The Global Smart Grid Sensors Market size was estimated at USD 364.7 million in 2021 and is expected to hit around USD 2 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 18.9% from 2022 to 2031.
Global Smart Grid Sensors Market: Breakup by Region, (USD Billion) 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The quickly developing industry that focuses on the creation, production, and application of cutting-edge sensor technologies in the context of smart grids is known as the worldwide smart grid sensor market. Modernised electrical grids, known as "smart grids," make use of digital communication and control technology to improve the generation, distribution, and consumption of electrical energy with increased sustainability, dependability, and efficiency. Smart grid sensors are essential to this larger picture because they offer real-time data and insights that are necessary for optimising grid operations.
A primary factor propelling the expansion of the worldwide market for smart grid sensors is the growing need for enhanced grid resilience and dependability. By integrating smart sensors, utilities and grid operators may minimise downtime and improve overall grid performance by monitoring grid conditions, detecting problems, and responding quickly to disturbances. The adoption of smart grid sensors is further aided by the growing emphasis on the integration of renewable energy sources and the requirement for improved demand-side management. These factors allow for the integration of dispersed energy resources and enable more efficient load balancing.
Several major developments are reshaping the dynamic environment of the global smart grid sensor market. The growing use of machine learning techniques and artificial intelligence (AI) in smart grid sensor systems is one notable development. With the use of these technologies, sensors can now analyse enormous volumes of data in real time, leading to improved fault detection, predictive maintenance, and grid optimisation. Another trend worth mentioning is the shift to edge computing, which lowers latency and improves the responsiveness of smart grid sensor networks by enabling data processing to happen closer to the source.
In the market for smart grid sensors, interoperability is becoming more and more important, with a focus on creating standardised communication protocols. This guarantees compatibility across various smart grid ecosystem components and makes integrating a variety of sensor devices easier. Smart grid sensors are essential for the efficient integration of intermittent energy output, including solar and wind power, into the grid as the world's energy landscape shifts towards a greater reliance on renewable sources.
The smart grid sensor industry is highly concerned about cybersecurity, and putting strong security measures in place to protect the integrity of data transferred across smart grids is becoming more and more important. The market trends show that utilities and energy companies are continuing to prioritise innovation, teamwork, and the development of cutting-edge sensor technologies in order to meet the changing needs of a resilient and modern electrical grid. This is because they are realising the importance of making decisions based on data.
Recent Developments:
The global smart grid sensor market has witnessed a significant upsurge in partnerships and collaborations between utility companies and technology suppliers in recent times. These partnerships seek to meet the unique requirements of various energy grids while expediting the implementation of smart grid sensor systems. Businesses are collaborating more and more to smoothly incorporate sensor technologies into the grid infrastructure that already exists, promoting interoperability and guaranteeing a unified modernization strategy.
The adoption of cutting-edge communication technology to improve the efficiency and connectivity of smart grid sensor networks is another noteworthy development. Low-power wide-area networks (LPWANs) and 5G are starting to be deployed, which will allow for faster and more dependable data transfer between sensors and control centres. This enhances the grid's responsiveness and facilitates the scalability of sensor deployments over wide geographic regions.
Table of Content
Global Smart Grid Sensors Market Research Report, 2020-2031.
Chapter 1. Introduction
1.1. Report description
1.2. Key market segments
1.3. Regional Scope
1.4. Executive Summary
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Secondary Analyst Tools and Models
Chapter 3. Market Dynamics
3.1. Market driver analysis
3.2. Market restraint analysis
3.3. Market Opportunity
3.4. Market Challenges
3.5. Impact analysis of COVID-19 on the Smart Grid Sensors Market
Chapter 4. Market Variables and Outlook
4.1. SWOT Analysis
4.1.1. Strengths
4.1.2. Weaknesses
4.1.3. Opportunities
4.1.4. Threats
4.2. Supply Chain Analysis
4.3. PESTEL Analysis
4.3.1. Political Landscape
4.3.2. Economic Landscape
4.3.3. Social Landscape
4.3.4. Technological Landscape
4.3.5. Environmental Landscape
4.3.6. Legal Landscape
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitute
4.4.4. Threat of New Entrant
4.4.5. Competitive Rivalry
Chapter 5. Smart Grid Sensors Market: Sensor Type Estimates & Trend Analysis
5.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
5.2. Incremental Growth Analysis and Infographic Presentation
5.3. Voltage Sensors
5.3.1. Market Size & Forecast, (USD Billion) 2020-2031
5.4. Current Sensors
5.4.1. Market Size & Forecast, (USD Billion) 2020-2031
5.5. Temperature Sensors
5.5.1. Market Size & Forecast, (USD Billion) 2020-2031
5.6. Line Sensors
5.6.1. Market Size & Forecast, (USD Billion) 2020-2031
5.7. Others
5.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 6. Smart Grid Sensors Market: Technology Estimates & Trend Analysis
6.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
6.2. Incremental Growth Analysis and Infographic Presentation
6.3. Communication Protocols
6.3.1. Market Size & Forecast, (USD Billion) 2020-2031
6.4. Data Analytics
6.4.1. Market Size & Forecast, (USD Billion) 2020-2031
6.5. Artificial Intelligence
6.5.1. Market Size & Forecast, (USD Billion) 2020-2031
6.6. Machine Learning Algorithms
6.6.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 7. Smart Grid Sensors Market: End-User Size Estimates & Trend Analysis
7.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
7.2. Incremental Growth Analysis and Infographic Presentation
7.3. Utilities
7.3.1. Market Size & Forecast, (USD Billion) 2020-2031
7.4. Manufacturing
7.4.1. Market Size & Forecast, (USD Billion) 2020-2031
7.5. Residential
7.5.1. Market Size & Forecast, (USD Billion) 2020-2031
7.6. Commercial
7.6.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 8. Smart Grid Sensors Market: Component Estimates & Trend Analysis
8.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
8.2. Incremental Growth Analysis and Infographic Presentation
8.3. Hardware
8.3.1. Market Size & Forecast, (USD Billion) 2020-2031
8.4. Software
8.4.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 9. Smart Grid Sensors Market: Regional Estimates & Trend Analysis
9.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
9.2. Incremental Growth Analysis and Infographic Presentation
9.3. North America
9.3.1. Market Size & Forecast, (USD Billion) 2020-2031
9.4. Europe
9.4.1. Market Size & Forecast, (USD Billion) 2020-2031
9.5. Asia Pacific
9.5.1. Market Size & Forecast, (USD Billion) 2020-2031
9.6. Middle East & Africa
9.6.1. Market Size & Forecast, (USD Billion) 2020-2031
9.7. Latin America
9.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 10. Smart Grid Sensors Market: Country Estimates & Trend Analysis
10.1. Smart Grid Sensors Market value share and forecast, (USD Billion) (2020 to 2031)
10.2. Incremental Growth Analysis and Infographic Presentation
10.3. U.S.
10.3.1. Market Size & Forecast, (USD Billion) 2020-2031
10.4. Canada
10.4.1. Market Size & Forecast, (USD Billion) 2020-2031
10.5. Mexico
10.5.1. Market Size & Forecast, (USD Billion) 2020-2031
10.6. UK
10.6.1. Market Size & Forecast, (USD Billion) 2020-2031
10.7. France
10.7.1. Market Size & Forecast, (USD Billion) 2020-2031
10.8. Germany
10.8.1. Market Size & Forecast, (USD Billion) 2020-2031
10.9. Russia
10.9.1. Market Size & Forecast, (USD Billion) 2020-2031
10.10. Italy
10.10.1. Market Size & Forecast, (USD Billion) 2020-2031
10.11. Spain
10.11.1. Market Size & Forecast, (USD Billion) 2020-2031
10.12. China
10.12.1. Market Size & Forecast, (USD Billion) 2020-2031
10.13. India
10.13.1. Market Size & Forecast, (USD Billion) 2020-2031
10.14. Japan
10.14.1. Market Size & Forecast, (USD Billion) 2020-2031
10.15. Indonesia
10.15.1. Market Size & Forecast, (USD Billion) 2020-2031
10.16. South Korea
10.16.1. Market Size & Forecast, (USD Billion) 2020-2031
10.17. Australia
10.17.1. Market Size & Forecast, (USD Billion) 2020-2031
10.18. Brazil
10.18.1. Market Size & Forecast, (USD Billion) 2020-2031
10.19. Argentina
10.19.1. Market Size & Forecast, (USD Billion) 2020-2031
10.20. Saudi Arabia
10.20.1. Market Size & Forecast, (USD Billion) 2020-2031
10.21. UAE
10.21.1. Market Size & Forecast, (USD Billion) 2020-2031
10.22. South Africa
10.22.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 11. Competitive Landscape
11.1. Company Market Share Analysis
11.2. Vendor Landscape
11.3. Competition Dashboard
Chapter 12. Company Profiles
12.1. Business Overview, Product Landscape, Financial Performanceand Company
Strategies for below companies
12.2. Siemens AG
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Benchmarking
12.2.4. Geographic Footprint
12.2.5. Strategic Initiatives
12.3. ABB Ltd.
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Benchmarking
12.3.4. Geographic Footprint
12.3.5. Strategic Initiatives
12.4. Schneider Electric SE
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Benchmarking
12.4.4. Geographic Footprint
12.4.5. Strategic Initiatives
12.5. General Electric Company
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Benchmarking
12.5.4. Geographic Footprint
12.5.5. Strategic Initiatives
12.6. Honeywell International Inc.
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Benchmarking
12.6.4. Geographic Footprint
12.6.5. Strategic Initiatives
12.7. Itron Inc.
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Benchmarking
12.7.4. Geographic Footprint
12.7.5. Strategic Initiatives
12.8. Landis+Gyr AG
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Benchmarking
12.8.4. Geographic Footprint
12.8.5. Strategic Initiatives
12.9. Eaton Corporation
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Benchmarking
12.9.4. Geographic Footprint
12.9.5. Strategic Initiatives
12.10. Cisco Systems, Inc.
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Benchmarking
12.10.4. Geographic Footprint
12.10.5. Strategic Initiatives
12.11. Oracle Corporation
12.11.1. Company Overview
12.11.2. Financial Performance
12.11.3. Product Benchmarking
12.11.4. Geographic Footprint
12.11.5. Strategic Initiatives
12.12. S&C Electric Company
12.12.1. Company Overview
12.12.2. Financial Performance
12.12.3. Product Benchmarking
12.12.4. Geographic Footprint
12.12.5. Strategic Initiatives
12.13. Kamstrup A/S
12.13.1. Company Overview
12.13.2. Financial Performance
12.13.3. Product Benchmarking
12.13.4. Geographic Footprint
12.13.5. Strategic Initiatives
12.14. Aclara Technologies LLC
12.14.1. Company Overview
12.14.2. Financial Performance
12.14.3. Product Benchmarking
12.14.4. Geographic Footprint
12.14.5. Strategic Initiatives
12.15. WEG SA
12.15.1. Company Overview
12.15.2. Financial Performance
12.15.3. Product Benchmarking
12.15.4. Geographic Footprint
12.15.5. Strategic Initiatives
12.16. Trilliant Holdings, Inc.
12.16.1. Company Overview
12.16.2. Financial Performance
12.16.3. Product Benchmarking
12.16.4. Geographic Footprint
12.16.5. Strategic Initiatives
Our reports with in-depth insights will equip you to succeed in your business plans.
Get instant access to the information you need to make the right decision.
Explore where opportunities lie for you and mitigate the risks.
We are one of the most trusted brands setting benchmarks of excellence.
