Smart Grid Sensor Market to bring in US$ 1,447.3 Mn in revenues by the end of 2025.
The global energy sector is transitioning into intelligent, efficient network of power supply, and smart grids are actively replacing conventional power grids across the world. The demand for smart grid sensors grows in parallel with surging adoption of smart grid technology. In today’s day and age, detection and monitoring operations have helped save potential losses worth millions of dollars. Therefore, smart grid sensors are also expected to gain surplus demand in tomorrow’s energy industry. Persistence Market Research’s latest report on the global market for smart grid sensors projects that the market, which is presently valued at a little over US$ 128 Mn, will soar at a stellar CAGR of 30.3% to bring in US$ 1,447.3 Mn in revenues by the end of 2025.
Key findings in the report exhibit that the global smart grid sensors market will have a steadfast growth during the assessment period, 2017-2025. In this period, the dynamic growth of the global smart grid sensor market will be impacted by several factors, among which following have an enduring influence:
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- Extreme Weather Conditions: Severe climate and harsh environment is disrupting the operational efficiency of smart grids, compelling the deployment of thermal sensors that can detect temperature differences and adapt to drastic weather changes, particularly in the US.
- Electricity Thefts: Rising incidence of electricity thefts in developing & underdeveloped regions is driving the adoption of smart grids. In Latin American countries, power authorities are monitoring such malpractices with help of sensors that identify faux power glitches.
- Proliferation of IoT: Internet of Things (IoT) is influencing the sales of smart grid sensors but remuneratively. Presently, utilities companies in Europe are looking to leverage IoT to improve development and operation of smart grids by connecting unique devices, which will end up creating an intelligent & self-sustained energy ecosystem.
Ineffectiveness of older power grids, increasing energy demands, and implementation of smart metering systems has also propelled the global demand for smart grid sensors. According to the report, titled “Smart Grid Sensors Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017–2025,” rising concern regarding safety & security of smart grids, and high implementation costs of smart grid sensors is likely to impede the global market’s growth, but to a certain extent.
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Based on the region, Latin America’s smart grid sensors market is projected to exhibit a relatively high growth, registering a robust CAGR of 36.1%. The demand for voltage/temperature sensors, in particular, is projected to remain high throughout the forecast period. The report estimates that in 2016, more than 40% of global smart grid sensor revenues were accounted by sales of voltage/temperature sensors. In terms of application, smart energy metering is expected to dominate with more than 40% share, while revenues amassed from other applications such as lead management, energy storage and renewable energy will be registering a speedy growth at 38.1% CAGR. The report also profiles key participants in the global smart grid sensors market, which include ABB Ltd., Aclara Technologies LLC, General Electric Company, Honeywell International Inc., Eaton, Toshiba Corporation, Networked Energy Services Corporation, QinetiQ Group PLC, Torino Power Solutions Inc., Sentient Energy, Inc., ARTECHE, Siemens AG, Ingenu Inc., GIPRO GmbH, GRID20/20 Inc.