The Global Smart Grid Sensors Market size is expected to reach $913.8 Million by 2028, rising at a market growth of 15.8% CAGR during the forecast period
A smart grid sensor gathers information about the electrical power infrastructure. These sensors can measure various variables, including voltage, temperature, current, and power use. The data collected by these sensors may be utilized to improve the electric power grid’s effectiveness, dependability, and security.
New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Grid Sensors Market Size, Share & Industry Trends Analysis Report By Application, By Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435092/?utm_source=GNW
In addition, smart grid sensors have an Internet connection that enables the data they gather to be sent to a distant location for monitoring and analysis.
In order to find patterns and abnormalities in the data, some smart grid sensor systems utilize sophisticated analytics and machine learning algorithms. This may assist utilities in identifying and preventing problems like power outages and equipment breakdowns. Enterprises, retail establishments, hospitals, colleges, and international businesses may all benefit from smart grid technology.
The smart grid system is automated to track how much power is used everywhere. Energy management software and grid architecture are sometimes used to estimate an enterprise’s energy use and costs. In general, demand drives up power rates. Smart grid energy management systems assist in reducing consumption during high-cost, peak-demand periods by giving users information about current energy usage and energy costs.
Across the globe, several efforts related to grid advances are gathering steam. Modern energy networks make it possible to combine conventional energy sources with renewables and energy storage. For instance, the Grid Modernization Initiative of the US Department of Energy (DOE) has declared plans to develop the advanced grid of the future. The department collaborates with several public and commercial partners to build the tools and technology required to evaluate, measure, anticipate, and regulate the smart grid.
COVID-19 Impact Analysis
COVID-19 has mandated that the smart grid sensors sector make choices that have both immediate and long-term effects. Yet, it’s anticipated that COVID-19’s detrimental impact on the market for smart grid sensors would only last a short while. On the other hand, by mid-2022, the market is expected to have a strong rebound due to the widespread demand for digital solutions across industrial sectors. Also, the current pandemic is anticipated to increase demand for high-end testing solutions, creating a potential opportunity for the market.
Market Growth Factors
Government policies and regulations that are favorable to market growth
While these technologies are predicted to promote long-term economic growth and assist governments in meeting their carbon emission reduction goals, they are increasingly being funded by various governments. However, some nations have net energy metering protocols and equipment, while others are still researching the technology and its workings. This is likely to open up lucrative business prospects. For instance, the Indian Finance Minister said in 2020 that the government plans to switch to smart power meters in three years to replace all conventional ones. These government programs launched by governments of various nations worldwide promote market expansion.
Increase in electric car sales to boost market growth
A future where electric vehicles (EVs) might someday outnumber internal combustion engines would need better grid technology, while increasing capacity may assist with peak energy consumption. In order to achieve a more intelligent grid, grid infrastructure must be equipped with dependable cellular connectivity. Additionally, Internet of Things (IoT) sensors must be used, as they can help unlock new energy management opportunities such as intelligent demand response, which can help balance the load during peak EV charging times and even automatically shift non-essential gears from peak demand periods to other times of the day, as well as the aforementioned DERMS.
Market Restraining Factors
High initial costs for smart grid technologies adoption
The market growth is anticipated to be constrained by the high investment cost of these grid systems. The transmission network between the clients and the advanced grid must be put up using these technologies, which initially requires significant expenditures. After implementation, high operations and maintenance costs are a major worry for power suppliers. India, Mexico, and Brazil are examples of developing nations with poor infrastructure that need substantial expenditures to update their systems.
Type Outlook
Based on the type, the smart grid sensors market is segmented into voltage & temperature sensors, outage detection, and others. The outage detection market segment garnered a significant revenue share in 2021. Utility companies may avoid needless and costly truck rolls by using smart meters to verify whether an outage occurs on their infrastructure or at a private house. Utilities can swiftly identify and fix utility-side issues by collecting data from smart meters. Smart meters determine the nested problems often brought on by extreme weather. Advantages include less miles driven, particularly during bad weather, which enhances worker safety and lowers vehicle carbon emissions.
Application Outlook
Based on application, the smart grid sensors market is divided into Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control and Data Acquisition, Smart Energy Meters, and Others. The supervisory control and data acquisition department obtained a sizeable revenue share in 2021. A few examples of the physical processes that SCADA systems are used to regulate and monitor include the transmission of electricity, the flow of gas and oil through pipelines, traffic lights, the distribution of water, and other systems that serve as the foundation of contemporary society.
Regional Outlook
Based on region, the Smart Grid Sensors Market is divided into North America, Europe, Asia Pacific, and LAMEA. Due to the widespread use of these technologies and a strong emphasis on expanding renewable energy, Asia Pacific now accounts for the largest revenue share in the market. For instance, the Smart Meter National Plan of the Indian Government declared in February 2020 that 1 million smart meters will be installed throughout the nation (SMNP). In addition, countries like China, India, Australia, Japan, and South Korea are significant contributors to the region’s prosperity, with China being the most likely leader in such deployment.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Siemens Energy AG, ABB Group, Renesas Electronics Corporation (Echelon Industries Corporation), Aclara Technologies LLC. (Hubbell Incorporated), Landis+Gyr Group AG, Itron, Inc., S&C Electric Company, Trilliant Holdings, Inc., and Sentient Energy, Inc. (Koch Engineered Solutions) (Koch Industries, Inc.)
Strategies Deployed in Smart Grid Sensors Market
Feb-2023: GE Digital came into collaboration with Amazon Web Services, a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, etc. Under this collaboration, both organizations would be able to provide the latest smart grid orchestration solutions. Moreover, GE Digital would be able to give a new GridOS, a grid operating software platform, and cloud-enabled solutions that are crafted to be quicker, and secure, and help lower infrastructure and operational costs for energy organizations.
Jan-2023: Landis+Gyr Technology Inc, signed an agreement with the National Grid of Massachusetts. Under this agreement, Landis+Gyr Technology Inc would be providing a total of 1.4 million grid sensors for a next-generation advanced metering infrastructure (AMI) project in Massachusetts.
Dec-2022: GE Grid Solutions came into partnership with LineVision, Inc., a climate tech company. Under this partnership, both organizations would be able to sell utilities that are the world’s first integrated suite of grid-enhancing technologies which is used to improve transmission capability on living infrastructure.
Nov-2022: GE Renewable Energy’s Grid Solutions business unveiled the new 123kV, 16.7Hz HYpact switchgear. This new 123kV, 16.7Hz HYpact switchgear is an element of the EU-funded IN2STEMPO project which is a digital hybrid compact switchgear and is the first of its kind. Additionally, this new product makes the unpredictability of the electrical network more predictable along with lowering the customer’s operational costs.
Nov-2022: Siemens Smart Infrastructure came into partnership with OverIT, the global leader in field service management. Under this partnership, Siemens Smart Infrastructure would be able to strengthen its portfolio ecosystem, also allowing regular growth in distributed renewable energy by combining information from all necessary parts of the converging OT/IT landscape.
Apr-2022: Siemens Energy unveiled CAREPOLE. CAREPOLE is an ingenious dry-type single-phase transformer for pole applications. Additionally, it is prepared for the technological needs of the American grid and the new cast-resin diffusion transformer delivers a trustworthy and sustainable option to oil-filled transformers.
Jan-2020: Siemens Ltd. took over C&S Electric Limited, a leading manufacturer of electrical and electronic equipment in India. Through this acquisition, Siemens Ltd. would strengthen its standing as a critical supplier of electrical installation technology and low-voltage power distribution in one of the world’s rapidly expanding economies.
Apr-2019: S&C Electric Company unveiled Scada-Mate SD Switching System. The new Scada-Mate SD Switching System is a non-SF6 environmentally friendly solution developed to enhance dependability while lowering greenhouse gases on the distribution grid. Additionally, this switching system utilizes vacuum interrupters to extinguish electrical arcs that replace the SF6 gas interrupters operated in the previous products of the same product line.
Scope of the Study
Market Segments covered in the Report:
By Application
• Smart Energy Meter
• Advanced Metering Infrastructure
• Smart Grid Distribution Management
• Supervisory Control & Data Acquisition
• Others
By Type
• Voltage & Temperature Sensors
• Outage Detection
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• General Electric Company (GE Grid Solutions)
• Siemens Energy AG
• ABB Group
• Renesas Electronics Corporation (Echelon Industries Corporation)
• Aclara Technologies LLC. (Hubbell Incorporated)
• Landis+Gyr Group AG
• Itron, Inc.
• S&C Electric Company
• Trilliant Holdings, Inc.
• Sentient Energy, Inc. (Koch Engineered Solutions) (Koch Industries, Inc.)
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