Global Smart Grid Sensors Market Size, Share & Trends Analysis Report, By Components, By End-User, By Application, By Region Forecasts, 2024-2032

Global Smart Grid Sensors Market Size, Share & Trends Analysis Report, By Components, By End-User, By Application, By Region Forecasts, 2024-2032

Global Smart Grid Sensors Market was valued at US $ 0.59 Billion in 2023 and is expected to reach US $ 2.27 Billion by 2032 growing at a CAGR of 18.30 % during the forecast period 2024 – 2032.

Growing energy consumption and heightened interest in power quality are some of the major market drivers. Smart Grid sensors are widely used to track precise and up-to-date data on voltage and current measurements, optimise distribution, guarantee dependable electric services, and address a problem with power quality. This is consistent with the market expansion brought about by the widespread use of devices for enhanced monitoring and control capabilities on renewable energy sources, including solar and wind power. The use of smart grid technologies to update antiquated electrical networks in certain nations has aided in the expansion of the market. Furthermore, a more advanced smart grid sensor that is more affordable, dependable, and accurate is driving market expansion.

The introduction of smaller smart grid sensors, such as distribution transformers, power lines, and intelligent metres, that make it simple to install them in tight locations, is another encouraging aspect fuelling the market's expansion. Additionally, there is a rising market for equipment that allow for anticipation-based repairs, quick response to grid disruptions, and early defect identification. The frequency of extreme weather phenomena and cyberattacks is rising, which helps to strengthen the grid's resilience and dependability. Other factors that have been mentioned and should be underlined are the rise in R&D projects and smart city initiatives, as well as the government laws mandating the installation of more smart grid sensors in order to save energy, among other things.

“Software segment, by component, to be dominating market from 2023 to 2030.”

Depending on the nature of each component—hardware, software, or technologies—each of these categories is distinguished. But the software sector would have likely continued to be the key market mover throughout the forecast period. Measuring infrastructure, smart grid distribution management, smart grid network management, smart grid asset management substation automation, smart grid security, invoicing, and customer information systems are the seven categories that make up the software section.

“Utility segment, by end user, to be fastest growing market from 2023 to 2030.”

Utility, industrial, residential, and commercial end-user segments make up the market's divisions. The utility industry is predicted to have significant market increase in the upcoming years. Population growth and environmental concerns over fossil fuels drive industrialization, which makes CO2 emission laws necessary and accelerates market upscaling.

“Distribution segment, by application, to be dominating market from 2023 to 2030.”

The market is divided into the following areas based on application: generation, transmission, distribution, and consumption. It is anticipated that the Distribution sector will have the largest market share over the course of the projection year. Customers' energy costs decrease as a result of the utilities' Distribution segment's operational and administrative cost reductions, which also shorten the restoration time following power outages.

“North America to be largest region in Smart Grid Sensors market.”

The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. Due to their early adoption of smart grid projects and robust economies, North America will dominate the global market for smart grid sensors. The region will also invest heavily in smart infrastructure platforms.

The market for smart grid sensors in Europe has the second-largest market share due to the beneficial laws and regulations of the region. In addition, the UK smart grid sensors market was developing at the quickest rate in the European Union, while the German smart grid sensors market retained the most market share.

During the forecast period, the Asia-Pacific smart grid sensors market is anticipated to expand at the highest rate due to factors such as increased disposable income, the quick expansion of the electrical infrastructure, and the need for additional monitoring tools to keep track of power production, transmission, and distribution. Furthermore, the smart grid sensors market in China commanded the most market share, while the market in India grew at the fastest rate in the Asia-Pacific area. The region has many energy producing companies and forms significant part of global smart grid sensor market during forecast period.

Smart Grid Sensors Competitive Landscape

The competitive landscape of the Smart Grid Sensors market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart Grid Sensors technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart Grid Sensors market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart Grid Sensors Market include:

Major Players:

ABB, Trilliant, Aclara Technologies LLC, Landis+Gyr, Sentient Energy, Inc., Siemens, S&C electric company, Ge grid solutions, Echelon Corporation, Itron, Inc.

Recent Developments:

Schneider Electric has acquired DC technologies BV, a significant provider of sophisticated technologies for electricity distribution. Schneider was able to promote improvements in industrial electrical distribution through this move.

Benefici Solar and Hitachi ABB Power Grids collaborated to supply energy storage solutions for the biggest privately owned microgrid in Thailand in May 2021.

A sales agreement encompassing North, Central, and most of South America has been struck by Germany-based Kries-Energietechnik GmbH & Co. KG (Kries) and TE Connectivity (TE), a global leader in connectivity and sensors. By virtue of the arrangement, TE is now the sole distributor of Kries' line of grid monitoring equipment in the area, enabling the development of a more intelligent, dependable, and sustainable electricity network. The move to renewable energy requires higher grid performance, which presents grid operators and renewable asset managers with urgent concerns. Other issues include power grid uptime targets and enhancing installer safety. Convenient smart grid solutions to digitalize current networks and give information about where and how much electricity is flowing are available through the joint portfolio of TE and Kries.