The Europe Smart Grid Sensors Market would witness market growth of 15.6% CAGR during the forecast period (2022-2028).
Smart grids generate a vast quantity of data, which may be used and transformed into insightful information with the help of AI technologies. For example, operators may judge energy distribution from one site to another, operating variables and data about weather, demand, geography, or generating assets. But, even at the consumer level, AI is essential to assist families in understanding how much energy each of their particular appliances is using and how to change their use to be more economical.
As a result of this AI movement, several startups have joined the market. For example, upside energy, established in the UK, employs automated algorithms to balance supply and demand and assist grids in managing variations and peak consumption. On the business-to-business side, Fresh Energy, a rated company, links to smart meters and utilizes AI to provide users with information and advice about their power usage.
It is anticipated that the advent of new technologies, such as IoT solutions, will provide an opportunity for expansion. For example, Itron introduced a new home smart power meter for the German market in April 2021. As a result, the approach may work in contexts with several vendors. Governments throughout Europe are investing in advanced metering infrastructure as part of the growing efforts to upgrade the electrical grid and decrease T&D losses. By 2024, the EU will have installed nearly 225 million smart meters for electricity and 51 million for gas. This entails a possible €47 billion investment. Around 77% of European users will have smart power meters by 2024. A gas one will be used by approximately 44%. These and other reasons are fueling the European market for smart grid sensors.
The Germany market dominated the Europe Smart Grid Sensors Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $54.2 Million by 2028. The UK market is estimated to grow a CAGR of 14.6% during (2022 - 2028). Additionally, The France market would experience a CAGR of 16.4% during (2022 - 2028).
Based on Application, the market is segmented into Smart Energy Meter, Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control & Data Acquisition and Others. Based on Type, the market is segmented into Voltage & Temperature Sensors, Outage Detection and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Grid Sensors Market will Hit $913.8 Million by 2028, at a CAGR of 15.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Siemens Energy AG, ABB Group, Renesas Electronics Corporation (Echelon Industries Corporation), Aclara Technologies LLC. (Hubbell Incorporated), Landis+Gyr Group AG, Itron, Inc., S&C Electric Company, Trilliant Holdings, Inc., and Sentient Energy, Inc. (Koch Engineered Solutions) (Koch Industries, Inc.)
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