Smart grids promise to solve many problems when it comes to managing electric grid infrastructure by enabling broad knowledge and control of operations at all levels, from generation, transmission to distribution to end-use. More of multifunctionality counts upon asset monitoring, outage management, and building energy management and to name a few. All these multiple sensings, monitoring, controlling functions depend upon real-time collection and communication of a wide range of data throughout the grid.
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The advanced technology of today’s smart grid in the field of power transmission consists of sensors, automated control techniques, and software solutions. We interact with smart sensors across all walks of life, but the ‘intelligence’ factor of sensors differentiates with other variants in the market. Such sensors have evolved to detect specific properties to fully integrated sensor systems, offering enhanced computing capabilities.
Sensors in smart grids act as a super resistant solution for distribution network along with time and cost savers from being wasted due to regular power failures in different industries. The market for smart grid sensors is set to rapidly expand in the next span, with the revenues growing approximately to USD 4 Billion by 2023 at a CAGR of 18% over the forecast period 2027-2023, according to Market Research Future (MRFR).
The smart grid sensors are differentiated by sensors, component, service, solutions, and applications.
By mode of sensors, the smart grid sensors market is further segmented into voltage/temperature sensors, outage detection sensors, transformer monitoring sensors, dynamic line rating sensors, and others.
The component segment if the market includes AMI meter, sensors, networking hardware, the programmable logic controller (PLC), other.
The service segment for the market is classified into consulting, deployment & integration, support & maintenance, and others.
By solutions, the smart grid sensor market is segmented as advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing & customer information system.
By application, the market is further segmented into smart energy meter, supervisory control and data acquisition (SCADA), advanced metering infrastructure and others.
Some of the key players of Smart Grid Market 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. (U.S.), Globema (Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India)
Drivers & Constraints
The prices for Smart sensor are expected to fall drastically in the coming decade, due to diminishing hardware costs, which will be one of the major factors for increasing adoption of smart sensors in industries.
Over the last few decades, the smart sensors have evolved to become fully integrated sensor systems, from discrete analog devices. Initially, they performed simple functions such as converting impulses into electrical energy. However, rapid advancements, innovations, and introduction of new technology have led to the emergence of a miniaturized version of smart systems with enhancing reliability and sensitivity metrics.
The recent technologically advanced smart grid sensors are effective in checking the temperature of power lines while transmitting the energy. Due to such efficiency of smart grid sensors, these are reliable to be used in commercial and residential areas to increase the energy efficiency. At present, the smart grid sensors are bolstering hence taking up the smart grid sensors markets to a whopping CAGR and valuation in the forecast period.
Additionally, smart grid offers various advantages such as its functionality in extremely harsh condition, where its capability measures to the distribution of power efficiently. However, some electrical thefts, energy fault system and operational ability in extreme weather conditions are expected to drive the smart grid sensors market over the forecast period. Additionally, integration of smart grid with software such as supervisory control and data acquisition (SCADA) and smart grid distribution management is expected to better prospect in modernizing the grid systems in the years to come.
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Geographically, North America is expected to dominate the smart grid sensors market during the forecast period, owing to the surging smart grid solutions providers enhancing the grid consistency.
Furthermore, Europe is anticipated to have a substantial growth over the coming years attributed to a huge investment in research and development in providing innovative techniques to optimize the dissipation loss while transmitting power to the general public. The same attribution goes in the regions of Germany, France, and the UK.
On the other side, Asia Pacific is witnessed to be the fastest growing region in the smart grid sensors market over the forecast period. India and China are the leading countries to be a better prospect region owing to increasing demand for smart grid solutions.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
LIST OF TABLES
Table 1 Global Smart Grid Market, By Region, 2017–2023
Table 2 North America: Smart Grid Market, By Country, 2017–2023
Table 3 Europe: Smart Grid Market, By Country, 2017–2023
Table 4 Asia Pacific: Smart Grid Market, By Country, 2017–2023
Table 5 The Middle East & Africa: Smart Grid Market, By Country, 2017–2023
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LIST OF FIGURES
FIGURE 1 Global Smart Grid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Grid Market
FIGURE 4 Value Chain Of Global Smart Grid Market
FIGURE 5 Share Of Global Smart Grid Market In 2017, By Country (In %)
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