The “Energy Security Market Report 2024-2034” forecasts substantial growth, surpassing US$17.5 billion by 2024, with continued expansion anticipated through 2034.
Climate Change and Extreme Weather Events
Climate change-induced extreme weather events present a significant threat to energy infrastructure globally. Hurricanes, storms, heatwaves, and wildfires disrupt power generation, transmission, and distribution networks, necessitating resilient infrastructure and disaster preparedness measures.
Meeting Escalating Energy Demand
With rising energy demand and a complex global energy landscape, ensuring uninterrupted energy supply is crucial. Rapid urbanization, industrialization, and population growth drive energy consumption, necessitating robust security measures to safeguard infrastructure from geopolitical uncertainties, natural disasters, and cyber threats.
Challenges in Security Implementation
A notable challenge in the energy security market is the lack of urgency among operators in implementing robust security measures. Despite growing cyber threats and physical vulnerabilities, some operators underestimate the importance of security, potentially exposing energy infrastructure to risks. This oversight underscores the need for heightened awareness and proactive security strategies to protect against evolving threats.
The forecasted growth of the global energy security market reflects both the escalating demand for energy and the imperative to address climate-related risks. By investing in resilient infrastructure and adopting comprehensive security measures, stakeholders can mitigate threats and ensure the reliability of energy systems amidst a rapidly evolving landscape.
Source：prnewswire.com
