated the global energy security market in 2022 mainly driven by several factors such as the region’s plentiful natural gas and oil resources, robust energy infrastructure, and a strong focus on grid modernization and cybersecurity.
The United States has been leading the way in implementing cutting-edge technologies to improve energy security. This includes the adoption of smart grids and microgrids, which play a crucial role in bolstering resilience against both natural disasters and cyber threats. In addition, North America’s dedication to expanding its energy portfolio by incorporating more renewable sources further strengthens its dominant position in the market.
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Key Points from TOC:
Chapter 1 Introduction of the Global Energy Security Market 1.1 Market Definition1.2 Market Segmentation1.3 Research Timelines1.4 Limitations1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology3.1 Data Collection3.2 Subject Matter Expert Advice3.3 Quality Check3.4 Final Review3.5 Bottom-Up Approach3.6 Top-down Approach
Chapter 4 Global Energy Security Market Outlook4.1 Market Evolution4.2 Overview4.3 Market Dynamics4.4 Pricing Analysis4.5 Porter’s Five Forces Analysis4.6 Value Chain Analysis4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Energy Security Market, By ComponentChapter 7 Global Energy Security Market, By TechnologyChapter 8 Global Energy Security Market, By Power PlantChapter 9 Global Energy Security Market, By GeographyChapter 10 North America Chapter 11 Europe Chapter 12 Asia Pacific Chapter 13 Middle East & Africa Chapter 14 Latin America
Chapter 15 Global Energy Security Market Competitive Landscape15.1 Overview15.2 Key Developments15.3 Key Strategic Developments15.4 Company Market Ranking15.5 Regional Footprint15.6 Industry Footprint
Chapter 16 Company Profiles16.1 Siemens16.1.1 Key Facts16.1.2 Financial Overview16.1.3 Component Benchmarking16.1.4 Recent Developments16.1.5 Winning Imperatives16.1.6 Current Focus & Strategies16.1.7 Threat from competition16.1.8 SWOT Analysis
16.2 Schneider Electric16.2.1 Key Facts16.2.2 Financial Overview16.2.3 Component Benchmarking16.2.4 Recent Developments16.2.5 Winning Imperatives16.2.6 Current Focus & Strategies16.2.7 Threat from competition16.2.8 SWOT Analysis
16.3 Thales16.3.1 Key Facts16.3.2 Financial Overview16.3.3 Component Benchmarking16.3.4 Recent Developments16.3.5 Winning Imperatives16.3.6 Current Focus & Strategies16.3.7 Threat from competition16.3.8 SWOT Analysis
16.4 Hexagon AB16.4.1 Key Facts16.4.2 Financial Overview16.4.3 Component Benchmarking16.4.4 Recent Developments16.4.5 Winning Imperatives16.4.6 Current Focus & Strategies16.4.7 Threat from competition16.4.8 SWOT Analysis
Continued……..
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