Market Synopsis
According to MRFR, the global Smart
Grid Sensors Market is expected to secure
approximately USD 1556.71 million, at a CAGR of 18.3% over the forecast period 2020-2030.
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
General Electric Company (U.S.), ABB Ltd. (Switzerland),
Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Siemens AG (Germany),
Schneider Electric SA (France), Itron, Inc. (U.S.), Landis+Gyr (Switzerland),
Tech Mahindra Ltd. (India), Aclara Technologies LLC (U.S.), S&C Electric
Company (Illinois, U.S.), Esyasoft Technologies Pvt. Ltd. (India), Open Systems
International, Inc. (Minnesota, U.S.), Wipro Ltd. (India), Kamstrup A/S
(Denmark), Trilliant Holdings, Inc. (U.S.), NexGrid, LLC. (U.S.), Globema
(Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India).
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The Global Market to Recover Post COVID-19
Pandemic
The global pandemic of COVID 19 has impacted a large portion
of the world's population. Many people have lost their jobs as a result of the
global pandemic. It has had an impact on the dynamics and growth of a number of
sectors. Everyone is worried about their immunity and maintains a social
distancing. During the lockdown, numerous end-user industries' operational
activities were interrupted, resulting in a fall in demand for the smart grid
sensors market, which resulted in lost sales revenue. The supply chain networks
were also disrupted, resulting in a decrease in profit margins.
However, by carefully strategizing according to market needs,
the smart grid sensors market is predicted to recover from this global pandemic
by the end of the third quarter of the approaching year.
Market Segmentation
The Smart Grid Sensors Market has been divided based on
the sensors, service, application, components, and solutions.
Based on the sensors, the global smart grid sensors market has
been divided into dynamic line rating sensors, transformer monitoring sensors,
outage detection sensors, voltage/temperature sensors, and many others.
Based on the services, the global smart grid sensors market
has been divided into support & maintenance services, deployment &
integration services, consulting services, and many others.
Based on the application, the global smart grid sensors market
has been divided into Advanced Metering Infrastructure (AMI), smart energy
meter, supervisory control and data acquisition (SCADA), and many others.
Based on the components, the global smart grid sensors market
has been divided into programmable logic controller (PLC), networking hardware,
sensors, AMI meter, and others.
Based on the solutions, the global smart grid sensors market
has been divided into billing & customer information systems, substation
automation, grid asset management, smart grid communication, smart grid
distribution management, Advance Metering Infrastructure (AMI), and others.
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Regional Analysis
North America to Rule the Global Market
The North America holds the highest market share in the global smart grid sensors market, owing to an increase in grid solution makers, which helps to improve consistency and hence drives the market. Another factor is the existence of countries such as Canada and the United States.
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