Global Smart Grid Sensors Market Size, Share & Trends Analysis Report, By Components (Software, Hardware, Service), By End-User (Utility, Industrial, Residential, Commercial), By Application (Generating, Transmission, Distribution, Consumption), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2024-2032
  • Published Date: Jan, 2024
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  • Pages: 200
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  • Table of Contents
  • Segmentation
  • Methodology
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Global Smart Grid Sensors Market was valued at US $ 0.59 Billion in 2023 and is expected to reach US $ 2.27 Billion by 2032 growing at a CAGR of 18.30 % during the forecast period 2024 – 2032.

A smart grid sensor collects data relating to the electric power system. These sensors can measure parameters such as voltage, current, temperature, and power consumption These sensors can collect information that would improve efficacy dependability and security of the electrical power grid. Smart grid sensors are connected within internet that enables transmission of this information to a distant center to be monitored and analysed. Some intelligent grid sensor systems use complex analytics and machine learning models to identify patterns or anomalies in the data. Utility companies are able to predict and avoid incidents like power shutdowns or equipment failures.

Smart grid is defined as a self-aware energy system, which registers for itself the conditions of generation and consumption of power. A smart grid is an advanced electricity network consisting of essential constituents, like computerized energy processing and management and production, delivery management among others. The smart infrastructure, in essence, consists of sensors. They are small and highly mobile, functioning like smart grid terminals.

However, when using current data with low loss of energy, the cost of such sensors reduces. The sensor system minimizes the number of times for both service and power disruptions. Moreover, it also acts as a very hard remedy which saves both time and money when one has a high-intensity job. It is also used in meteorological predictions.

This section offers insights into factors that would facilitate market growth, changing trends, possibilities and restraining forces. The grid designs are enhanced with modern detecting abilities and self-healing properties of the networks. The government is expected to promote market growth as it implements diverse policies and regulations aimed at creating awareness on energy conservation. These regulations act as the stimulus of the demand for smart grid technology for industrial, commercial, and residential applications. The market is expected to grow based on smart grid assistance in information and communication technology and distribution. Rising capabilities in transmissions for power line temperature monitoring is driving market share.

However, the growth of such a market was due to the increase in demand for electricity and effective power supply which were as a result of electrification and deep road construction trends. However, in many countries, like China and India, intelligent sensory technology is more widespread and adopted. Governments are also encouraging the development of newer smart grids in order to curb transmission losses and the cost of distribution. Smart grids become more efficient through IoT implementation in self-operation manner. The use of IoT and environmental data makes it possible to optimize electricity production using green sources.

Although the global market for smart grid sensors is growing, there are some issues like security concerns and ignorance on what the smart grids is available. Additionally, these technologies have immense initial costs that limit the market supply in smart grid systems as it involves much spending during the process. The third issue regarding this factor is that the market can be hindered by costly post-disposal, operational and maintenance expenditures. However, the growth is hindered by weak regulations adopted by governments to extend and modernize the grid infrastructure in addition to power shortage, especially in the poor countries.

Modern solutions include software implementation of SCADA and smart grid distribution management system, which promote reliability, adaptability, efficiency resulting in many opportunities for expansion. Various smart city programs in the developing countries bring about the increase of economical development and life improvement by employing transport and environmental policy as well as the technologies such as e-participation, green growth concept and innovative technologies within the cities. Also, smart grid sensors market opportunities could manifest during the forecast period following widespread research in search of smart solutions.

• The study explores prevailing smart grid sensors market opportunities using quantified analysis of the segments with current trends, estimations and dynamics for smart grid sensors market from 2021- 2031.

• Details about market analysis as well as the critical drivers, restraining factors, and opportunities.

• Suppliers and buyers are brought into the spotlight by porter’s five forces analysis; which gives stakeholders the power to act for profits and also strengthens them in the supplier-buyer network.

• Through the complete analysis of smart grid sensor sector’s market overview, it is possible to reveal all actual market chances.

• The world market map is done by looking at the revenue contribution of major countries in each region based on the global market.

• Moreover, this ensures accurate benchmarking and broad understanding of how they currently stand in the industry.

• This report examines smart grid sensors market analysis in terms of regions, main players, sectoral division, application fields, prospective sales, and development techniques.

The Smart Grid Sensor Trend Analysis

Expanding Adoption of Smart Grids: Smart grids are increasingly becoming acceptable across the globe due to their ability to enhance the efficiency, reliability and sustainability in power distribution.

  • Demand for energy efficiency is on the rise:

Governments and utilities worldwide are placing major focus towards improving energy efficiency & reducing power losses in distribution networks. These objectives can only be achieved by ensuring that smart grid sensors provide up to date information and insights in real time.

  • Implementation of Sophisticated Technologies:

With time, using advanced technologies like machine learning, internet of things and artificial intelligence in smart grid sensor systems is being done more frequently. The referred to technologies provide a layer that optimizes sensor functions such as in system optimization, predictive maintenance, and data analytics.

  • Growing Significance of Integrating Renewable Energy Sources:

The adoption of renewable energy sources including wind and solar in to the grid has been growing fast. Smart grid sensors help manage variable renewable sources from being unpredictable and unstable through their contribution towards constant supply of reliable energy.

  • Concentrate on Cybersecurity:

The importance of cybersecurity in protecting the cyber threat that may compromise smart grid system data becomes apparent with the enhanced interdependency and reliance upon digital communications.

Segmentation Analysis of the Smart Grid Sensor Market

By Components

Each of these segments is identified on the basis of its constituents, which are technologies, hardware, or software depending on their nature. However, during that period, the software industry would probably have remained the major mover of markets. The software segment is composed of the following seven categories: measuring infrastructure, smart grid distribution management, smart grid network management, smart grid asset management substation automation, smart grid security, invoicing, and customer information systems.

By End-User

The market is divided into the following end-user categories: utility, industrial, residential, and commercial. The coming years are expected to see great market expansion in the utility sector. Industrialization grows as a result of increasing population and environmental anxiety surrounding fossils plants, leading to the need of CO2 emission regulations that boosts the market upscaling.

By Application

The market is segmented according to application into the following sectors: generation, transmission, distribution, and consumption. The expectation is that the Distribution segment is going to have the highest market share during the forecast period due to this reason. Operational and managerial cost reductions occur at the Distribution segment among utilities; hence, the restoration time due to power interruptions is shortened, resulting in lower energy bills for customers.

Regional Analysis of the Smart Grid Sensor Market

The analysis of market trends on smart grid sensors in a regional perspective. One region for instance is Asia-Pacific, consisting of South Korea, Australia, China, Japan, and India; another is Europe comprising the United States, Canada and yet another is Asia-Pacific, incorporating the Unites Kingdom and Germany.

Smart grid sensors, therefore, generate real time feeds and records on bi-directional power flow activities for reliable and resilient service delivery.. The smart grid sensor provides real time update on power flow bidirectional to ensure grid’s security, reliability and stability.

Electrification has experienced an impressive growth overtime resulting into an unmatched rise globally towards energy requirement. The same report estimates that global electricity demand growth will stand at 2.1% each year up until 2040. The energy demand for basics grows at double the speed globally.

Supervisory control and data acquisition (SCADA) software can also offer various growth possibilities for providing more sophisticated solutions based on dependability, adaptability, and efficiency. In developing countries diverse smart city initiatives integrate technology, mobility, environment perspectives, lifestyles, and government policies to promote sustainable economic growth and improved livelihoods for residents. In addition, potentials for development of the smart grid sensor market could be realized during the forecast period after significant researches on intelligent solutions.

Although there could be hindrances in the future development markets for smart grid sensors due to complexities involved in the deployment and interconnection processes and their costly nature.

COVID-19 Impact Analysis on Smart Grid Sensor Market.

It has been proven that the COVID-19 pandemic adversely affected, among other things, the expansion of outdoor manufacturing and industry in 2020. However, in 2021 there witnessed substantial growth in using sophisticated telecommunication and network services. However, the smart grid sensors industry mainly suffered from the challenges that emanated out of Covid-19 pandemic such as little specialized lab or available or cancelling or deferring projects as a result of lock down either partial or full across the world. Nonetheless, the demand for smart-grid sensors is expected to increase during the forecast period due to increased Internet of Things devices’ hardware adoption in industries, manufacturing, and commerce.

One of the vital drivers to the growth of the smart grid sensors market involves increasing requirement for eco-friendly power efficient options. Furthermore, it is expected that the ultrasonic air bubble detectors market would grow due to the government regulations most countries have made towards promoting deployment of intelligent grids. However, security concerns and lack of knowledge about the availability of smart grid solutions might hinder the market growth. On the other hand, the smart grid sensors industry might discover opportunities for growth within the ongoing smart city programs implemented in developing countries.

Top Key Players Covered

  • ABB, Trilliant
  • Landis+Gyr
  • Siemens
  • Ge grid solutions
  • Itron, Inc.
  • Echelon Corporation
  • S&C electric company
  • Sentient Energy, Inc.
  • Aclara Technologies LLC

Key Industry Developments in the Smart Grid Sensor Market

• Just recently, Schneider Electric bought DC Systems BV, a very important supplier of intelligent systems for electrical distribution. The move helped Schneider advertise advancements in industrial electrical distribution.

• In the month of May 2021, Benefici Solar partnered with Hitachi ABB Power Grids to provide energy storage systems for the largest privately owned microgrid in Thailand.

Report Components Details
Base Year 2022
Forecast Period 2022-2030
Quantitative Units Revenue in US $
Segments Covered By Components: Software, Hardware, Service By End-User: Utility, Industrial, Residential, Commercial By Application: Generating, Transmission, Distribution, Consumption
Countries Covered U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered ABB, Trilliant, Landis+Gyr, Siemens, Ge grid solutions, Itron, Inc., Echelon Corporation, S&C electric company, Sentient Energy, Inc., Aclara Technologies LLC

Table of Contents

  1. Introduction Of Global Smart Grid Sensors Market
    1. Overview of the Market
    2. Scope of Report
    3. Assumptions
  2. Executive Summary
  3. Research Methodology
    1. Data Mining
    2. Validation
    3. Primary Interviews
    4. List of Data Sources
  4. Global Smart Grid Sensors Market Outlook
    1. Overview
    2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
    4. Value Chain Analysis
  5. Global Smart Grid Sensors Market, By Component
    1. Overview
    2. Software
    3. Hardware
    4. Service
  6. Global Smart Grid Sensors Market, By End-User
    1. Overview
    2. Utility
    3. Industrial
    4. Residential
    5. Commercial
  7. Global Smart Grid Sensors Market, By Application
    1. Overview
    2. Generating
    3. Transmission
    4. Distribution
    5. Consumption
  8. Global Smart Grid Sensors Market, By Region
    1. North America
      1. U.S.
      2. Canada
    2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
    3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
    4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
  9. Company Profiles
    1. ABB, Trilliant
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    2. Landis+Gyr
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    3. Siemens
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    4. Ge grid solutions
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    5. Itron, Inc.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    6. Echelon Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    7. S&C electric company
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    8. Sentient Energy, Inc.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    9. Aclara Technologies LLC
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News

Global Smart Grid Sensors Market Segmentation

Smart Grid Sensors by Components: Market Size & Forecast 2024-2032

  • Software
  • Hardware
  • Service

Smart Grid Sensors by End-User: Market Size & Forecast 2024-2032

  • Utility
  • Industrial
  • Residential
  • Commercial

Smart Grid Sensors by Application: Market Size & Forecast 2024-2032

  • Generating
  • Transmission
  • Distribution
  • Consumption

Smart Grid Sensors by Geography: Market Size & Forecast 2024-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • ABB, Trilliant
  • Landis+Gyr
  • Siemens
  • Ge grid solutions
  • Itron, Inc.
  • Echelon Corporation
  • S&C electric company
  • Sentient Energy, Inc.
  • Aclara Technologies LLC

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