Smart Grid Sensors Market Garner to $2 billion by 2031 at 18.9% CAGR | Industry Dynamics with Growth Drivers
Surge in need for energy-efficient and sustainable solutions across the globe drive the smart grid sensors market growth.
WILMINGTON, DELAWARE , UNITED STATES, February 20, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Smart Grid Sensors Market Analysis Report by Sensor (Voltage and Temperature Sensors, Outage Detection, Others), by Application (Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control and Data Acquisition, Smart Energy Meter, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The smart grid sensors market was valued at $364.72 million in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 18.9% from 2022 to 2031. The Latin America country garner significant market share in 2021 due to the technological transformation and automation are reshaping the future of the industrial sector
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In smart grid networks, sensors serve as detection stations and are lightweight, small nodes. These grid sensors are gaining a lot of traction in new smart grids because they are able to monitor and control the production, distribution, and conditioning of electric power. Automated control technology, sensors for data acquisition and control, and sophisticated software solutions make up smart grids, which are electric power systems. The smart grid’s sensors are an essential component. One of the primary applications of these devices is the provision of a complex energy system network that automatically monitors and adjusts the flow of energy to achieve a desirable balance between energy demand and supply. Smart sensors in smart grids provide real-time data and status of bidirectional flows of energy for monitoring, protection, and control of grid operations to improve reliability and resilience.
Sensors used in smart grid technology provides efficient power supply management, power demand reduction, and optimization of management resources. It enables data analysis that deals with communication, data acquisition, elucidation, and processing benefits to consumers as well as power companies. Overall, rise in adoption of advanced technology in smart grids is anticipated to drive demand for smart grid sensor services across the globe.
Growing need for energy-efficient and sustainable solutions drives the growth of the global smart grid sensors market. However, security concerns and the lack of awareness in respect of the availability of smart grid solutions might hamper growth of the market. On the contrary, the ongoing smart city projects in developing countries set potential growth opportunities for the smart grid sensors market.
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The smart grid sensors market is segmented into Sensor and Application.
By type, the voltage & temperature sensors segment held the major share in 2021, garnering around half of the global smart grid sensors market revenue. However, the outage detection segment would showcase a faster CAGR of 20.2% during the forecast period. The voltage & temperature sensors segment is expected to grow steadily owing to the growing investments of major players in this technology to gain a competitive edge in the market.
By application, the smart energy meter segment contributed to the highest share in 2021, accounting for around one-third of the global smart grid sensors market revenue. The advanced metering infrastructure segment would showcase the fastest CAGR of 23.6% throughout the forecast period. This is attributed to the fact that smart energy meters allow utilities to collect and analyze data on electricity usage in real-time and can provide customers with detailed usage information to help them manage their energy usage more effectively.
By region, Asia-Pacific garnered the highest share in 2021, holding nearly half of the global smart grid sensors market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 21.2% during the forecast period. Rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.
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Key players profiled in the smart grid sensors market report include ABB, GE Grid Solutions, Siemens, Landis+Gyr, Trilliant, Itron, S&C Electric, Sentient Energy, Inc., Aclara Technologies LLC and Echelon Corporation. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the smart grid sensors market.
KEY FINDINGS OF THE STUDY
• In 2021, the voltage and temperature sensors segment was the major revenue contributor to the smart grid sensors industry, and is projected to grow at a notable CAGR of 16.6% during the forecast period. The voltage & temperature sensors segment is expected to grow steadily owing to the growing investments of major players in this technology to gain a competitive edge in the market.
• The smart energy meter segment is projected to growth at a CAGR of 15.8% during the forecast period. There segment is expected to witness steady growth owing to the fact that it allows utilities to collect and analyze data on electricity usage in real-time and can provide customers with detailed usage information to help them manage their energy usage more effectively.
• Asia-Pacific contributed for the major smart grid sensors market share, accounting for more than 44.8% share in 2021. The increasing urbanization and smart city initiatives in the Asia-Pacific region have increased the need for efficient and reliable energy management, which has created opportunities for the smart grid sensors market.
David Correa
Allied Market Research
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