Energy Security Market is Expected to Reach $42 Billion by 2031: Says AMR
Rise in need for protecting existing energy infrastructure and resources in developed nations along with increased pipeline infrastructure is driving the growth of the global energy security market. By component, the solution segment contributed to the major share in 2021. By region, on the other hand, Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR , Feb. 02, 2023 (GLOBE NEWSWIRE) -- 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.
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Report coverage & details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Component, Technology, Power Plant, and Region.
Increased government pressure and security compliance and regulation
Increase in threats from terrorist and cyber-attacks
Increase in physical attacks and insider threats
Lack of apprehension about security implementation by operators
Rise of new energy markets in developing economies
With alarming increase in COVID-19 patients, various governments have implemented lockdown, which significantly increased digital business operations in energy industry, which in turn drives the growth of the market.
Furthermore, the increase in number of new power plants to support the growing electrical demands from various countries is substantially driving the demand for energy security to protect from both internal and external threats.
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.
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 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.
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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 region, North America held the major share in 2021, garnering more than one-third of the global energy security market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 12.8% from 2022 to 2031.
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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