Press release
The Smart Grid Sensor Market is anticipated to increase at a healthy CAGR of 13% between 2022-2025
Smart grids are next generation energy systems that reduce costs and energy consumption through data maintenance and usage. IoT-enabled smart grid technology includes wireless devices such as radio modules, sensors, routers, and gateways. These devices provide the communication and connectivity that helps empower consumers to take better energy-usage decisions.
Smart grid IoT technology majorly used in automation processes and it improves efficiency. It uses IoT technologies and environmental data in renewable energy sources that helps maximize the use of green sources of energy and optimize power production.
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One of the IoT applications in smart grids is the Lumin energy management platform. The company offers IoT-based applications in smart grids that help reduce emissions, drive cost savings, and facilitate the easier adoption of green energy at the same time.
Other market developments include:
In January 2020, Honeywell announced a partnership with Verizon. This partnership helps the company speed up and simplify the deployment of new communication-enabled, intelligent sensors and controls for smart electric grids.
In May 2020, Toshiba acquired cyberGRID. This acquisition helps the company accelerate its business by delivering bold smart home innovation through retail with the help of the home automation of GE Lighting, LLC.
Company Profiles:
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.
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Key Takeaways from Market Study
Voltage/temperature sensors are anticipated to account for a leading market share of 34%.
North America is expected to lead the market, followed by Europe. South Asia & Pacific is anticipated to emerge as the fastest growing regional market through 2025.
Smart energy meters will be a dominating segment and rise at around 16% CAGR from 2022 to 2025.
The market in India is expected to progress at a CAGR of almost 17% through 2025.
In GCC countries, sales are expected to increase at a CAGR of close to 19% over the few years.
"Increasing initiatives to reduce carbon emissions by governments and emergence of smart projects across the globe have led to a spur the demand for smart grid sensors," says a Persistence Market Research analyst.
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