MANHASSET, NY -- An estimated $590 million was spent on smart grid security technologies in 2010 and by 2016 that number is projected to surpass $2 billion, according to ABI Research.
The market research firm identifies smart grid security covering identity management and access controls, threat and theft defense, industrial control system security, smart grid cellular communications, physical safety and security, and other security types.
Security spending on transmission upgrades made up the largest portion of smart grid spending, accounting for approximately 54 percent of the total in 2011.
Electric vehicle (EV) charging stations are projected to see the highest security growth rates, growing from $6 million in 2011 to $150 million by 2016.
The biggest areas of development in the security arena will be EV authentication of vehicles and physical security features.
The report, “Smart Grid Security,” identifies all the smart grid security risk types, current government and electric regulatory body legislations, and offers forecasts for the spending on key segments on the smart grid and risk types that support and enable the development of smart grids.