The Latin America, Middle East and Africa Smart Grid Sensors Market would witness market growth of 18.0% CAGR during the forecast period (2022-2028).
A smart grid might reduce issue calls by up to 50%. The frequency and length of power outages may be decreased by proactive grid management and automated response, leading to a decrease in concerned calls to utility contact centers and increased customer satisfaction. A self-healing grid, which can recover and avoid outages and increase the lifespan of substation machinery and distribution assets, may be built using remote monitoring and control devices spread throughout the system.
Due to the growing demand for energy, an aging workforce and infrastructure, and increased customer expectations for power quality and dependability, automation may overcome these challenges. The key factors driving the development smart grid sensors market are the increasing integration of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and the expanding acceptance of sensors in various industrial applications. The energy and power-generating industries are expanding rapidly. In addition, several electrical projects, particularly in Southeast Asian nations, are in the works and will need smart grid sensors.
The initiative is crucial to DEWA's plan to create a cutting-edge infrastructure. In addition, to provide all of the energy needed by 2050 from clean energy sources, it supports the Dubai Clean Energy Plan 2050 and the Dubai Net Zero Emissions Strategy 2050. A major element of a smart city, the DEWA created its first Smart Grid plan up to 2035 in 2014. As a result, DEWA effectively accomplished the short-term objectives of the Smart Grid Strategy 2014-2035. By shifting from a technology-led to a value-driven strategy and consolidating DEWA's 10 smart grid programs into 6 themes, each including 19 industry-leading smart grid capabilities, DEWA unveiled its revised Smart Grid Strategy up to 2035 in 2021. Consequently, over the forecast period, the expansion of the Smart Grid Sensors Market in LAMEA will be supported by the government's ambitions for raising smart cities and its vision.
The Brazil market dominated the LAMEA Smart Grid Sensors Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $14.4 Million by 2028. The Argentina market is experiencing a CAGR of 18.6% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 17.7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Grid Sensors Market is Predict to reach $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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