The Global Smart Grid Sensors Market size is expected to reach $913.8 Million by 2028, rising at a market growth of 15.8% CAGR during the forecast period.
A smart grid sensor gathers information about the electrical power infrastructure. These sensors can measure various variables, including voltage, temperature, current, and power use. The data collected by these sensors may be utilized to improve the electric power grid's effectiveness, dependability, and security. In addition, smart grid sensors have an Internet connection that enables the data they gather to be sent to a distant location for monitoring and analysis.
In order to find patterns and abnormalities in the data, some smart grid sensor systems utilize sophisticated analytics and machine learning algorithms. This may assist utilities in identifying and preventing problems like power outages and equipment breakdowns. Enterprises, retail establishments, hospitals, colleges, and international businesses may all benefit from smart grid technology.
The smart grid system is automated to track how much power is used everywhere. Energy management software and grid architecture are sometimes used to estimate an enterprise's energy use and costs. In general, demand drives up power rates. Smart grid energy management systems assist in reducing consumption during high-cost, peak-demand periods by giving users information about current energy usage and energy costs.
Across the globe, several efforts related to grid advances are gathering steam. Modern energy networks make it possible to combine conventional energy sources with renewables and energy storage. For instance, the Grid Modernization Initiative of the US Department of Energy (DOE) has declared plans to develop the advanced grid of the future. The department collaborates with several public and commercial partners to build the tools and technology required to evaluate, measure, anticipate, and regulate the smart grid.
While these technologies are predicted to promote long-term economic growth and assist governments in meeting their carbon emission reduction goals, they are increasingly being funded by various governments. However, some nations have net energy metering protocols and equipment, while others are still researching the technology and its workings. This is likely to open up lucrative business prospects. For instance, the Indian Finance Minister said in 2020 that the government plans to switch to smart power meters in three years to replace all conventional ones. These government programs launched by governments of various nations worldwide promote market expansion.
A future where electric vehicles(EVs) might someday outnumber internal combustion engines would need better grid technology, while increasing capacity may assist with peak energy consumption. In order to achieve a more intelligent grid, grid infrastructure must be equipped with dependable cellular connectivity. Additionally, Internet of Things (IoT) sensors must be used, as they can help unlock new energy management opportunities such as intelligent demand response, which can help balance the load during peak EV charging times and even automatically shift non-essential gears from peak demand periods to other times of the day, as well as the aforementioned DERMS.
The market growth is anticipated to be constrained by the high investment cost of these grid systems. The transmission network between the clients and the advanced grid must be put up using these technologies, which initially requires significant expenditures. After implementation, high operations and maintenance costs are a major worry for power suppliers. India, Mexico, and Brazil are examples of developing nations with poor infrastructure that need substantial expenditures to update their systems.
Based on the type, the smart grid sensors market is segmented into voltage & temperature sensors, outage detection, and others. The outage detection market segment garnered a significant revenue share in 2021. Utility companies may avoid needless and costly truck rolls by using smart meters to verify whether an outage occurs on their infrastructure or at a private house. Utilities can swiftly identify and fix utility-side issues by collecting data from smart meters. Smart meters determine the nested problems often brought on by extreme weather. Advantages include less miles driven, particularly during bad weather, which enhances worker safety and lowers vehicle carbon emissions.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on application, the smart grid sensors market is divided into Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control and Data Acquisition, Smart Energy Meters, and Others. The supervisory control and data acquisition department obtained a sizeable revenue share in 2021. A few examples of the physical processes that SCADA systems are used to regulate and monitor include the transmission of electricity, the flow of gas and oil through pipelines, traffic lights, the distribution of water, and other systems that serve as the foundation of contemporary society.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 332.4 Million |
| Market size forecast in 2028 | USD 913.8 Million |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 15.8% from 2022 to 2028 |
| Number of Pages | 185 |
| Number of Table | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Based on region, the Smart Grid Sensors Market is divided into North America, Europe, Asia Pacific, and LAMEA. Due to the widespread use of these technologies and a strong emphasis on expanding renewable energy, Asia Pacific now accounts for the largest revenue share in the market. For instance, the Smart Meter National Plan of the Indian Government declared in February 2020 that 1 million smart meters will be installed throughout the nation (SMNP). In addition, countries like China, India, Australia, Japan, and South Korea are significant contributors to the region's prosperity, with China being the most likely leader in such deployment.
Free Valuable Insights: Global Smart Grid Sensors Market size to reach USD 913.8 Million by 2028
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.)
By Application
By Type
By Geography
The global Smart Grid Sensors Market size is expected to reach $913.8 Million by 2028.
Government policies and regulations that are favorable to market growth are driving the market in coming years, however, High initial costs for smart grid technologies adoption restraints the growth of the market.
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.)
The Voltage & Temperature Sensors segment acquired maximum revenue share in the Global Smart Grid Sensors Market by Type in 2021 thereby, achieving a market value of $393.4 Million by 2028.
The Asia Pacific market dominated the Global Smart Grid Sensors Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $373.8 Million by 2028.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 