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Smart Grid Sensors Market Analysis

ID: MRFR//3983-HCR | 100 Pages | Author: Ankit Gupta| April 2024

The development of smart grids is a key variable molding the smart grid sensors market. Smart grids leverage computerized correspondence and high-level sensors to assemble constant information on energy utilization, grid execution, and gear health. Smart grid sensors, including those for voltage, current, and temperature checking, empower utilities to screen and control the dissemination network. As utilities overall focus on the progress to smart grids, the demand for smart grid sensors is on the rise. The developing emphasis on sustainable power combination is affecting the smart grid sensors market elements. With a rising portion of sustainable power sources like solar and wind in the energy combination, grid administrators face difficulties connected with inequality and variable energy creation. Smart grid sensors help in checking and dealing with the reconciliation of sustainable power by giving continuous information on energy stream and grid conditions. The change toward cleaner and more reasonable energy sources is subsequently a critical driver for the reception of smart grid sensors.

The demand for grid flexibility and dependability despite cataclysmic events and digital dangers is molding the market elements of smart grid sensors. These sensors assume a critical part in recognizing and answering irregularities in the grid brought about by occasions like storms, earthquakes, or digital attacks. The capacity to rapidly distinguish and confine issues guarantees the strength of the grid, limiting personal time and working on in general unwavering quality. As grid versatility turns into a main concern for utilities and states, the sending of smart grid sensors is getting momentum. The worldwide push for energy efficiency and demand-side management adds to the market elements of smart grid sensors. These sensors empower utilities to carry out demand reaction programs, where power utilization can be changed continuously founded on grid conditions and valuing. Smart grid sensors assume an essential part in gathering information on energy utilization designs, empowering utilities to settle on informed choices and engage customers in energy-saving drives.

Global Smart Grid Sensors Market Overview:

Smart Grid Sensors Market Size was valued at USD 0.5 Billion in 2022. The Smart Grid Sensors market industry is projected to grow from USD 0.59 Billion in 2023 to USD 2.27 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.30% during the forecast period (2023 - 2032). Increased use of smart power grids and the increasing importance of energy efficiency are the key market drivers enhancing market growth.

Global Smart Grid Sensors Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Grid Sensors Market Trends

  • Growing favorable government policies and regulations is driving the market growth

Market CAGR for smart grid sensors is driven by the rising government's efforts to raise public consciousness about the importance of energy conservation would contribute to expanding the market. These rules mandate the adoption of smart grid technologies in commercial and residential settings. Smart grid's contributions to ICT and the distribution sector are key to future market expansion. Increases in the efficiency with which energy may be transmitted are boosting the demand for temperature monitoring of power lines. Various governments are increasingly financing these technologies because they expect they will contribute to long-term economic growth and help governments achieve their carbon emission reduction goals. Demand for smart grid sensors is expected to rise due to the issues mentioned above in the future.

Additionally, better grid technology is needed for a future in which EVs may one day outnumber internal combustion engines, while boosting capacity may help with peak energy use. Reliable cellular connectivity is an essential component of an intelligent grid's architecture. Electricity and efficient power transmission and distribution have become increasingly important as the electrification trend and the building of extensive highways have boosted electricity and power consumption. Smart sensory technology is more widely adopted and in greater demand in some countries than others. Therefore, the increasing prevalence of smart grid sensors is fueling the expansion of the international market.

For instance, Siemens Energy introduced CAREPOLE. CAREPOLE is a clever dry-type single-phase transformer for pole uses. It is also ready for the technological needs of the American grid, and the new cast-resin diffusion transformer gives oil-filled transformers a reliable and environmentally friendly alternative. As a result, the demand for smart grid sensors is predicted to grow throughout the forecasted time due to the rising demand for smart electric grids. Thus, the driving factor is the smart grid sensors market revenue.

Smart Grid Sensors Market Segment Insights:

Smart Grid Sensors Insights

The Smart Grid Sensors Market segmentation, based on sensors, includes voltage/temperature sensors, outage detection, and others. In 2022, the outage detection segment led the smart grid sensors market in revenue. Utility companies could save money and time by using smart meters to determine if a power outage is on their equipment or at a customer's home. By receiving data from smart meters, utilities can quickly find and fix problems on their end. Smart meters figure out the issue that is often caused by harsh weather.

Smart Grid Sensors Component Insights

The Smart Grid Sensors Market segmentation, based on components, includes AMI meters, sensors, and others. The AMI meter category is anticipated to grow at a CAGR of 18.30% over the projected period, making up the largest market share due to AMI Provides real-time data on how much of a service is being used so that data can be measured more accurately and billing can be done more quickly.

Smart Grid Sensors Solutions Insights

The Smart Grid Sensors Market segmentation, based on the solutions, includes advanced metering infrastructure (AMI) and smart grid distribution management. The smart grid distribution management category is expected to grow fastest at a CAGR of 18.30% due to many advantages less energy will be wasted, and electricity will be made more efficiently. Less congestion on transmission lines will make energy markets work better. Power has gotten better—less damage to the earth.

Figure 1: Smart Grid Sensors Market by Solutions, 2022 & 2032 (USD Billion)

Smart Grid Sensors Market by Solutions, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Grid Sensors Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American smart grid sensors market will dominate because expend a lot on smart infrastructure platforms in the smart grid sensors market because they were early adopters of smart grid projects and have strong economies.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Smart Grid Sensors Market SHARE BY REGION 2022 (USD Billion)

Smart Grid Sensors Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s smart grid sensors market accounts for the second-largest market share because governments' rules and regulations are helpful. Further, the German smart grid sensors market held the largest market share, and the UK smart grid sensors market was the fastest-growing market in the European region.

The Asia-Pacific smart grid sensors market is expected to grow at the fastest CAGR from 2023 to 2032 because of rising disposable income, rapid electrical infrastructure development, and more monitoring equipment to track power production, transmission, and distribution. Moreover, China’s smart grid sensors market held the largest market share, and the Indian smart grid sensors market was the fastest-rising market in the Asia-Pacific region.

Smart Grid Sensors Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the smart grid sensors market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the smart grid sensors industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global smart grid sensors industry to benefit clients and increase the market sector. In recent years, the smart grid sensors industry has offered some of the most significant technological advancements. Major players in the smart grid sensors market, including 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), and others are attempting to grow market demand by investing in research and development operations.

Enel X North America offers innovative value-added services and solutions that help businesses and communities produce, store, utilize, and manage energy more effectively, sustainably, and strategically. Enel X North America blends the entrepreneurial spirit of a startup with the infrastructure and knowledge of a worldwide innovator. We create opportunities by facilitating energy transition. We support lowering global emissions and assisting businesses in navigating the intricate energy market. We want to build a society where communities and businesses have the freedom to develop and prosper in a sustainable, circular energy economy. In March 2022, The Enel Group's advanced energy services division, Enel X, and Global Partners LP, one of the biggest independent owners, suppliers, and operators of petrol stations and convenience stores in the Northeast, announced that Allentown Fresh in Ayer will now handle a nearby power outage better thanks to a cutting-edge microgrid.

S&C Electric Company is a top provider of electric power system switching, protection, and control solutions. S&C, a Chicago-based corporation, is addressing problems affecting the world's power networks and enhancing electricity supply and dependability globally by drawing on its legacy of invention. S&C's goal is to consistently develop new power distribution solutions to enable the improved efficiency and reliability required for the energy transition. The Chicago-based business was established in 1911, creating switching and safety equipment for the transmission and distribution of electric power. In March 2023, S&C Electric Company, a pioneer in intelligent and resilient electrical grid solutions, announced the addition of a 275,000-square-foot facility in Palatine, Illinois, about 25 miles from its headquarters and manufacturing campus in Rogers Park, which is located on a 47-acre site in Chicago. The company is the second-largest manufacturer in Chicago, with over 2,000 team members working there out of its 3,500 team members worldwide.

Key Companies in the Smart Grid Sensors Market include

  • E-Smart Systems Pvt. Ltd (India)

  • EnerNOC Inc. (US)

  • Globema (Poland)

  • NexGrid LLC (US)

  • Trilliant Holdings Inc. (US)

  • Kamstrup A/S (Denmark)

  • S&C Electric Company (Illinois US)

  • Itron Inc. (US)

  • Schneider Electric SA (France)

  • Siemens AG (Germany)

  • Cisco Systems Inc. (US)

  • Oracle Corporation (US)

  • ABB Ltd. (Switzerland)

  • General Electric Company (US)

Smart Grid Sensors Industry Developments

May 2023: Siemens is developing a new servo drive system intended for a wide range of common applications in battery, electronics, and other industries. It delivers high dynamic performance and comprises a precise drive, strong servo motors, and simple cables. The new servo drive technology is particularly advantageous for applications that need accuracy in speed and torque, including winding and unwinding machines used in battery manufacture and cell assembly.

April 2023: GE Power Conversion and Nedstack Fuel Cell Technology have agreed to continue their joint development of marine fuel cell technology. Industry participants are working and aggressively supplying alternative marine fuel and electric power technology solutions to the greater merchant marine market to facilitate the sector’s transition to net zero.

Smart Grid Sensors Market Segmentation:

Smart Grid Sensors Outlook

  • Voltage/Temperature Sensors

  • Outage Detection

  • Others

Smart Grid Sensors Component Outlook

  • AMI Meter

  • Sensors

  • Others

Smart Grid Sensors Solutions Outlook

  • Advance Metering Infrastructure (AMI)

  • Smart Grid Distribution Management

Smart Grid Sensors Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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