IMARC Group, a leading market research company, has recently releases report titled, “Smart Grid Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global smart grid sensors market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
The global smart grid sensors market size reached US$ 339.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 885.6 Million by 2028, exhibiting a growth rate (CAGR) of 14.09% during 2023-2028
Smart grid sensors represent devices that are deployed within a smart grid infrastructure to monitor and manage numerous aspects of the electrical grid. They are equipped with real-time data collection, wireless or wired communication, information storage, and advanced analytics capabilities. Smart grid sensors are small and lightweight nodes that enable utilities to monitor and manage the grid more efficiently, improve reliability, detect and respond to issues promptly, and enhance overall grid performance. As a result, these devices are widely used in advanced metering infrastructure, grid distribution management, supervisory control and data acquisition, and smart energy meters.
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The escalating demand for energy and the rising focus on power quality are among the key factors driving the smart grid sensors market. Moreover, the widespread adoption of these devices, which optimize distribution, ensure reliable electricity supply, address power quality issues, and provide accurate and real-time data on voltage and current, is also stimulating the market growth. Besides this, the inflating usage of the product in renewable energy sources, including solar and wind power, is acting as another significant growth-inducing factor. Furthermore, the increasing investments in smart grid technologies by several countries to upgrade aging power infrastructure are further propelling the global market. Apart from this, the launch of advanced sensors that offer improved accuracy, reliability, and cost-effectiveness is positively influencing the market growth. Additionally, the growing popularity of the product for early fault detection, quick response to grid disturbances, and predictive maintenance, thereby enhancing grid resilience and reliability, on account of the extreme weather events and the threat of cyberattacks, is anticipated to fuel the smart grid sensors market over the forecasted period.
The report has segmented the market into the following categories:
Sensor Insights:
Voltage and Temperature Sensors
Outage Detection
Others
Application Insights:
Advanced Metering Infrastructure
Smart Grid Distribution Management
Supervisory Control and Data Acquisition
Smart Energy Meter
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
The report covers the major market players including:
Aclara Technologies LLC (Hubbell Incorporated)
Eaton Corporation plc
GIPRO GmbH
Itron Inc.
Landis+Gyr AG
S & C Electric Company
Schneider Electric SE
Sentient Energy Inc. (Koch Engineered Solutions), etc.
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