Market Overview and Growth Projections
According to a recent report by Kings Research, the global Energy Security Market, valued at USD 12.85 billion in 2022, is expected to reach USD 29.78 billion by 2030, with a remarkable CAGR of 12.70%. This growth is fueled by surging global energy demand and concerns about potential disruptions in the energy supply chain due to geopolitical tensions and climate change.
Understanding Energy Security
Energy security is the strategic assurance of a reliable, consistent, and economically viable energy resource supply for nations or regions. The focus is on mitigating vulnerabilities to disruptions in various aspects, including physical infrastructure, energy resources, and regulatory frameworks. Governments and industries globally are heavily investing in technologies and methodologies to enhance energy resilience and reduce vulnerabilities in the energy sector.
U.S. Embraces AI for Energy Security Transformation
In a significant development on October 31, 2023, the United States took a leap toward transforming the energy security sector by leveraging the power of artificial intelligence (AI). President Joe Biden signed an executive order emphasizing responsible AI use, ensuring safety, security, and trustworthiness. The Department of Energy and its National Laboratories have been actively involved in AI development, contributing cutting-edge tools and data science for open and classified requirements. The executive order aims to establish new AI safety standards while promoting equality, innovation, and competition, all while protecting Americans’ privacy and jobs.
Competitive Landscape and Innovation Strategies
Key players in the global energy security market are adopting various business strategies, including partnerships, acquisitions, product innovations, mergers, and joint ventures, to expand their product portfolios. Siemens, a prominent player, launched Managed Detection and Response (MDR) in October 2021, an industrial cybersecurity service catering specifically to small and medium-sized energy companies. This innovative service, powered by the AI-based platform Eos.ii, provides robust protection and response capabilities, safeguarding critical infrastructure from cyber threats in the industrial sector.
Source：prnewswire.com
