Smart Grid Sensors Market is estimated to be US$ 195.7 billion by 2032: Rise in Technological Advancements in Sensor Technology such as Integration of IoT and AI to Propel Market Growth

Download Sample

Published Date: May 2023

The power transmission with sensors using sophisticated software solutions, automatic control techniques and advanced technologies are called smart grid sensors. Sensors for monitoring electrical parameters across the entire electricity network infrastructure play a fundamental role in protecting smart grids and improving the energy efficiency of the network. When a short circuit occurs in a smart grid, it needs to be noticed as soon as possible to reduce network fault duration and damage to electricity infrastructure as well as personal injury. A smart grid is a modern electric grid with a two-way flow of electricity and data between electricity utilities and consumers, unlike conventional electric grids, a smart grid is a digital technology-based electricity network powered by automation, communication and connectivity. Imagine a flexible electric grid equipped to manage varying energy demands and better prepared to handle energy emergencies thanks to intelligent two-way interconnection capabilities. The rise of the smart grid is due to its ability to improve grid flexibility, energy independence and reliability, among other factors. Around the world, digital technology-enabled grids are using smarter resources and helping consumers as well as electricity industry stakeholders to reduce costs, save energy and make better energy use decisions. Smart grids are an important component of the global energy transition because a smart grid helps provide clean energy and sustain long-term economic growth, and enables us to achieve our carbon emission reduction goals. Sss are sensors with built-in intelligence deployed in the power grid, including temperature sensors, pressure sensors, humidity sensors, weather stations, current sensors and voltage sensors, etc. A smart grid is an electrical grid with automation, communication and IT systems that can monitor power flow from generation points to consumption points (even down to the equipment level) and control power flow or load shedding to match real time or near generation. Smart grids use phasor measurement units as sensors to collect data over large geographic areas, and while phasor measurement sensors are vulnerable to wide-area measurement systems, they can be relied upon to relay situational awareness across large interconnected areas: real-time monitoring. These sensors are used in various smart grid applications such as smart energy meters, supervisory control and data acquisition, advanced metering infrastructure and others, which is increasing the overall demand for smart grid sensor systems. Increasing integration of advanced technologies such as Internet of Things, artificial intelligence, and increasing adoption of sensors are among the factors driving the growth of the smart grid sensor market. However, the growth of the smart grid market during the forecast period can be attributed to the increasing need for efficient data monitoring systems along with improved cost savings as well as increasing emphasis on renewable energy sources across the globe.

The report “Smart Grid Sensors Market, By Sensor Type (Voltage/Temperature Smart Grid Sensors, Outage Detection Smart Grid Sensors, Transformer Monitoring Smart Grid Sensor, Dynamic Line Rating Smart Grid Sensors, Others), By Component ( Software, Hardware, Service), By Application (Smart Energy Meter, SCADA-Supervisory Control and Data Acquisition, AMI-Advanced Metering Infrastructure, Smart Grid Distribution Management, Substation Automation, Others), Communication Technology (Wire line, Wireless), By End User (Utility, Industrial Residential, Commercial, Consulting, Deployment & Integration, Support & Maintenance, Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends Analysis and Forecast till 2032 “

Key Highlights:

June 2022, Siemens AG launches Digital Transformation and Value Creation Xcelerator, Siemens Xcelerator, an open digital business platform to accelerate digital transformation and value creation for customers of all sizes in industry, buildings, grid and mobility.
In January 2020, Aclara, a leading provider of smart infrastructure solutions for electric, gas and water utilities worldwide, announced that smart grid sensors and sensor-enabled analytics are powerful tools that can help electric utilities reduce fire risk by increasing situational awareness of the condition of their distribution networks.

Analyst View:

Smart grids can monitor grid conditions in real time and use the information to operate the grid in a safe, reliable and stable way with lower costs and improved energy efficiency. In this context, sensors and actuators (network breakers) are key players in smart grid management. Sensors enable the grid to become smarter and can play a critical role in real-time monitoring and control of power transmission and distribution systems and maintaining the health and stability of the grid. A smart grid is a smart electrical network also known as a combination of electrical network and smart digital transmission technology. The smart grid sensors market is growing at an incredible rate because of the various benefits associated with it, it helps in saving energy, it helps in detecting technical losses and fraud, it reduces balancing costs, and it improves customer service. Innovation in the Smart Grid Sensors Market is increasing worldwide, driven by technological developments in Smart Grid Sensors that are more efficient to use.

Browse 60 market data tables and 35 figures* through 140 slides and in-depth TOC on* “Smart Grid Sensors Market, By Sensor Type (Voltage/Temperature Smart Grid Sensors, Outage Detection Smart Grid Sensors, Transformer Monitoring Smart Grid Sensor, Dynamic Line Rating Smart Grid Sensors, Others), By Component ( Software, Hardware, Service), By Application (Smart Energy Meter, SCADA-Supervisory Control and Data Acquisition, AMI-Advanced Metering Infrastructure, Smart Grid Distribution Management, Substation Automation, Others), By Communication Technology (Wire line, Wireless), By End User (Utility, Industrial Residential, Commercial, Consulting, Deployment & Integration, Support & Maintenance, Others),and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

Key Market Insights from the report:

Smart Grid Sensors Market accounted for US$ 39.38 billion in 2022 and is estimated to be US$ 195.7 billion by 2032 and is anticipated to register a CAGR of 22.6%. The Smart Grid Sensors Market is segmented based on Sensor Type, Component, Application, Communication Technology, End User and Region.

Based on Sensor Type, Smart Grid Sensors Market is segmented into Voltage/Temperature Smart Grid Sensors, Outage Detection Smart Grid Sensors, Transformer Monitoring Smart Grid Sensor, Dynamic Line Rating Smart Grid Sensors, Others.
Based on Component, Smart Grid Sensors Market is segmented into Software, Hardware, and Service.
Based on Application, Smart Grid Sensors Market is segmented into Smart Energy Meter, SCADA-Supervisory Control and Data Acquisition, AMI-Advanced Metering Infrastructure, Smart Grid Distribution Management, Substation Automation, Others.
Based on Communication Technology, Smart Grid Sensors Market is segmented into Wire line, Wireless.
Based on End User, Smart Grid Sensors Market is segmented into Utility, Industrial Residential, Commercial, Consulting, Deployment & Integration, Support & Maintenance, Others.
By Region, the Smart Grid Sensors Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Smart Grid Sensors Market:

The prominent players operating in the Smart Grid Sensors Market includes, Aclara Technologies, LLC, General Electric Company, Honeywell International Inc., Torino Power Solutions Inc., BPL Global, Ltd., Cisco System, Inc., Eaton Corporation, Enphase Energy, Inc., IBM Corporation, Siemens AG, Tendril Networks, Inc., . The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period