Pune, June 14, 2021 (GLOBE NEWSWIRE) — Market Analysis
The global cyber insurance market size is bound to display a stupendous CAGR of 15% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Grid connected photovoltaic (PV) systems contain solar panels that power the appliances of households during the day. Solar PV systems can produce surplus of electricity during summer months and are stored in grid connected systems to be fed back to the electrical network. Use of hybrid systems for leveraging on solar energy as well as sustainable approaches of generating power can drive the market.
The cyber insurance market is bound to reap huge dividends owing to low operating costs, low electricity bills, and simple design. Elimination of expensive back-up batteries from latest and novel grid designs can lower electricity bills. Rising demand for solar powered energy storage solutions, installation of solar panels, and new government schemes for encouraging renewable energy production can bode well for the market. Development of solar photovoltaic power projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Government of India, the New Solar Mission has opened up auctions for bidding on solar panel projects and aims to create self-sufficient business models that can support energy distribution companies of state governments. But complexities of maintaining grid balance can hamper market growth.
The COVID-19 pandemic has negatively affected the global cyber insurance market. The prioritization of healthcare and goals of curbing the disease from spreading in countries has slashed the budgets of renewable energy schemes. Reliance on solar modules and panels imported from China has affected the industry at large. The effect of the pandemic on auction bids and installations can derail future renewable energy investments. Policy changes that usher in flexibility in current models of electricity systems and calculate for losses during cloud cover and wind gusts can push the industry towards new horizons.
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Cyber insurance are likely to be integrated into electrical grids and act as a source of electrical supply. They can act as a storage device and supply power to grids during peak hours. This is evident with various plans and schemes rolled out by governments and linked with incentives. Cost-savings and operational efficiency are major advantages of these systems that can lead to rapid adoption in the coming years.
By component, the global cyber insurance market has been divided into solutions and services.
By coverage type, the market has been segmented into first party coverage and third party coverage. The former is sub-segmented into business interruption, forensic investigation, computer program and electronic restoration, extortion, and theft & fraud. The latter is similarly segmented into network security liability, privacy and security liability, media and communication liability, regulatory response, crisis management, and credit monitoring.
By organization size, the market is segmented into SMEs and large enterprises. Major verticals catered in the global cyber insurance market are energy & utilities, media & entertainment, automotive & transportation, aerospace & defense, education, manufacturing, healthcare, retail, BFSI, and IT & telecom.
Browse In-depth Market Research Report (87 pages) on Cyber Insurance Industry:
The cyber insurance market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC holds the largest market share owing to increasing investments in solar projects and demand for solar energy sources. Efforts to reduce the reliance on fossil fuels can bode well for the cyber insurance market. Rising number of photovoltaic installations in China and India are evident of the huge potential of the market. But lack of land resources can hamper the market growth in the region. Ease in installation process and access to services can attract domestic consumers. Online portals and mobile appliances to address customer grievances can bode well for the market.
North America may be lucrative for the cyber insurance market owing to energy saving schemes and eliminating charges in commercial electricity tariffs. The U.S. is likely to be the biggest revenue generator of the region with installation of solar farms and passing of law for introduction of renewable energy schemes. Deployment of GPV connected systems and regulatory changes can favor the market. Investment tax credits for solar is driving the number of installations in the utility sector. Energy storage mandates and incentive schemes can facilitate the market’s penetration in the region.
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The cyber insurance market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.
Notable Players Operating In The Global Cyber Insurance Market Include:
- Apple Inc.
- At-Bay Inc.
- American International Group Inc.
- Cisco Systems Inc.
- Tata Consultancy Services Limited
- AXA SA
- AON Plc
- Chubb Limited
- Zurich Insurance Group
- Lockton Companies
- Guy Carpenter and Company LLC.
- Beazley Group PLC
- Lloyds Bank PLC
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Exide Industries and Leclanche have collaborated on a joint venture, Nexcharge, with Tata Power and created the first grid-connected energy storage system in New Delhi, India. Battery-based storage systems can store solar resources and integrate it into the electric grid. This move is likely to cater to increasing demand of energy during peak hours for residents of the country.
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Industrial Cyber Security Market, By Product (Gateway, Routers and Ethernet switches), By Solutions (Antivirus, firewall, DDOS, Data loss Prevention (DLP) and SCADA), By Organization Size (Large & SME’s), By Industries (Manufacturing, Transportation, Power grid, Oil & Gas) and By Region (North America, Europe, APAC and Rest of the World)
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