According to MRFR, the global smart grid sensors market is expected to secure approximately USD 4 billion by 2023 at a CAGR of 18 % over the forecast period 2017-2023.
The conventional power grid system is being modernized into a smart grid to address issues such as power dissipation, concentrated information flow and growing safety and consistency concerns. The introduction of technologies such as supervisory control and data acquisition (SCADA) and smart grid network management has modernized the current power grid infrastructure to make performance, adaptability and reliability more sophisticated. The smart grid sensor is expected to show significant growth over the forecast period, in the lines of these factors. In addition , the increasing number of electrical thefts in commercial and residential areas, and the system of energy faults, And extreme weather conditions operational capacity is expected to drive the market over the forecast period.
Some of the key players of Smart Grid Sensors Market include ABB Ltd. (Switzerland), General Electric Company (U.S.), Oracle Corporation (U.S.), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), Itron, Inc. (U.S.), Landis+Gyr (Switzerland), Schneider Electric SA (France), Tech Mahindra Ltd. (India), S&C Electric Company (Illinois, U.S.), Aclara Technologies LLC (U.S.), Open Systems International, Inc. (Minnesota, U.S.), Esyasoft Technologies Pvt. Ltd. (India), Trilliant Holdings, Inc. (U.S.), Wipro Ltd. (India), NexGrid, LLC. (U.S.), Kamstrup A/S (Denmark), Globema (Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India).
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On the other hand , security concerns and increased counterfeiting of energy utilities are presumed to hinder the growth of the market for smart grid sensors over the review period. In addition, the high energy consumption of smart grids is presumed to impede market growth over the projected period. In addition , the growing COVID 19 pandemic worldwide has created a major market disruption, and is expected to continue its impact on the market in the foreseeable future.
The smart grid sensors is differentiated by component, sensors, solutions, service, and application.
Based on sensors, the Smart Grid Sensors Market Size is sub-divided into dynamic line rating sensors, outage detection sensors, voltage/temperature sensors, transformer monitoring sensors, and others. The component segment consists of sensors, AMI meter, programmable logic controller (PLC), networking hardware, and others. Furthermore, the service is classified into deployment &integration, consulting, support & maintenance, and others.
Smart grid sensors is further divided based on solutions that include smart grid distribution management, smart grid communication, substation automation, grid asset management, Advance Metering Infrastructure (AMI), and billing &customer information system.
Based on application segment, the smart grid sensors is segmented into Advanced Metering Infrastructure (AMI), smart energy meter, supervisory control and data acquisition (SCADA), and others
The smart grid sensors are geographically segmented into four different regions, namely North America, Asia Pacific , Europe and the rest of the world.
North America is presumed the dominant region in the market for smart grid sensors. The United States and Canada are the region's leading nations. It is attributed to the region 's rising suppliers of smart grid solutions to boost grid stability.
In addition, Europe is expected to enjoy significant growth over the forecast period. Countries such as Germany, France and Great Britain are the region's leading countries. The Global Solar Inverter Market is geographically segmented as Europe , North America , Asia-Pacific and the rest of the world.
Due to the increase in investments in the construction section, Asia-Pacific is likely to hold a majority of the market share over the forecast period. Demand for solar inverters in Asia-Pacific is expected to rise significantly due to growing demand for solar energy sources and increasing investment in the region's solar energy projects. Solar energy is seen as the best substitute for conventional energy sources for reducing carbon emissions by meeting the region's electricity needs.
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