The global smart grid sensors market is estimated to reach US$ 375 Million by the end of 2022. The demand for smart grid sensors is expected to exceed US$ 1,200 Million by 2032, exhibiting growth at a remarkable CAGR of around 13% to 14% during the forecast period 2022-2032.
Smart grid sensors provide a complex energy system network that can automatically observe and monitor the energy flow as well as adjust the flow for desirable energy supply and demand balance, which is among the primary applications of these devices.
Controlling the production and distribution of electric power as well as electrical power conditioning are significant functions of smart grid sensor networks. Smart grid sensors are lightweight and small nodes that are employed as detection stations in smart grid networks. They play a vital role in remote monitoring equipment, such as power lines, energy transformers, and smart grids, for demand-side resource management.
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The demand for electric power is significantly increasing in proportion with the rising global population. According to the World Bank, the global population is estimated to increase from 7.6 billion in 2018 to 8.5 billion by 2030 and 9.7 billion by 2050. Moreover, rapidly growing economies are continuously involved in innovating new ways of fulfilling the increased demand for energy, which is expected to present lucrative growth opportunities for the smart grid sensors market during the forecast period.
Smart grid sensors are vital in modern electric grid infrastructure to manage and control operations on all the levels, which include generation, transmission, distribution, as well as end use. Smart grid sensors also enable the extensive knowledge of asset monitoring, demand responses, outage management, energy management, etc. owing to their unique features such as multi-monitoring, multiple sensing, and control functioning through real-time data collection & data communication throughout the grid.
Global Smart Grid Sensors Market: Key Dynamics
Global climate change – the key factor necessitating adoption of smart grid sensors
Climate change associated with the increased emission of carbon monoxide and carbon dioxide due to the excessive use of coal for power generation in thermal power plants is currently a matter of great concern for the world.
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Several international organisations, such as the United Nations Framework Convention on Climate Change (UNFCCC) and Intergovernmental Panel on Climate Change (IPCC), are continuously monitoring the global climate conditions and releasing guidelines on the use of coal and smart grids for modern and efficient ways of energy generation. These rapidly changing processes are generating the demand for smart grid sensors globally for the effective and efficient utilization of electric power to reduce the effect of climate change.
On the other hand, due to climate change, extreme weather conditions are occurring more frequently in several regions. Hurricanes, blizzards, heat waves, and several other severe weather conditions have a direct impact on a power grid system, which results in blackouts as well as considerable power shortages. These system flaws are also among the critical driving factors that are generating the demand for smart grid sensors in the global market.
Increased R&D spending is boosting the smart grid sensors market
Developments in measurement standards and technology for smart grids are boosting investments in research and development initiatives in developed as well as developing economies worldwide. New standards as well as technologies are being developed to boost the potential of smart grid sensors. A continuous increase in the demand for smart grid sensors is generating the need for innovation in smart grid sensors technology. This is one of the most important factors driving the global smart grid sensors market.
- In May 2016, The U.S. Department of Energy announced a funding of US$ 220 Mn for projects from a host of national laboratories to help upgrade the country’s power grid systems over the next three years.
Global Smart Grid Sensors Market: Competitive Landscape
Some of the key players operating in the global smart grid sensors market are competing with each other to remain at the top and to penetrate the smart grid market with new and innovative technologies in smart grid sensors. Research & development, mergers & acquisitions, partnerships, and new product launches are some of the key strategies adopted by prominent players in the global smart grid sensors market.
- For instance, Emera Inc., a leading utility service company in Canada, is setting up a research centre at the University of New Brunswick for research on smart grid sensor technology with an investment of USD 6.2 million.
Some of the prominent players operating in the global smart grid sensors market are ABB, Eaton, GE, Lockheed Martin, Haier, Toshiba, Siemens, Honeywell, Advanced Power Technologies LLC, HONDA, Leviton, and others.
Global Smart Grid Sensors Market: Regional Outlook
Wide availability of old power grid versions in North American region creating significant opportunities for smart grid sensors market growth
Advancements in technology and climate change guidelines are resulting in no-carbon or low-carbon electricity generation in the North America region. The early adoption of smart grid sensors and advanced technological development have made the North America region a prominent shareholder in the global smart grid sensors market. In the recent past, renewable power generation sources have witnessed substantial growth in the US. However, the older version electrical grids are not capable of integrating these into energy use. As a result, governments in the North America region are focusing on upgrading the older versions of grids, which is resulting in the rapid growth of the smart grid sensors market.
Europe is another prominent region in terms of the adoption and demand for smart grid sensors in the global market due to the high spending of countries in the region on renewable energy resources and power generation. A rapid increase in power consumption is boosting the need for the upgradation of grids as well as the adoption of smart grid technology in the APEJ region. In addition, fast-paced urbanisation and emerging economies in the APEJ region are generating high demand for smart grid sensors.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Smart Grid Sensors Market Segments
- Smart Grid Sensors Market Dynamics
- Smart Grid Sensors Market Size
- Supply & Demand
- Current Trends/Issues/Challenges in Smart Grid Sensors Market
- Competition & Companies Involved in Smart Grid Sensors Market
- Technology
- Smart Grid Sensors Market Value Chain
- Smart Grid Sensors Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Peru, Chile, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Eastern Europe, Rest of Europe)
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, South Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, S. Africa, Rest of MEA)
Global Smart Grid Sensors Market: Segmentation
The global market for smart grid sensors can be segmented on the basis of sensor type, application, and region.
Global Smart Grid Sensors Market by Sensor Type:
- Voltage/Temperature Smart Grid Sensors
- Outage Detection Smart Grid Sensors
- Transformer Monitoring Smart Grid Sensors
Global Smart Grid Sensors Market by End Use:
- Consulting
- Deployment & Integration
- Support & Maintenance
- Others
- Dynamic Line Rating Sensors
- Others
Global Smart Grid Sensors Market by Application:
- Smart Energy Meter
- SCADA- Supervisory Control and Data Acquisition
- AMI- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Substation Automation
- Others
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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