Rockville , Oct. 19, 2023 (GLOBE NEWSWIRE) -- As per a newly published study by Fact.MR, a market research and competitive intelligence provider, the global Smart Grid Sensor Market has reached a size of US$ 587.3 million in 2023 and is forecasted to expand at a high-value CAGR of 15.1% during the forecast period (2023 to 2033).
Smart grid sensors are playing a crucial role in transforming the energy landscape towards a sustainable future. They are vital in modernizing electrical grids and helping utilities address the challenges of a changing energy landscape. These innovative sensors provide real-time data that is essential for optimizing energy distribution, integrating renewable energy sources, and enhancing grid reliability.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8994
Key Segments of Smart Grid Sensor Industry Research Report
| By Sensor | By End User | By Application | By Region |
|
|
|
|
With the world's growing focus on sustainability and environmental responsibility, smart grid sensors are driving the transition to a cleaner, more efficient electrical grid, reducing carbon emissions, and supporting a resilient energy future. They monitor and control grid operations, facilitate demand response, and integrate electric vehicles. Therefore, smart grid sensors are essential components in achieving a sustainable, reliable, and environmentally responsible energy infrastructure for years to come.
Key Takeaways from Market Study
- The global smart grid sensor market is projected to expand at 15.1% CAGR and reach US$ 1.87 billion by 2033-end.
- The market was valued at US$ 520.4 million in 2022, after expanding at a CAGR of 11.3% from 2018 to 2022.
- Sales of voltage/temperature smart grid sensors are projected to increase at a CAGR of 17.3% through 2033.
- The United States market for smart grid sensors is predicted to expand at a CAGR of 17% during the forecast period (2023 to 2033).
Market Growth Developments
Market players are adopting various strategies to strengthen their position and capitalize on emerging opportunities. Some of these strategies include identifying the target, advancing the technology, expanding their innovation, and increasing environmental sustainability, production, procurement, and supply chain. Establishing strategic partnerships with other industry stakeholders to access new markets and distribution channels.
Companies are also investing in marketing and branding efforts to raise awareness about the benefits of their products and differentiate themselves from competitors. By pursuing these growth strategies, market players aim to foster sustainable growth, gain a competitive edge, and meet market demands.
| Report Attribute | Details | |
| Value Projection (2033) | USD 2.39 Billion | |
| Growth Rate (2023-2033) | 15.1% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 128 Tables | |
| No. of Figures | 107 Figures | |
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8994
In 2023, the United States market is valued at US$ 128.5 million and is anticipated to grow at a compound annual growth rate (CAGR) of 15.9% from 2023 to 2033.
Smart grid sensors offer a multitude of advantages in the pursuit of carbon-neutral electricity in the United States. They facilitate the integration of renewable energy sources by monitoring their output and ensuring efficient distribution. These sensors provide real-time data on grid performance and electricity consumption, empowering decision-makers to make informed choices and reduce energy wastage.
Smart grid sensors also play a pivotal role in supporting demand-response programs, incentivizing the use of cleaner energy sources, and bolstering grid resilience. Therefore, investments in smart grid sensors, alongside other clean energy technologies and policies, are imperative for the United States to attain its goal of achieving carbon pollution-free electricity.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the smart grid sensor market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on sensor (voltage/temperature smart grid sensors, outage detection smart grid sensors, transformer monitoring smart grid sensors, dynamic line rating smart grid sensors, others), application (smart energy meters, SCADA, advanced metering infrastructure [AMI], others), and end user (public grid operators, private grid operators), across major regions of the world (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Infrared Sensors Market: The global infrared sensors market is valued at US$ 1.2 billion in 2023 and is predicted to climb to US$ 3.4 billion by 2033-end. Worldwide sales of infrared sensors are projected to surge at a CAGR of 11% over the next ten years (2023 to 2033).
LiDAR Sensor Market: The global LiDAR sensor market is set to surpass a valuation of US$ 1,908.1 million in 2022 and further expand at a CAGR of 12.7% to reach US$ 6,328.7 million by the end of 2032. Sales of LiDAR sensors accounted for less than 1% of the global sensor market at the end of 2021.
PIR Sensor Market: The global PIR sensor market is set to reach a valuation of US$ 647 million in 2023 and surge ahead at a CAGR of 12.3% to top a market size of US$ 2 billion by the end of 2033. Sales of PIR sensors accounted for 1% share of the global sensor market at the end of 2022.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
