Market Synopsis
According to MRFR, the global smart grid sensors market is
expected to secure approximately USD 4 billion by 2023 at a CAGR of 18 % over
the forecast period 2017-2023.
Market Scenario
The conventional power grid system is being modernized into a
smart grid to address issues such as power dissipation, concentrated
information flow and growing safety and consistency concerns. The introduction
of technologies such as supervisory control and data acquisition (SCADA) and
smart grid network management has modernized the current power grid
infrastructure to make performance, adaptability and reliability more
sophisticated. The smart grid sensor is expected to show significant growth
over the forecast period, in the lines of these factors. In addition , the
increasing number of electrical thefts in commercial and residential areas, and
the system of energy faults, And extreme weather conditions operational
capacity is expected to drive the market over the forecast period.
Key Players
Some of the key players of Smart Grid Sensors Market include
ABB Ltd. (Switzerland), General Electric Company (U.S.), Oracle Corporation
(U.S.), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), Itron, Inc.
(U.S.), Landis+Gyr (Switzerland), Schneider Electric SA (France), Tech Mahindra
Ltd. (India), S&C Electric Company (Illinois, U.S.), Aclara
Technologies LLC (U.S.), Open Systems International, Inc. (Minnesota, U.S.),
Esyasoft Technologies Pvt. Ltd. (India), Trilliant Holdings, Inc. (U.S.), Wipro
Ltd. (India), NexGrid, LLC. (U.S.), Kamstrup A/S (Denmark), Globema
(Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India).
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On the other hand , security concerns and increased
counterfeiting of energy utilities are presumed to hinder the growth of the
market for smart grid sensors over the review period. In addition, the high
energy consumption of smart grids is presumed to impede market growth over the
projected period. In addition , the growing COVID 19 pandemic worldwide has
created a major market disruption, and is expected to continue its impact on
the market in the foreseeable future.
Segmentation
The smart grid sensors is differentiated by component,
sensors, solutions, service, and application.
Based on sensors, the Smart-Grid
Sensor Market Growth is sub-divided into dynamic line rating sensors,
outage detection sensors, voltage/temperature sensors, transformer monitoring
sensors, and others. The component segment consists of sensors, AMI meter,
programmable logic controller (PLC), networking hardware, and others.
Furthermore, the service is classified into deployment &integration,
consulting, support & maintenance, and others.
Smart grid sensors is further divided based on solutions
that include smart grid distribution management, smart grid communication,
substation automation, grid asset management, Advance Metering Infrastructure
(AMI), and billing &customer information system.
Based on application segment, the smart grid sensors is
segmented into Advanced Metering Infrastructure (AMI), smart energy meter,
supervisory control and data acquisition (SCADA), and others
Regional Analysis
The smart grid sensors are geographically segmented into four
different regions, namely North America, Asia Pacific , Europe and the rest of
the world.
North America is presumed the dominant region in the market
for smart grid sensors. The United States and Canada are the region's leading
nations. It is attributed to the region 's rising suppliers of smart grid
solutions to boost grid stability.
In addition, Europe is expected to enjoy significant growth
over the forecast period. Countries such as Germany, France and Great Britain
are the region's leading countries. The Global Solar Inverter Market is
geographically segmented as Europe , North America , Asia-Pacific and the rest
of the world.
Due to the increase in investments in the construction
section, Asia-Pacific is likely to hold a majority of the market share over the
forecast period. Demand for solar inverters in Asia-Pacific is expected to rise
significantly due to growing demand for solar energy sources and increasing
investment in the region's solar energy projects. Solar energy is seen as the
best substitute for conventional energy sources for reducing carbon emissions
by meeting the region's electricity needs.
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