The smart grid sensors market was valued US$ 325.00 million in 2019 and is expected to reach US$ 1,221.61 million by 2027; it is estimated to grow at a CAGR of 18.3% during 2020–2027.Demand for energy is less among most residences, and the grid was developed to provide electricity to residences with monthly bills. The practice causes one-way interaction, making it difficult for the grid to respond to the changing and rising energy demands of today’s world. Adoption of the smart grid offers a two-way dialogue where electricity and data can be exchanged between customers and the utility. Growing network of controls, communications, computers, automation, and new advanced technologies and tools make smart grids more reliable, efficient, secure, and greener. It allows advanced technologies to be integrated, such as solar and wind energy production and plug-in electric vehicle charging. The smart grid technology replaces the traditional energy grid infrastructure, and it is anticipated to improve the overall operations across the energy & power sector during the forecast period.
Additionally, technologies, such as artificial intelligence (AI) and the internet of things (IoT) are expected to bring new trends in the global market. IoT architecture is projected to manage the data history of a component failure firmly. Additionally, in power management converters, AI is expected to improve reliable predictions and monitor functions of components. The data-driven technique employs data science and matching learning methods and identifies anomalies in devices and systems. This architecture is expected to reduce power losses by managing power requirements, which in turn, decreases the costs associated with it. Thus, the adoption of AI and IoT in the power module is expected to fuel the growth of the global smart grid sensors market during the forecast period.
The global smart grid sensors market is segmented into sensor type, voltage range, and application. Based on sensor type, the market is further segmented into voltage and current sensor, temperature sensor, and others. Based on voltage range, the market is further bifurcated into low to medium voltage and high voltage. Based on application, the market is further segmented into substation automation, advanced metering infrastructure, smart grid distribution network, and others. ABB Ltd.; Aclara Technologies LLC; Itron Inc.; Kamstrup; LANDIS+GYR; Schneider Electric; Sentient Energy, Inc.; Siemens AG; Tech Mahindra Limited, Tollgrade Communication Inc., and Eaton Corporation plc area few key players operating in the global smart grid sensors market.
In 2020, Kamstrup partnered with Avance Metering, and the partnership helped mutual clients put valuable data from Kamstrup metering solutions into business use. In the same year, Koch Engineered Solutions acquired Sentient Energy; this acquisition of Sentient Energy was a step toward building an intelligent electric grid platform within KES.
Increasing advancements in the energy & power sector also bolster the growth of the smart grid sensors market in the region. Several international players are investing in the energy& power sector in Canada that provides a steady macroeconomic environment with favorable government support.
The global smart grid sensors market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the smart grid sensors market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the smart grid sensors market.