Smart Grid Sensors Market Insights:
The market size for smart grid sensors was estimated at USD 0.5 billion in 2022. A compound yearly growth rate (CAGR) of 18.30% is expected for the Smart Grid Sensors market industry during the forecast period (2023-2032), increasing from USD 0.59 billion in 2023 to USD 2.27 billion by 2032. The primary market drivers boosting market expansion are the increased use of smart power grids and the growing significance of energy efficiency.
The growing government initiatives to educate the public about the value of energy conservation will help the market grow by increasing the demand for smart grid sensors. The use of smart grid technologies in residential and business contexts is required under these regulations. Future market expansion depends on the contributions of smart grid to ICT and the distribution industry. Power line temperature monitoring is becoming more and more popular as energy transmission efficiency improves. Because they believe these technologies will support long-term economic growth and assist governments in reducing carbon emissions, numerous countries are increasingly funding them. Future demand for smart grid sensors is anticipated to increase as a result of the aforementioned problems.
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Key Players:
- E-Smart Systems Pvt. Ltd (India)
- EnerNOC Inc. (US)
- Globema (Poland)
- NexGrid LLC (US)
- Trilliant Holdings Inc. (US)
- Kamstrup A/S (Denmark)
- S&C Electric Company (Illinois US)
- Itron Inc. (US)
- Schneider Electric SA (France)
- Siemens AG (Germany)
- Cisco Systems Inc. (US)
- Oracle Corporation (US)
- ABB Ltd. (Switzerland)
- General Electric Company (US),
are the notable vendors in the Smart Grid Sensors market.
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Smart Grid Sensors Market Regional Analysis:
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Because they were early adopters of smart grid projects and have robust economies, the North American smart grid sensors market will dominate. This is because they invest heavily in smart infrastructure platforms. Due to the benefits of government rules and regulations, Europe holds the second-largest market share for smart grid sensors. Additionally, the UK's smart grid sensors market grew the fastest in the European region, while the German smart grid sensors market had the greatest market share. Because of rising disposable income, rapid electrical infrastructure construction, and increased monitoring equipment to track power production, transmission, and distribution, the Asia-Pacific smart grid sensors market is anticipated to grow at the quickest CAGR from 2023 to 2032.
Smart Grid Sensors Market Segmentation:
Voltage/temperature sensors, outage detection, and other sensors are included in the segmentation of the smart grid sensors market based on sensors. Revenue-wise, the outage detection category dominated the market for smart grid sensors in 2022.
AMI metres, sensors, and other items are included in the segmentation of the smart grid sensors market based on components. Over the forecasted period, the AMI metre category is expected to expand at a CAGR of 18.30%.
AMI and smart grid distribution management are included in the segmentation of the market for smart grid sensors based on solutions.
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Enhancing capacity may help with peak energy use, but better grid technology is required for a future in which electric vehicles may eventually outnumber internal combustion engines. The architecture of an intelligent grid must include reliable cellular communication.
The electrification trend and the construction of broad roadways have increased electricity and power consumption, making electricity and efficient power transmission and distribution more crucial than ever. In some nations than others, smart sensory technology is more widely used and in higher demand. Therefore, the proliferation of smart grid sensors is promoting the growth of the global market.
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