The smart grid sensors market was valued at US$ 325.0 Million in 2019 and is projected to reach US$ 1,221.6 Million by 2027; it is expected to grow at a CAGR of 18.3% during 2019–2027.
As the demand for energy is less among most of the residences, the grid was developed to provide electricity to the residences with monthly bills. This causes one-way interaction, which makes it difficult for the grid to respond to the changing and growing energy demands of today’s world. The introduction of smart grid presents a two-way dialogue where electricity and data can be exchanged between the customers and the utility. The growing network of controls, communications, computers, automation, and new advanced technologies and tools are making smart grids more reliable, efficient, secure, and greener. It allows advanced technologies to be integrated, such as solar and wind energy production and plug-in electric vehicle charging. The smart grid technology replaces the infrastructure of the traditional energy grid. With the integration of smart grids, the utilities can communicate better, and it helps offer detailed information, which allows grid operators to manage electricity consumption in real-time. The smart grid sensors monitor the power line temperature and weather conditions that are used to calculate the line’s carrying capacity. This sensor is used in homes and corporate infrastructures to surge energy efficiency.
Several initiatives associated with advancements in the grid are gaining momentum across the world. The up-gradation in energy grids allows the incorporation of traditional energy sources with renewables and energy storage. For instance, the US Department of Energy's (DOE) Grid Modernization Initiative has announced to build the advanced grid of the future. The department operates with various public and private partners to design the necessary tools and technologies to analyze, measure, predict, and control the smart grid. This initiative is likely to surge competitiveness and modernization in the US with regards to the global energy economy. The growing integration of advanced technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and rising adoption of sensors in several industrial applications, are the significant factors accelerating the growth of the global smart grid sensors market. The energy & power generation industry witnesses tremendous growth across the world; also, various electrical projects are in line, especially in the Southeast Asian countries, which demands for smart grid sensors. Therefore, the rising demand for smart grid sensors offers ample growth opportunities for market players in the coming years. The growing acquisition strategies leads to the positive growth prospects of the smart grid sensors.
IMPACT OF COVID-19 ON SMART GRID SENSOR MARKET
According to latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures for 25th September 2020, there are 32,029,704 confirmed COVID-19 cases globally with 979,212 total deaths and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 also. The global energy & power industry is one of the major industries that is suffering serious disruptions due to corona virus crisis is impacting the growth of global smart grid sensors Market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart grid sensors market
Lucrative Regions for Smart Grid Sensors Market
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Market Insights–Smart Grid Sensors Market
Security Issues and Other Roadblocks
Smart grid deployments have made the operation of power systems more efficient through the application of distributed computing in the interoperation of the grids. However, such schemes have greatly triggered a number of security issues that are considered to be major concerns. Threats including physical attacks, cyber-attack, and natural disasters are significant threats to SG deployment that is expected to lead to infrastructural failure, energy theft, blackouts, endangered safety of personnel, customer privacy breach, etc.
In the present times of increasing concerns over terrorism paired with the rising number of sophisticated hackers, there is a simultaneous increase in the vulnerability that our energy system is exposed to if it truly were as technology-focused (and reliable) as the world envisions. This is a genuine concern that is being addressed by the industry. Hence, there is a rising need for critically examining the security issues and preventing possible threats or failures.
Sensor Type –Based Insights
Smart grids sensors apply information, innovative networking, real-time monitoring, and control technologies in order to save energy, lower costs, and enhance security, interoperability, and reliability. It includes the gathering, using sophisticated metering systems, and exchange of huge amounts of data in real-time at different levels of the supply chain. Various types of sensors can be installed on each device on the network in order to collect and transmit data. Based on sensor types, the market is segmented as a voltage sensor, temperature sensor, pressure sensor, and others.
Voltage Range-Based Insights
Based on voltage range, the smart grid sensors market is further bifurcated into low to medium voltage and high voltage. Monitoring and control applications need various types of data for enhancing distribution network operations. Thus, sensor data output needs should meet the future monitoring and control applications of smart grids. Low to medium voltage include less than 150 kV.
Application-Based Insights
The demand for smart grid sensors is likely to continue to surge during the coming years owing to an increase in the modernization of grid infrastructure and rising awareness regarding carbon footprint management. It highly delivers visibility, intelligence, control, and communication into energy consumption procedures and allows green energy. The growing technological integrations with smart grid sensors offer end users with greater reliability and efficiency. For instance, incorporating IoT and data technologies into this sensor offers real-time data. It provides numerous business opportunities for the vendors; thus, they are highly investing in these technologies to stay competitive in the market and offer optimal solutions to their consumers. Smart energy meter, advanced metering infrastructure, and smart grid distribution network are some of the crucial applications where smart grid sensors are hugely implemented. Further, with the rise in the number of production plants in the developing countries of APAC, MEA, and SAM, the demand for smart grid sensors is expected to augment. This factor is anticipated to support the growth of the smart grid sensors market during the forecast period.
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Smart Grid Sensors Market: Strategic Insights
Market Size Value in US$ 325.0 Million in 2019 Market Size Value by US$ 1,221.6 Million by 2027 Growth rate CAGR of 18.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Grid Sensors Market: Strategic Insights
| Market Size Value in | US$ 325.0 Million in 2019 |
| Market Size Value by | US$ 1,221.6 Million by 2027 |
| Growth rate | CAGR of 18.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Kamstrup partnered with Avance Metering. The partnership helped mutual clients to put valuable data from Kamstrup metering solutions into business use. With this partnership, customers can handletheir data for strategic purposes, such as enabling an easy transition from old to new intelligent metering generations.
- In 2020, Landis+Gyr introduced the Revelo. This metering platform built on Landis+Gyr’s deep metering experience that spans residential, commercial and grid sensing, taking full advantage of the strength and success of these technologies.
The Global Smart Grid Sensors Market has been Segmented as Follows:
Smart Grid Sensors Market – by Sensor Type
- Voltage and Current Sensor
- Temperature Sensor
- Others
Smart Grid Sensors Market – by Voltage Range
- Low to Medium Voltage
- High Voltage
Smart Grid Sensors Market – by Application
- Substation Automation
- Advanced Metering Infrastructure
- Smart Grid Distribution Network
- Others
Smart Grid Sensors Market – by Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Smart Grid Sensors Market –Companies Profiles
- ABB Ltd
- Aclara Technologies LLC
- Eaton Corporation plc
- Itron Inc.
- Kamstrup
- LANDIS+GYR
- Schneider Electric
- Sentient Energy, Inc.
- Siemens AG
- Tollgrade Communication Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Sensor Type , Voltage Range , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The APAC region is the fastest growing in the smart grid sensor market in 2019.The swift developments pertaining to technologies, initiatives from governments, digitalization of economies, and increase in disposable income of the middle-income class group are among the factors propelling the overall economic growth of the region and driving it from a developing to developed phase. Power Transmission and Distribution Efficiency Enhancement Project, Nepal, is projected to enhance the quality and reliability of electricity supply in Kathmandu Valley by lowering distribution system overloads and technical and commercial losses. The APAC region is witnessing an increase in energy & power projects owing to huge investment by the government for the proper installation of electric wires.
The growing advancements in energy & power sectoris expanding, owing to the biggest technological revolution across smart grid infrastructure in the past years. Compared to the conventional grid, the smart grid is an automated, highly integrated, technology-driven, and modernized grid due to the usage of such power electronics. The smart grid is expected to play a major role in transforming the electrical networks, along with power system operation during the forecast period.
The architecture of the voltage sensor includes a high-voltage capacitor and a low-voltage capacitor connected in series. To precisely detect voltage variations in the distribution lines, the electrical properties of high-voltage capacitors used in voltage sensors must ensure that the sensors must be not affected by the surrounding temperature or voltage levels, thereby propelling the voltage and current sensor market.
The List of Companies - Smart Grid Sensors Market
- ABB Ltd
- Aclara Technologies LLC
- Eaton Corporation plc
- Itron Inc.
- Kamstrup
- LANDIS+GYR
- Schneider Electric
- Sentient Energy, Inc.
- Siemens AG
- Tollgrade Communication Inc.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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