The global smart grid sensors market is estimated to reach US$ 375 Mn by the end of 2022. The demand for smart grid sensors is expected to exceed US$ 1,200 Mn by 2032, exhibiting growth at a remarkable CAGR of around 13% to 14% during the forecast period 2022-2032. Increasing emphasis on the smart cities construction projects and growing replacement of traditional grids with smart grids across prominent economies such as the U.S., China, India, Germany, and others is estimated to bolster the sales of smart grid sensors in the global market.
| Report Attribute | Details |
|---|---|
| Smart Grid Sensors Market Value (2021) | US$ 365 Million |
| Smart Grid Sensors Market Value (2022) | US$ 375 Million |
| Smart Grid Sensors Market Anticipated Value (2032) | US$ 1,200 Million |
| Smart Grid Sensors Market Projected Growth Rate (2022 to 2032) | 13% to 14% CAGR |
Smart grids are electric power systems that consist of sophisticated software solutions, automated control technology, and sensors for data acquisition and data control. Smart grid sensors are an integral component of the smart grid. These sensors provide a complex energy system network automatically monitors the flow of energy and adjusts the energy flow for desirable energy demand and supply balance, which is among the primary applications of these devices.
Smart grid sensors are small and lightweight nodes that are employed as detection stations in smart grid networks. These grid sensors are gaining immense popularity across novel smart grids, owing to their ability to monitor and control the production and distribution of electric power along with electrical power conditioning.
As the trend of electrification and continues to create deeper inroads, a swift rise in demand for electricity and efficient power transmission & distribution is being registered worldwide. According to a study by the International Energy Agency (IEA), the demand for electricity worldwide is projected to surge at 2.1% per year to 2040, which is twice the rate of overall primary energy demand.
Thus, governments in several countries are emphasizing on the development of new smart girds and replacing old power infrastructure to decline the cost of distribution and reduce electricity loss.
For instance, according to a report by the India Smart Grid Forum, the Indian Government announced sanctioning US$ 129.9 Mn for the development of smart grids for transforming the country's power infrastructure across smart cities in India under the National Smart Grid Mission (NSGM).
Smart grid sensors play a crucial role in remote monitoring of energy transformers, power lines, and other equipments for demand-side resource management across smart grids. Hence, an increasing number of smart grid development projects such as ARRA Smart Grid Investment Grant Projects, Pacific Northwest Smart Grid Demonstration Project, and others across the U.S., the U.K., Germany, China, and others is expected to create lucrative growth opportunities in the global smart grid sensors market.
Due to the complexities of smart grid sensors, the initial cost involved in the installation of these components are relatively high, which is in turn, declining the adoption of sensors across residential and commercial buildings for monitoring energy efficiency.
In addition to this, huge capital investment for the construction of smart grids and lengthy & time-consuming government approval for novel smart grids development projects are further restraining the growth in the smart grid sensors market.
As per FMI, North America is projected to account for the lion’s share in the global smart grid sensors market over the forecast period 2022-2032.
Increasing sales of electric vehicles, growing environmental concerns regarding carbon emission, and rising crude oil & petroleum products prices have augmented the demand for electricity in North America.
Hence, government countries such as the U.S. and Canada are focusing production of renewable energy and refurbishment of old electrical grids. For instance, the U.S. Government has launched an initiative, the Smart Grid Investment Grant (SGIG) program, for accelerating the up gradation and refurbishment of electric transmission and distribution systems in the country.
As smart grid sensors are extensively used in modern electric grid infrastructures to control and manage operations including generation, distribution, transmission, as well as end use, such developments are estimated to bolster the sales in the North America market.
Future Market Insights states that Europe is anticipated to emerge as a highly remunerative market for smart grid sensors between 2022 and 2032.
With rapidly expanding electrical infrastructure development activities and increasing adoption of power generation, transmission, and distribution monitoring equipment, demand for smart grid technologies is growing at a robust pace in Europe.
Hence, leading players in the market are focusing on product innovation, research, and development in energy infrastructure and smart grid technologies. For instance, in 2019, Siemens AG, a German multinational conglomerate corporation announced launching two new devices Sicam and Siprotec enabling the integration of Internet of Things (IoT)-based energy automation sensing and other applications for smart grids. A multiplicity of such developments is expected to augment the growth in the Europe market.
Some of the leading players in the smart grid sensors market are General Electric Company, Toshiba Corporation, ABB Ltd., Honeywell International Inc., Siemens AG, Aclara Technologies LLC, GIPRO GmbH, QinetiQ Group PLC, Sentient Energy, Inc., Eaton, GRID20/20 Inc., ARTECHE, Torino Power Solutions Inc., and others.
The market for smart grid sensors is highly competitive, due to large number of participants and increasing adoption product innovation strategies to strengthen the market share.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13% to 14% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Sensor Type, Application, End Use, Region |
| Countries Covered | North America; Latin America; Europe; CIS & Russia; APEJ; Japan; Middle East and Africa |
| Key Companies Profiled | General Electric Company; Toshiba Corporation; ABB Ltd.; Honeywell International Inc.; Siemens AG; Aclara Technologies LLC; GIPRO GmbH; QinetiQ Group PLC; Sentient Energy, Inc.; Eaton; GRID20/20 Inc.; ARTECHE; Torino Power Solutions Inc.; Others |
| Customization | Available Upon Request |
FMI projects the sales of smart grid sensors in the market is expected to rise at 13% to 14% value CAGR by 2032
The market for smart grid sensors is dominated by North America, and this trend is projected to continue in the foreseeable future.
General Electric Company, Toshiba Corporation, ABB Ltd., Honeywell International Inc., Siemens AG, Aclara Technologies LLC, GIPRO GmbH, QinetiQ Group PLC, Sentient Energy, Inc., Eaton, GRID20/20 Inc., ARTECHE, Torino Power Solutions Inc. are some prominent smart grid sensors manufacturers.
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Smart Grid Sensors Market
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