Smart Grid Sensors Size Worth US$ 1,221.61 Million By 2027 | CAGR 18.3%: The Insight Partners

According to our latest market study on "Smart Grid Sensors Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Sensor Type (Voltage and Current Sensor, Temperature Sensor, and Others), Voltage Range (Low to Medium Voltage and High Voltage),  and Application (Substation Automation, Advanced Metering Infrastructure, Smart Grid Distribution Network, and Others),” the market was valued at US$ 325.0 million in 2019 and is projected to reach US$ 1,221.6 million by 2027; it is expected to grow at a CAGR of 18.3% from 2020 to 2027.  

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In 2019, North America led the global smart grid sensors market with the largest market share, followed by Europe and APAC. The constant technological advancements by tech giants empower North America to stay ahead in the competition. Companies operating in this region are continuously enhancing the overall business processes to meet customer demands for high-quality products and services in the best possible way. Increasing investments by the governments for the adoption of advanced metering infrastructure owing to the modernization of the electricity grid and reduce distribution as well as transmission losses is mounting the growth of the market in the region. As per the 2018 smart grid system report by the US Department of Energy, the annual smart grid investments rose by 41% from US$ 3.4 billion to US$ 4.8 billion between 2014 and 2016. These investments are anticipated to further grow up to US$ 13.8 billion in 2024. The long lifespans and high capital costs of distribution and transmission infrastructure make it extremely important that investments made would support an evolving grid for the future.

Governments across the North America are heavily investing in the development of a smart grid by planning different smart grid projects. For instance, in 2018, the Natural Resource Canada declared an investment of US$ 9,490,000 for a next-generation smart grid project that focuses on encouraging the implementation of renewable energy and the adoption of advanced technology to make use of new sources of clean energy-deprived of negotiating with the stability as well as reliability of existing grids. The American Recovery and Reinvestment Act of 2009, part of the US federal government, assigned ~US$ 3.4 billion for smart grid to utilities and ~US$ 615 million for smart grid demonstration projects. Similarly, the North American Electric Reliability Corporation, a regulatory authority, focuses on evaluating the majority transmission power system's reliability in the region. All smart grid projects demand the integration of smart grid distribution management solutions, such as supervisory control and data acquisition (SCADA). This smart grid distribution management solution requires integrating sensors into the system for large data acquisition, data security, energy counterfeit, and accurate data sensing in harsh environments.

IMPACT OF COVID-19 ON SMART GRID SENSOR MARKET

According to latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures for 25th September 2020, there are 32,029,704 confirmed COVID-19 cases globally with 979,212 total deaths and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 also. The global energy & power industry is one of the major industries that is suffering serious disruptions due to corona virus crisis is impacting the growth of global smart grid sensors Market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart grid sensors market

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Security Issues and Other Roadblocks

Smart grid deployments have made the operation of power systems more efficient through the application of distributed computing in the interoperation of the grids. However, such schemes have greatly triggered a number of security issues that are considered to be major concerns. Threats including physical attacks, cyber-attack, and natural disasters are significant threats to SG deployment that is expected to lead to infrastructural failure, energy theft, blackouts, endangered safety of personnel, customer privacy breach, etc.

In the present times of increasing concerns over terrorism paired with the rising number of sophisticated hackers, there is a simultaneous increase in the vulnerability that our energy system is exposed to if it truly were as technology-focused (and reliable) as the world envisions. This is a genuine concern that is being addressed by the industry. Hence, there is a rising need for critically examining the security issues and preventing possible threats or failures.

Smart Grid Sensors Market: Sensor Type

Smart grids sensors apply information, innovative networking, real-time monitoring, and control technologies in order to save energy, lower costs, and enhance security, interoperability, and reliability. It includes the gathering, using sophisticated metering systems, and exchange of huge amounts of data in real-time at different levels of the supply chain. Various types of sensors can be installed on each device on the network in order to collect and transmit data. Based on sensor types, the market is segmented as a voltage sensor, temperature sensor, pressure sensor, and others.

The List of Companies - Smart Grid Sensors Market

ABB Ltd, Aclara Technologies LLC, Eaton Corporation plc, Itron Inc., Kamstrup, LANDIS+GYR, Schneider Electric, Sentient Energy, Inc., Siemens AG, and Tollgrade Communication Inc.

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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

In 2020, Kamstrup partnered with advance Metering. The partnership helped mutual clients to put valuable data from Kamstrup metering solutions into business use. With this partnership, customers can handle their data for strategic purposes, such as enabling an easy transition from old to new intelligent metering generations.

In 2020, Landis+Gyr introduced the Revelo. This metering platform built on Landis+Gyr’s deep metering experience that spans residential, commercial and grid sensing, taking full advantage of the strength and success of these technologies.

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