Global Smart Grid Sensors Market Overview:
Smart Grid Sensors are advanced devices deployed within electrical grids to monitor, collect, and transmit data about the grid's performance, condition, and health in real-time. These sensors play a crucial role in the modernization and optimization of traditional power distribution systems by adding intelligence, automation, and efficiency. Increasing investments by utilities and governments worldwide in modernizing aging grid infrastructure drive the demand for smart grid technologies, including sensors. This is aimed at improving efficiency, reliability, and resilience.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia-Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Introduction to Highly Automated Smart Grid Sensors and Adoption of Technologically Advanced IoT IOt-based smart Grid Sensors
Market Growth Drivers:
Increasing initiatives by utility companies and governments worldwide to modernize aging grid infrastructures drive the demand for Smart Grid Sensors
Challenges:
Occurrences of Performance and Network Congestion in Emergency Situations and Atmospheric Conditions Impacting the Operational Efficiency
Restraints:
Lack of Performance Assurance in Abnormal situations such as Wind Storm, Heavy Rain, and Lightning Conditions
Opportunities:
Rapid growth of renewable energy sources creates opportunities for Smart Grid Sensors
Competitive Landscape:
Manufacturers focus on R&D to develop cutting-edge sensor technology. This might include advancements in IoT connectivity, AI-driven analytics, energy harvesting, or enhancing sensor accuracy and reliability. In addition, forge partnerships with utility companies, grid operators, and technology providers. Collaborations can offer insights into market needs and facilitate tailored solutions aligned with specific grid requirements.
Some of the key players profiled in the report are ABB Ltd. (Switzerland), General Electric Company (United States), Oracle Corporation (United States), Cisco Systems, Inc. (United States), Siemens (Germany), Honeywell (United States), Tollgrade Communications, Inc. (United States), Cooper Industries (Eaton) (United States), Sentient Technologies Holdings Limited. (United States), QinetiQ Group plc (United Kingdom) and Itron, Inc. (United States). Additionally, following companies can also be profiled that are part of our coverage like Arteche Group (Spain), Tech Mahindra Ltd. (India), Landis+Gyr (Switzerland), 3M (United States) and Aclara Technologies (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Smart Grid Sensors market by 2028. Considering Market by Service, the sub-segment i.e. Deployment &Integration will boost the Smart Grid Sensors market. Considering Market by Component, the sub-segment i.e. AMI Meter will boost the Smart Grid Sensors market. Considering Market by Solution, the sub-segment i.e. Smart Grid Distribution Management will boost the Smart Grid Sensors market.
Latest Market Insights:
On September 20th, 2018, Oracle Corporation signed an agreement with ‘Iridize’ which is a leading enterprise platform for contextual and personalized user training and onboarding for cloud applications. The involvement of Iridize’s technologies and solutions is expected to enhance Oracle’s capabilities to increase cloud application adoption and improve the user onboarding experience.
In July 2018, ‘The Hawaiian Electric Co.’ which is the United States electric public utility provider and the largest wireless telecommunications provider in the United States ‘Verizon’ modernized Hawaii's power grid with the installation of a smart sensor that collects near real-time data named Grid Wide. It supports the management and balances energy loads, identifies where outages occur, and monitors meter performance.
What Can be Explored with the Smart Grid Sensors Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Smart Grid Sensors Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Smart Grid Sensors
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Grid Sensors market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Grid Sensors market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Smart Grid Technology Solution Providers, System Integrators/Migration Service Providers, Support and Maintenance Service Providers, Utility Platform and Analytics Vendors, Government Agencies, Network Service Providers, Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.