Brooklyn, New York, USA, 2021-Apr-12 — /Meridian Market Consultants/ — A fresh report has been published and added, recently, in the massive database of Meridian Market Consultants (MMC), which is developed using verified research methodologies and proven analytical approaches. The report determines diverse eminent factors and trends encouraging the market growth of the Global Smart Grids Sensors Market. The research study is entitled “Smart Grids Sensors Market: Opportunity Analysis and Future Assessment 2020-2028”, which profoundly examines the global market evolution, along with the in-depth knowledge of the future market potential and the statistics implicated in the development of the respective market during the forecast period of 2020-2028. For the avail and interest of the readers, the report arrives at the conclusion with a special emphasis on the comprehensive profiling of the leading players in the Global Smart Grids Sensors Market.
The global Smart Grids Sensors Market in 2020 is estimated for more than US$ 33.3 Bn and expected to reach a value of US$ 152.0 Bn by 2028 with a significant CAGR of 21.0%.
A lightweight, small node that functions as a detection station within a sensor network can be referred to as a smart grid sensor. This advanced sensor also permits remote monitoring of equipment like power lines and transformers along coupled with the fulfillment of the demand-side management of the resources on an energy smart grid. These technologically advanced sensors are also employed to monitor changing weather conditions along with the temperature of the power line that can further be utilized during the calculation of the carrying capacity of the line. A smart grid sensor usually has four parts, namely, a microcomputer, transducer, transceiver, and a power source.
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Smart Grids Sensors Market Dynamics
Adoption of technologically advanced smart grid sensors, increasing R & D activities, and supporting government policies and funding on such smart projects is fueling the growth of the market. Moreover, the concern for extreme weather conditions and modifications in the methods and standards are also responsible for enhancing the potential of smart grid sensors.
However, the increasing adoption and applications of IoT along with the aging power grids and growing need for power generation also boost the growth of this market. Factors like grid instability, cyber-security, and privacy concerns may hinder the growth of the global smart grid sensor market.
The global smart grids sensors market is expected to increase at a significant CAGR over the forecast period owing to the modernization of aging grid infrastructure, launch, and adoption of upcoming smart city projects, and favorable government policies and funding. In addition, the growing need for renewable energy production sources, awareness about carbon footprint management, and ongoing research activities further aid the demand in this market.
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Smart Grids Sensors Market Key Players
The global smart grids sensors market is mainly dominated by ABB Ltd., Aclara Technologies LLC, General Electric Company, GIPRO GmbH, Honeywell International Inc., Networked Energy Services Corporation, QinetiQ Group PLC, Sentient Energy, Inc., Siemens AG, Torino Power Solutions Inc., and Toshiba Corporation.
Smart Grids Sensors Market Segmentation
The global smart grids sensors market is segmented on the basis of sensors, application, and region.
On the basis of sensors, the global smart grids sensors market can be segmented into voltage/temperature sensors, outage detection sensors, transformer monitoring sensors, dynamic line rating sensors, and others. On the basis of application, the global smart grids sensors market can be segmented into smart Advanced Metering Infrastructure (AMI), energy meter, SCADA, and others.
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Smart Grids Sensors Market Regional Segmentation
On the basis of region, the global smart grids sensors market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America smart grids sensors market is expected to be the most dominating market throughout the forecast period. Factors like focus on the development of electricity infrastructure, reduction of carbon emission, and adoption of renewable energy production are fuelling the growth of global smart grid sensor market.
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