New York, US, April 10, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Grid Sensors Market Research Report: By Sensors, Component - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 1556.71 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.3% during the assessment timeframe.
The report provides an in-depth analysis of the market and identifies key drivers, challenges, market segmentation, regional analysis, industry trends, key players, recent developments, and opportunities.
Smart Grid Sensors Market Key Players
The major players operating in the smart grid sensors market include
- ABB Ltd.,
- Siemens AG,
- Schneider Electric SE,
- Honeywell International Inc.,
- General Electric Company,
- Itron Inc.,
- Landis+Gyr AG,
- Sentient Energy Inc.,
- S&C Electric Company, and
- Eaton Corporation plc.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1556.71 Million |
| Growth Rate | CAGR of 18.3% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| Key Market Opportunities | It helps to improve grid reliability and reduce energy losses |
| Key Market Drivers | The growing need for energy efficiency and the increasing demand for electricity |
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Smart Grid Sensors Market Drivers
The growing need for energy efficiency and the increasing demand for electricity are the major drivers of the smart grid sensors Industry. Smart grid sensors provide real-time data and enable utilities to monitor energy usage, detect faults and outages, and optimize the power grid. They also help in reducing energy losses, improving grid reliability, and preventing power theft. Furthermore, the deployment of smart grid sensors is also driven by government initiatives to promote smart grid technologies and reduce greenhouse gas emissions.
Smart Grid Sensors Market Challenges
The high cost of smart grid sensors is a major challenge for the market. The initial investment required for the deployment of smart grid sensors is high, which may discourage utilities from adopting these technologies. Additionally, the lack of standardization and interoperability among different smart grid sensors is also a challenge, as it may hinder the integration of these sensors with existing grid infrastructure.
Market Segmentation and Regional Analysis
The global smart grid sensors market is segmented based on type, component, and region. Based on type, the market is segmented into temperature sensors, voltage sensors, current sensors, and others. Based on component, the market is segmented into hardware, software, and services. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America is the largest market for smart grid sensors, owing to the presence of major players in the region and the high adoption rate of smart grid technologies. Europe is expected to be the second-largest market, due to the growing demand for renewable energy sources and the need for energy efficiency. Asia-Pacific is expected to experience the highest growth rate, due to the increasing demand for electricity and government initiatives to promote smart grid technologies in the region.
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Industry Trends
The smart grid sensors market is witnessing several industry trends, such as the deployment of advanced analytics and machine learning algorithms to analyze data generated by smart grid sensors. Additionally, the integration of smart grid sensors with other smart grid technologies, such as advanced metering infrastructure (AMI), is also a trend in the market. Furthermore, the development of low-cost and wireless smart grid sensors is expected to drive the growth of the market in the forecast period.
Recent Developments
In recent years, there have been several key developments in the smart grid sensors market. For example, in 2021, ABB Ltd. launched a new smart grid sensor that enables utilities to remotely monitor grid assets and detect faults and outages in real-time. The new sensor uses advanced analytics and machine learning algorithms to analyze data and identify potential problems before they occur, helping to improve grid reliability and reduce energy losses.
Similarly, in 2020, Schneider Electric SE introduced a new range of smart grid sensors that provide real-time data on energy usage and enable utilities to optimize the power grid. The sensors are designed to be interoperable with other smart grid technologies, such as advanced metering infrastructure (AMI), and can be deployed in both residential and commercial settings.
Opportunities
There are also numerous opportunities for growth in the smart grid sensors market, with the deployment of smart grid sensors in developing countries being a major opportunity. In many developing countries, the demand for electricity is high, but the grid infrastructure is not well developed. Smart grid sensors can help to improve grid reliability and reduce energy losses in these countries, while also providing utilities with real-time data to optimize the power grid.
Another opportunity for growth in the smart grid sensors market is the development of smart cities. As more cities around the world adopt smart city technologies, the demand for smart grid sensors is likely to increase. Smart grid sensors can help to improve energy efficiency in smart cities, reduce greenhouse gas emissions, and improve the overall quality of life for residents.
In addition, the increasing adoption of renewable energy sources is expected to create new opportunities for the smart grid sensors market. As more renewable energy sources are integrated into the power grid, the need for real-time data on energy usage and grid performance will become increasingly important. Smart grid sensors can provide utilities with the data they need to manage renewable energy sources effectively, while also reducing energy losses and improving grid reliability.
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Conclusion
Overall, the smart grid sensors market is experiencing significant growth, with recent developments and numerous opportunities for further expansion. The deployment of smart grid sensors in developing countries, the development of smart cities, and the increasing adoption of renewable energy sources are all expected to drive the growth of the market in the coming years. As utilities continue to look for ways to optimize the power grid and reduce energy losses, the demand for smart grid sensors is likely to continue to increase.
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