The global smart grid sensors market, as predicted by Market Research Future (MRFR) in their latest report, is expected to achieve 18% CAGR during the forecast period (2017-2023). In the process, it would scale and exceed a market valuation of USD 4 billion. Smart grid sensors comprise sensors, automated control techniques, and sophisticated software solutions, and is an effective way of transmitting power. Advanced sensors used in the technology provide real-time data to curb power loss and provide a reliable service. These are also efficient in controlling the weather which helps regional operators in saving time and money.
The Smart Grid Sensors Market is expected to gain leverage from information and communication technology. The power distribution sector is expected to benefit from the sophistication it brings to the sector, along with efficiency, adaptability, and reliability. This would help the technology amass accolades from sectors. However, security concerns could pose as a threat to the market.
Some of the key players of Smart Grid Sensors 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)
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MRFR’s take on the global smart grid sensors can be segmented into sensors, component, service, solutions, and application. This sort of segmentation provides enough scope for better market proliferation.
- Based on sensors, the smart grid sensors market is sub-segmented into outage detection sensors, transformer monitoring sensors, voltage/temperature sensors, dynamic line rating sensors, and others.
- Based on the component, the smart grid sensors market can be segmented into networking hardware, AMI meter, sensors, programmable logic controller (PLC), and others. The sensor segment has substantial takers in the market.
- Based on the service, the smart grid sensors market can be segmented into consulting, deployment &integration, support & maintenance and others.
- Based on solutions, the smart grid sensor market can be segmented into Advance Metering Infrastructure (AMI), grid asset management, substation automation, smart grid distribution management, smart grid communication, and billing &customer information system.
- Based on the application segment, the smart grid sensor market includes Advanced Metering Infrastructure (AMI), smart energy meter, supervisory control & data acquisition (SCADA), and others.
Region-specific analysis of the smart grid sensor market includes four different regions namely North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Such an extensive review of the market pivots around growth pockets that could be explored well for better profits.
North America has the position reserved at the top as its revenues are substantially greater than rest of the regions. High technological integration in several industries is one of the major reasons behind the surge in the smart grid sensors market. Countries such as the U.S. and Canada are providing sufficient traction to the market.
Europe’s growth would rely mostly on the technological supremacy of countries like Germany, the UK, France, and others. The investment in research and development sector is quite high in the region. It is creating remarkable scope for the regional market expansion.
The APAC market is slated to become the fastest growing one. This is due to several emerging economies who are leaving no stone unturned in their intention to take the regional and country-specific market ahead. India and China are expected to create better grounds for market proliferation.
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- Research Firms.
- Government Agencies
- Smart grid technology solution providers
- Utility platform and analytics vendors
- System integrators/migration service providers
- Support and maintenance service providers
- Network service providers
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