Smart Grid Sensors Market Research Report- Forecast 2030

Smart Grid Sensors Market Research Report: by Sensors (Voltage/Temperature Sensors, Outage Detection, and others,) by Component (AMI Meter, Sensors, and others) by Solutions  (Advance Metering Infrastructure (AMI), Smart Grid Distribution Management and others ) - Forecast till 2030

ID: MRFR/SEM/3983-HCR | February 2021 | Region: Global | 100 pages

Smart Grid Sensors Market

The smart grid sensors market is expected to reach USD 1556.71 million by 2030, at a CAGR of 18.3%

Segmentation

By Sensors Voltage/Temperature Sensors Outage Detection others
By Component AMI Meter Sensors others
By Solutions Advance Metering Infrastructure (AMI) Smart Grid Distribution Management

Key Players

  • E-Smart Systems Pvt. Ltd (India)
  • EnerNOC Inc. (US)
  • Globema (Poland)
  • NexGrid LLC (US)
  • Trilliant Holdings Inc. (US)
  • Kamstrup A/S (Denmark)
  • Wipro Ltd. (India)
  • Open Systems International Inc. (Minnesota US)
  • Esyasoft Technologies Pvt. Ltd. (India)
  • S&C Electric Company (Illinois US)
  • Aclara Technologies LLC (US)
  • Tech Mahindra Ltd. (India)
  • Landis+Gyr (Switzerland)
  • Itron Inc. (US)
  • Schneider Electric SA (France)
  • Siemens AG (Germany)
  • Cisco Systems Inc. (US)
  • Oracle Corporation (US)
  • ABB Ltd. (Switzerland)
  • General Electric Company (US)

Drivers

  • Asia Pacific is also anticipated to be the fastest growing region in the smart grid sensors market over the forecast period.
Speak to Analyst Request a Free Sample

Smart Grid Sensors Market Overview


The smart grid sensors market is expected to grow at a higher CAGR of 18.3% in the global market during the forecasted period to account for a higher market share value of approximately USD 1556.71 million by the end of the forecasted 2020-2030.


The power transmission that consists of sophisticated software solutions, automated control techniques, and sensors using advanced technology is called smart grid sensors. Since these sensors use real-time data it results in minimum power dissipation which resulted in lower cost. Also, it helps in improving the reliability of power transmission. This sensor system prevents regular power and service failures and acts as a super resistant solution which results in cost and time saving to a great extent. Moreover, this sensor grid system is also used to forecast weather.


COVID 19 Analysis


The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is concerned about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in a demand shrink for the smart grid sensors market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.


However, the smart grid sensors market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.


Market Dynamics


Drivers


Numerous factors drive the market demand in the global market. Increasing efficiency in transmitting the energy for checking the temperature of power lines drives the market demand in this region during the forecasted period. Increasing adoption of smart sensory technology is another factor in various emerging countries like China and India that drives the market demand in the global market during the review period. This technique is useful in information and communication technology and the distribution field drives the market demand.


Opportunities


The rise in the demand for smart grid sensors market in the global market. Integration of software like smart grid distribution management and supervisory control and data acquisition (SCADA) provide modern solutions in terms of reliability, adaptability, and efficiency provides various growth opportunities in the global market during the forecasted period. Moreover, ongoing extensive research in providing smart solutions creates growth opportunities in the global market during the review period.


Restraints


Though the smart grid sensors market is increasing tremendously in the global market, some factors restrict the market growth. Security concerns are the main factor that restricts the market demand in the global market during the forecasted period. Lack of awareness regarding the availability of smart solutions restricts the market growth in the global market.


Value Chain Analysis


The smart grid sensors market is increasing at an incredible rate owing to various benefits associated with it. It helps in energy saving. It helps in detecting technical loss and fraud. It reduces cost balancing. It results in better customer service.


Market Segmentation


The smart grid sensors market has been divided all across the globe based on the sensors, service, application, components, and solutions.


Based on the Sensors


The market has been divided all across the globe based on the sensors into dynamic line rating sensors, transformer monitoring sensors, outage detection sensors, voltage/temperature sensors, and many others.


Based on the Services


The market has been divided all across the globe based on the services into support & maintenance services, deployment & integration services, consulting services, and many others.


Based on the Application


The market has been divided all across the globe based on the application into Advanced Metering Infrastructure (AMI), supervisory control and data acquisition (SCADA), smart energy meter, and many others.


Based on the Components


The market has been divided all across the globe based on the components into a programmable logic controller (PLC), networking hardware, sensors, AMI meter, and others.


Based on the Solutions


The market has been divided all across the globe based on the solutions into billing & customer information systems, substation automation, grid asset management, smart grid communication, smart grid distribution management, Advance Metering Infrastructure (AMI), and others.


Regional Analysis


The smart grid sensors market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the smart grid sensors market all across the globe is held by the North American region owing to increasing manufacturers of grid solutions which helps in improving consistency and hence drives the market. The presence of countries like Canada and the US is another factor.


The second-largest market share in the smart grid sensors market all across the globe is held by the European region owing to the presence of countries like the UK, Germany, France, and Italy. Moreover, increasing investment in research and development is another reason that drives the market demand in this region.


Being the fastest-growing region, the third-largest market share in the smart grid sensors market is held by the Asia-Pacific region owing to increasing industrialization and urbanization in this region. The presence of various highly populated countries like China and India drives the market demand in this region. Increasing demand for smart solutions is another contributing factor during the forecasted period.


The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.


Competitive Landscape


The most prominent major key players in the smart grid sensors market all across the globe are mentioned below:



  • E-Smart Systems Pvt. Ltd (India)

  • EnerNOC, Inc. (US)

  • Globema (Poland)

  • NexGrid, LLC (US)

  • Trilliant Holdings, Inc. (US)

  • Kamstrup A/S (Denmark)

  • Wipro Ltd. (India)

  • Open Systems International, Inc. (Minnesota, US)

  • Esyasoft Technologies Pvt. Ltd. (India)

  • S&C Electric Company (Illinois, US)

  • Aclara Technologies LLC (US)

  • Tech Mahindra Ltd. (India)

  • Landis+Gyr (Switzerland)

  • Itron, Inc. (US)

  • Schneider Electric SA (France)

  • Siemens AG (Germany)

  • Cisco Systems, Inc. (US)

  • Oracle Corporation (US)

  • ABB Ltd. (Switzerland)

  • General Electric Company (US)


These major key players use various strategies to sustain their market position in the smart grid sensors market in the global market by going for mergers, and acquisitions, by collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the smart grid sensors all across the globe.


Recent Developments



  • In May 2016, for enhancing the country’s power grid system, funding of USD 220 million has been announced by the US department of energy from the host of national laboratories.

  • All the major key players are highly investing in mergers and acquisitions, new product launches, and joint ventures.

  • Open Systems International, Inc. (Minnesota, US) is spending a huge sum of money on research and development to get an upper edge over its competition. This will help the company in increasing its sales volume.

  • The largest market share in the smart grid sensors market all across the globe is held by the North American region owing to increasing manufacturers of grid solutions which helps in improving consistency and hence drives the market.


Report Overview


This global smart grid sensors market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the smart grid sensors market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the smart grid sensors market during the forecasted period are mentioned. The impact of COVID 19 on the smart grid sensors market all across the globe is mentioned. The future growth rate in the smart grid sensors market during the forecasted period is estimated and mentioned.


Intended Audience


Utilities, network service providers, support providers, maintenance service providers, system integrators, migration service providers, utility platform and analytics vendors, smart grid technology solution providers, government agencies, research firms, and many others.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1556.71 million
  CAGR   18.3%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Sensors, by Component
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   General Electric Company (U.S.), ABB Ltd. (Switzerland), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.),Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (U.S.), Landis+Gyr (Switzerland), Tech Mahindra Ltd. (India),Aclara Technologies LLC (U.S.), S&C Electric Company (Illinois, U.S.), Esyasoft Technologies Pvt. Ltd. (India), Open Systems International, Inc. (Minnesota, U.S.), Wipro Ltd. (India), Kamstrup A/S (Denmark), Trilliant Holdings, Inc. (U.S.), NexGrid, LLC. (U.S.), Globema (Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India)
  Key Market Opportunities   The smart grid sensor are expected to show a significant growth over the forecast period.
  Key Market Drivers   Asia Pacific is also anticipated to be the fastest growing region in the smart grid sensors market over the forecast period.


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

The worldwide smart grid sensors market can surge at 18.3% CAGR between 2020-2030

Schneider Electric SA (France), Landis+Gyr (Switzerland), Itron, Inc. (U.S.), and Tech Mahindra Ltd. (India) are some reputed smart grid sensors suppliers.

Advanced Metering Infrastructure (AMI), smart energy meter, and SCADA use smart grid sensors.

By 2030, the global smart grid market can stand at 1556.71 bn value.

As per MRFR study, North America holds numerous growth opportunities for the smart grid sensors market.