Pune, June 14, 2021 (GLOBE NEWSWIRE) – Market analysis
According to the latest Market Research Future (MRFR) report, the global cyber insurance market size is expected to show an astounding 15% CAGR during the forecast period (2020-2027). Grid-connected photovoltaic (PV) systems contain solar panels that power household devices during the day. Solar PV systems can generate excess electricity during the summer months and are stored in grid-connected systems to be fed back into the electricity grid. Using hybrid systems to take advantage of solar power as well as sustainable approaches to power generation can boost the market.
The cyber insurance market is expected to reap huge dividends due to low operating costs, low electricity bills, and simple design. Eliminating the expensive back-up batteries of the latest and most innovative grid designs can lower utility bills. Growing demand for solar energy storage solutions, installation of solar panels, and new government programs to encourage renewable energy production may bode well for the market. The development of solar photovoltaic energy projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Indian government, the New Solar Mission has opened auctions to bid on solar panel projects and aims to create self-sustaining business models that can support state government power distribution companies. But the complexity of maintaining grid balance can hamper market growth.
Impact of COVID-19:
The COVID-19 pandemic has had a negative impact on the global cyber insurance market. Prioritization of health care and goals to control the spread of disease in countries have reduced budgets for renewable energy programs. The use of solar modules and panels imported from China has affected the industry as a whole. The pandemic’s effect on auction bids and facilities can derail future investments in renewable energy. Policy changes that usher in the flexibility of current models of power systems and calculate losses during cloud cover and wind gusts can push the industry to new horizons.
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Cyber insurance is likely to be integrated into power grids and act as a source of power supply. They can act as a storage device and power networks during peak hours. This is evident with various plans and programs put in place by governments and linked to incentives. Cost savings and operational efficiency are major advantages of these systems which can lead to rapid adoption in the years to come.
By component, the global cyber insurance market has been divided into solutions and services.
By type of coverage, the market has been segmented into first party coverage and third party coverage. The former is sub-segmented into business interruption, forensic investigation, restoration of computer and electronic programs, extortion, theft and fraud. The latter is also segmented into Network Security Responsibility, Privacy and Security Responsibility, Media and Communication Responsibility, Regulatory Response, Crisis Management and Credit Monitoring.
Depending on the size of the organization, the market is segmented into SMEs and large enterprises. The major verticals of the global cyber insurance market are energy and utilities, media and entertainment, automotive and transportation, aerospace and defense, education, manufacturing, healthcare, retail, BFSI and IT and telecommunications.
Browse the in-depth market research report (87 pages) on the Cyber Insurance industry:
The cyber insurance market covers the regions of North America, Europe, Asia-Pacific (APAC) and the rest of the world (RoW).
APAC holds the largest market share due to increased investment in solar projects and demand for solar power sources. Efforts to reduce reliance on fossil fuels can bode well for the cyber insurance market. The growing number of photovoltaic installations in China and India testifies to the enormous potential of the market. But the lack of land resources can hamper market growth in the region. The ease of the installation process and access to services can attract domestic consumers. Online portals and mobile devices to respond to customer complaints can bode well for the market.
North America can be lucrative for the cyber insurance market due to energy conservation programs and the elimination of charges in commercial electricity rates. The United States will likely be the region’s biggest revenue generator with the installation of solar farms and the passing of legislation to introduce renewable energy programs. The deployment of GPV connected systems and regulatory changes can favor the market. Investment tax credits for solar boost the number of installations in the utility sector. Energy storage mandates and incentive programs can facilitate market penetration in the region.
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The cyber insurance market is very competitive and marked by alliances and joint ventures. New product development is expected every year due to government initiatives and programs.
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 SA
- Lloyds Bank PLC
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Exide Industries and Leclanche worked in a joint venture, Nexcharge, with Tata Power and created the first grid-connected energy storage system in New Delhi, India. Battery storage systems can store solar resources and integrate them into the electricity grid. The move is likely to meet the growing demand for energy during peak hours for residents of the country.
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