Smart Grid Sensors Market is Estimated to Reach $2 Billion by 2031, growing at a CAGR of 18.9%

Allied Market Research published a report on Smart Grid Sensors Market by Sensor Type, Application (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Energy Meter): Global Opportunity Analysis and Industry Forecast, 2021-2031. The smart grid sensors market was valued at $364.72 million in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 18.9% from 2022 to 2031.

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The smart grid sensors market is expected to grow steadily owing to the supportive regulatory framework of governments worldwide to promote deployment of smart grids along with surge in need for energy-efficient and sustainable solutions across the globe.

In smart grid networks, sensors serve as detection stations and are lightweight, small nodes. These grid sensors are gaining a lot of traction in new smart grids because they are able to monitor and control the production, distribution, and conditioning of electric power. Automated control technology, sensors for data acquisition and control, and sophisticated software solutions make up smart grids, which are electric power systems.

The smart grid's sensors are an essential component. One of the primary applications of these devices is the provision of a complex energy system network that automatically monitors and adjusts the flow of energy to achieve a desirable balance between energy demand and supply. Smart sensors in smart grids provide real-time data and status of bidirectional flows of energy for monitoring, protection, and control of grid operations to improve reliability and resilience.

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Competitive Analysis:

The company profile section of the Smart Grid Sensors Market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.

Some of the major key players of the global Smart Grid Sensors Market include,

• ABB
• GE Grid Solutions
• Siemens
• Landis+Gyr
• Trilliant
• Itron
• S&C Electric
• Sentient Energy, Inc
• Aclara Technologies LLC
• Echelon Corporation

The smart grid sensors market is highly competitive, owing to strong presence of existing vendors. The market vendors are investing substantially in R&D and skilled workforce and are anticipated to gain a competitive edge over their rivals. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.

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Country-wise, the U.S. acquired a prime share in the smart grid sensors market size in the North American region and is expected to grow at a significant CAGR during the forecast period of 2022-2031. Governments in North America have implemented policies and regulations to promote the deployment of smart grid technologies, which has increased the demand for smart grid sensors. T

Recent smart grid sensors market trends in Europe indicates that UK, dominated the smart grid sensors market, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. The Europe smart grid sensors market is expected to grow significantly in the forecast period. With the increasing efforts to modernize the electricity grid and reduce T&D losses, governments across Europe are investing in smart grid infrastructure.

Key Findings of the Study

• The voltage and temperature sensors segment was the major revenue contributor to thesmart grid sensors industry, and is projected to grow at a notable CAGR of 16.6% during the forecast period.

• The voltage & temperature sensors segment is expected to grow steadily owing to the growing investments of major players in this technology to gain a competitive edge in the market.

• The smart energy meter segment is projected to growth at a CAGR of 15.8% during the forecast period.

• There segment is expected to witness steady griowth owing to the fact that it allows utilities to collect and analyze data on electricity usage in real-time and can provide customers with detailed usage information to help them manage their energy usage more effectively.

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