The Europe Energy Security Market would witness market growth of 10.0% CAGR during the forecast period (2022-2028).
Energy security aids in safeguarding power facilities and detecting or preventing breaches, which are anticipated to increase industry demand. Increased need for sophisticated networks and protection from cyber threats, expanding terrorist attacks, and increasing government pressure for security compliances and regulatory policies are anticipated to propel the expansion of the energy security market over the forecast period. As a result, several organizations have begun to offer integrated solutions and are entering the expanding energy security sector.
Energy security minimizes the possibility of supply interruptions; unused energy is the only energy source that cannot be interrupted. Emergency conservation and efficiency measures might collaborate to reduce demand in a disruption. In addition, as investment has continued to climb and the demand for energy security has risen, several businesses have diversified their customer base and product offerings.
The "Energiewende," or energy transition, is Germany's intention to move away from a clear dominance of coal, oil, and nuclear toward a low-carbon, nuclear-free economy based on renewable sources. By 2050, it is intended to reduce CO2 emissions by 80% and increase the proportion of renewable energy in all energy use to 60%. As well as developing a new, smart power generation that can balance the erratic supply of renewable sources, investments in offshore wind, grid expansion, photovoltaics, and energy storage projects will be required. A major factor will be energy efficiency. Germany has long been a leader in using environmental and renewable energy technologies. The region's energy security market is anticipated to be driven by the region's shift toward renewable energy as a result of numerous government programs.
The Germany market dominated the Europe Energy Security Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,236 Million by 2028. The UK market is anticipated to grow at a CAGR of 9.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 10.8% during (2022 - 2028).
Based on Component, the market is segmented into Solution, and Services. Based on Technology, the market is segmented into Physical Security, and Network Security. Based on Power Plant, the market is segmented into Thermal & Hydro, Renewable Energy, Oil & Gas, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Energy Security Market will Hit $30.6 Billion by 2028, at a CAGR of 10.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Teledyne FLIR LLC (Teledyne Technologies Incorporated), ABB Ltd., Honeywell International, Inc., BAE Systems PLC, Elbit Systems Ltd., Thales Group S.A., Hexagon AB, Lockheed Martin Corporation and AEGIS Security & Investigations Inc.
By Component
By Technology
By Power Plant
By Country
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