The power transmission that consists of sophisticated software solutions, automated control techniques, and sensors using advanced technology is called smart grid sensors. Since these sensors use real-time data, it results in minimum power dissipation which resulted in lower cost. Also, it helps in improving the reliability of power transmission. This sensor system prevents regular power and service failures and acts as a super resistant solution which results in cost and time saving to a great extent. Smart grid sensors play a crucial role in remote monitoring of energy transformers, power lines, and other equipment for demand-side resource management across smart grids.
Region wise, the smart grid sensors market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The smart grid sensors market is broadly segmented on the basis of type, application and region. By type, the market is divided into voltage & temperature sensors, outage detection and others. By application, the market is divided into advanced metering infrastructure, smart grid distribution management, supervisory control & data acquisition, smart energy meter and others.
Region wise, the smart grid sensors market trends are analyzed across North America (the U.S. and Canada), Europe (UK, Germany, France, Spain, Italy and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the report include ABB, GE Grid Solutions, Siemens, Landis+Gyr, Trilliant, Itron, S&C Electric, Sentient Energy, Inc., Aclara Technologies LLC, and Echelon Corporation are provided in this report.
Region wise, the smart grid sensors market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The smart grid sensors market is broadly segmented on the basis of type, application and region. By type, the market is divided into voltage & temperature sensors, outage detection and others. By application, the market is divided into advanced metering infrastructure, smart grid distribution management, supervisory control & data acquisition, smart energy meter and others.
Region wise, the smart grid sensors market trends are analyzed across North America (the U.S. and Canada), Europe (UK, Germany, France, Spain, Italy and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the report include ABB, GE Grid Solutions, Siemens, Landis+Gyr, Trilliant, Itron, S&C Electric, Sentient Energy, Inc., Aclara Technologies LLC, and Echelon Corporation are provided in this report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart grid sensors market analysis from 2021 to 2031 to identify the prevailing smart grid sensors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart grid sensors market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart grid sensors market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Sensor
- Voltage and Temperature Sensors
- Outage Detection
- Others
By Application
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Supervisory Control and Data Acquisition
- Smart Energy Meter
- Others
By Region
- North America
- U,S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ABB
- ge grid solutions
- Siemens
- Landis+Gyr
- Trilliant
- Itron, Inc.
- s&c electric company
- Sentient Energy, Inc.
- Aclara Technologies LLC
- Echelon Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART GRID SENSORS MARKET, BY SENSOR
CHAPTER 5: SMART GRID SENSORS MARKET, BY APPLICATION
CHAPTER 6: SMART GRID SENSORS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Smart Grid Sensors Market," the smart grid sensors market was valued at $364.72 million in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 18.9% from 2022 to 2031.The smart grid sensors market exhibited development potential across industrial and commercial sectors. Furthermore, the integration of renewable energy sources such as solar and wind power into the electric power grid is increasing the need for smart grid sensors to monitor and control these sources driving the growth of the smart grid sensors market through digital transformation. The demand for smart grid sensors in smart energy meter is estimated to expand at a rapid pace during the forecast period due to an increase in government policies and regulations promoting the deployment of smart grid technologies. Moreover, urbanization and smart city initiatives around the world have increased the need for efficient and reliable energy management, which has created opportunities for the smart grid sensors market.
Governments across the world have imposed several supportive policies and mandates, focusing on implementing smart grids and spreading awareness about energy conservation. These regulations drive the adoption of smart grid technology for industrial, commercial, and residential applications. The Smart Grid Investment Grant (SGIG) program aims to accelerate the modernization of the nation's electric transmission and distribution systems. The grid project in Canada focuses on promoting the use of renewable energy sources and implementing loT and digital communication technologies to integrate new sources of clean energy without compromising the stability and reliability of existing grids The American Recovery and Reinvestment Act (ARRA), part of the U.S. federal government, allocated USD 3 4 billion under the smart grid investment grant program for utilities and USD 615 million for smart grid demonstration projects North American Electric Reliability Corporation (NERC) is a regulatory authority established to assess the reliability of the bulk power system in North America Smart grid technologies are revolutionizing the way electricity is being consumed. Industries are deploying smart grid meters to meet the regulations and mandates imposed by legislative bodies.
Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are going on across the world, presenting a huge opportunity for technology companies, utility service providers, and consulting service providers. In smart cities, key services pertaining to utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as loT and smart energy meters. Traditional power grid models cannot provide the same level of efficiency to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing, which are generated due to modernization.
Smart cities are likely to significantly depend on a robust smart grid platform to create a centrally planned and controlled infrastructure Favorable conditions such as developed ICT infrastructure and better internet access are likely to result in widespread adoption of smart grids in smart cities. APAC is witnessing rapid urbanization. Developed and developing countries in the region are constantly focusing on adopting smart city technologies. To support smart grid technology, developing countries such as China, India, and Brazil, are expected to build a new infrastructure, which will enable private and public sectors to create cost- effective, innovative technology solutions.
Country-wise, the U.S. acquired a prime share in the smart grid sensors market size in the North American region and is expected to grow at a significant CAGR during the forecast period of 2022-2031. Governments in North America have implemented policies and regulations to promote the deployment of smart grid technologies, which has increased the demand for smart grid sensors. The U.S., holds a major fraction of the smart grid sensors share, owing to the increased the need for efficient and reliable energy management, which has created opportunities for the smart grid sensors market.
Recent smart grid sensors market trends in Europe indicates that UK, dominated the smart grid sensors market, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. The Europe smart grid sensors market is expected to grow significantly in the forecast period. With the increasing efforts to modernize the electricity grid and reduce T&D losses, governments across Europe are investing in smart grid infrastructure.
According to smart grid sensors market analysis, in Asia-Pacific, China is considered to be one of the pioneers of smart grid developments, making rapid progress in the last few years. Moreover, urbanization and smart city initiatives in the Asia-Pacific region have increased the need for efficient and reliable energy management, which has created opportunities for the smart grid sensors market.
By LAMEA region, the Latin America country garner significant market share in 2021 due to the technological transformation and automation that are reshaping the future of the industrial sector in Latin America. Moreover, the Middle East region is expected to grow at a significant CAGR from 2022 to 2031, owing to shifts in artificial intelligence, industry 4.0, and smart technological changes in recent years, which are expected to reshape the smart grid sensors market growth in the Middle East.
The smart grid sensors market is broadly segmented on the basis of type, application and region. By type, the market is divided into voltage & temperature sensors, outage detection and others. By application, the market is divided into advanced metering infrastructure, smart grid distribution management, supervisory control & data acquisition, smart energy meter and others.
Region wise, the smart grid sensors market trends are analyzed across North America (the U.S. and Canada), Europe (UK, Germany, France, Spain, Italy and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the report include ABB, GE Grid Solutions, Siemens, Landis+Gyr, Trilliant, Itron, S&C Electric, Sentient Energy, Inc., Aclara Technologies LLC and Echelon Corporation are provided in this report. The major smart grid sensor providers are inclined to invest heavily in product innovation, research, and development in energy and smart infrastructure.
Companies Mentioned
- ABB
- ge grid solutions
- Siemens
- Landis+Gyr
- Trilliant
- Itron, Inc.
- s&c electric company
- Sentient Energy, Inc.
- Aclara Technologies LLC
- Echelon Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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