The global smart grid sensors market is growing at a significant CAGR during the forecast period. A smart grid is a network of energy that can automatically monitor energy flows and adjust to changes in energy supply and demand. Sensors used in smart grids are small, lightweight nodes that serve as detection stations in a sensor network. Smart grid sensors enable the remote monitoring of equipment such as the demand-side management of resources on an energy smart grid and transformers and power lines. 

Various factors are driving the growth of the smart grid sensor market such as the rising demand for smart meter infrastructure across the globe. In addition, cohesive government policies, schemes, funding, and grants for the installation of advanced metering solutions across the globe are accelerating the growth of the global smart grid market. Moreover, rising IoT (internet of things) technology, and power line carrier, and improved grid reliability, and efficient outage response are surging the market growth across the globe.

However, some factors are expected to restrain the market growth that includes the inability to adopt new technologies by the end-users, smart grid cybersecurity and its vulnerability, and less skilled professionals among others. However, it is estimated that the increasing development of smart cities will drive market growth in the future. 

Segmental Outlook 

The global smart grid market is segmented based on application into smart energy meters, SCADA, advanced metering infrastructure, and others. Advanced metering infrastructure is projected to exhibit significant growth during the forecast period. The metering industry has enabled greater benefits to electricity distribution companies (DISCOMs) by traversing from automated meter reading (AMR) to smart metering, using bi-directional communication. In addition, advanced metering infrastructure can significantly reduce operating costs by remotely reading meters, identifying outages, and others.

Global Smart Grid Sensors Market Share By Application, 2020(%)

Regional Outlooks

The global smart grid sensors market on the basis of geography, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold a prominent share in the smart grid sensors market during the forecast period. The region has a well-established ICT infrastructure, is fully matured, and the advanced technology in this region is at par. The US has a highly established infrastructure, which is beneficial for smart city development. The growing adoption of smart grid technology in the region to modernize the existing aging grid infrastructure is a major factor contributing to the high growth of the regional market.

Asia-Pacific is anticipated to exhibit considerable growth in the global smart grid sensors market. The region is growing with a remarkable growth rate owing to the improvement of the basic electricity infrastructure, the adoption of smart electric grids, and increasing per capita consumption in the nation. India is one of the fastest-growing economies across the globe. China is also growing at a very fast pace in this region owing to the deployment of the smart metering solution in this region. Apart from that, the rapid economic growth and the acceleration of industrialization and urbanization are the boosting factors of the residential electricity consumption in China. 

Market Players Outlook

Key players of the smart grid sensors market include ABB Ltd., Cisco Systems, Inc., Eaton Corp., Enphase Energy, Inc., General Electric Co., Honeywell International, Inc., IBM Corp., Itron, Inc., and others. In order to survive in the market, these players adopt different marketing strategies such as mergers, acquisitions, product launches, and geographical expansion. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Smart Grid Sensors Market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.