Market Analysis
The global smart grid sensors market size will touch USD 4 billion at an 18% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Growing Need in Electrical Industry to Boost Market Growth
Smart grid sensors have turned into an innovative technique that utilizes communication and information technology in the field of electricity generation, distribution, and transmission. The smart grid distribution management and software like SCADA have together improved the existing power grid system in terms of adaptability, efficiency, and reliability. This will boost market growth in the forecast period.
Opportunities
Rise in Technological Advancements in Sensors Technology to offer Robust Opportunities
The rise in technological advancements in sensors technology like integration of artificial intelligence and the internet of things and also the use of sensors in industrial applications will offer robust opportunities for the market in the forecast period.
Read more@ https://www.marketresearchfuture.com/reports/smart-grid-sensors-market-5427
Restraints
High Energy Consumption to act as Market Restraint
The high energy consumption of smart grids may act as market restraint over the forecast period.
Challenges
Safety and Security Concerns to act as Market Challenge
Smart grid security and safety concerns may act as market challenge over the forecast period. Besides, the COVID-19 impact may also impede market growth.
Market Segmentation
The global smart grid sensors market is bifurcated based on sensors, component, service, solutions, and applications.
By sensors, the smart grid sensors market is segmented into voltage/temperature sensors, outage detection sensors, transformer monitoring sensors, dynamic line rating sensors, and others. The component segment consists of AMI meter, sensors, networking hardware, programmable logic controller (PLC), & others.
By service, global smart grid sensors market is segmented into consulting, deployment &integration, support & maintenance & others.
By solutions, the smart grid sensors market is segmented into Advance Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing &customer information system.
Based on application, the smart grid sensors market is segmented into smart energy meter, supervisory control and data acquisition (SCADA), Advanced Metering Infrastructure (AMI), and others.
Regional Analysis
North America to Precede Smart Grid Sensors Market
North America will precede the market over the forecast period. Surging smart grid solution providers to enhance the grid consistency, huge investments in R&D to offer innovative techniques to optimize the dissipation loss while transmitting the power to general public, growing adoption in the US and Canada, constant technological advances by tech giants, companies constantly improving the overall business processes to cater to customer demands for high quality services and products in the best possible way, the increasing investments by the government for the adoption of advanced metering infrastructure for the modernization of the electricity grid and reducing distribution and transmission losses are adding to the global smart grid sensors market share in the region.
Key Players
Eminent players profiled in the global smart grid sensors market report include General Electric Company (U.S.), ABB Ltd. (Switzerland), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.),Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (U.S.), Landis+Gyr (Switzerland), Tech Mahindra Ltd. (India),Aclara Technologies LLC (U.S.), S&C Electric Company (Illinois, U.S.), Esyasoft Technologies Pvt. Ltd. (India), Open Systems International, Inc. (Minnesota, U.S.), Wipro Ltd. (India), Kamstrup A/S (Denmark), Trilliant Holdings, Inc. (U.S.), NexGrid, LLC. (US), Globema (Poland), EnerNOC, Inc. (US), and e-Smart Systems Pvt. Ltd. (India).