Global Smart Grid Sensors Market

Smart Grid Sensors Market Size, Share, Growth Analysis, By Type (Voltage & Temperature Sensors, Outage Detection), By Component (Advanced Metering Infrastructure, Smart Grid Distribution Management), By Application (Industrial, Residential), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15A2432 | Region: Global | Published Date: November, 2024
Pages: 188 | Tables: 66 | Figures: 72

Smart Grid Sensors Market Insights

Global Smart Grid Sensors Market size was valued at USD 0.47 billion in 2022 and is poised to grow from USD 0.57 billion in 2023 to USD 1.79 billion by 2031, growing at a CAGR of 15.5% in the forecast period (2024-2031).

Advances in sensor technologies, such as low cost, chip-level integration, energy efficiency, and wireless connectivity are driving the market growth. The introduction of new semiconductor materials such as polymers is expected to reduce the cost, weight and size of electronic devices, thereby increasing the demand for sensors. Communication technologies such as satellite-based personal networks are expected to boost sensor demand. The consumer electronics and automotive industries exhibit high demand due to the use of multiple sensors.

Increased awareness of carbon footprint management is one of the major drivers of the smart grid sensors market. To combat global climate change and its adverse effects on the human body, utilities must follow social and legal obligations, in particular reducing greenhouse gas emissions carbon dioxide (CO2) on the carbon dioxide emissions resulting from large amounts of carbon dioxide entering the atmosphere.

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Global Smart Grid Sensors Market size was valued at USD 0.47 billion in 2022 and is poised to grow from USD 0.57 billion in 2023 to USD 1.79 billion by 2031, growing at a CAGR of 15.5% in the forecast period (2024-2031).

The competitive environment of the Global Smart Grid Sensors Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global smart grid sensors market reflects a competitive environment characterized by several key players looking to capitalize on the growing demand for advanced sensor solutions in the energy sector. ABB is a leading provider of smart grid sensors and a comprehensive range of solutions to suit the needs of the utility and energy industry. The company’s division includes sensors for grid monitoring, automation and control, with a focus on increasing grid reliability and efficiency. 'Siemens AG ', 'General Electric (GE) ', 'ABB Ltd. ', 'Schneider Electric ', 'Cisco Systems ', 'Itron, Inc. ', 'Oracle Corporation ', 'Honeywell International Inc. ', 'Kamstrup A/S ', 'S&C Electric Company ', 'Trilliant Holdings Inc. ', 'E-Smart Systems Pvt. Ltd. ', 'NexGrid LLC ', 'EnerNOC Inc. ', 'Globema ', 'Memsensing SA  ', 'EnOcean GmbH  ', 'SiTime Corporation  ', 'Crossbow Technology Inc. ', 'Phison Electronics Corp.'

One of the major drivers for the growth of the global smart grid sensors market is the increasing demand for IoT (Internet of Things) devices and applications. The proliferation of connected devices, the need for seamless connectivity and data exchange has led to an increase in the adoption of smart sensors. These sensors play an important role in collecting and transmitting data from IoT devices, and enable real-time monitoring, automation and advanced decision making with Industries recognizing the benefits and potential of IoT-enabled smart sensor technology.

Rising Adoption of Edge Computing: A major market trend in the global smart grid sensors market is the increasing adoption of edge computing and edge analytics capabilities. Edge computing requires data to be processed and analyzed at source, at the edge of the network, rather than relying on a centralized cloud infrastructure. This trend stems from the need to process data in real time, reduce latency and it improves operational efficiency. By leveraging edge computing, smart sensors can deliver faster response times, enable localized decision-making, and reduce reliance on live Internet connections for those who need to work faster and nearly instantaneous decision making is reduced for applications.

North America dominated the global smart grid sensors market. The program benefits from advanced technological infrastructure, highly developed companies and significant investments in research and development. U.S. especially in a pivotal position due to its strong presence of key market players and rich ecosystem of innovation. The dominance of this region can be attributed to the widespread adoption of smart sensor technologies in various industries such as automotive, including aerospace, healthcare and consumer electronics), Internet of Things (Applications such as IoT) devices, home automation systems, etc. are seeing increased demand for smart sensors. Furthermore, focus on manufacturing efficiencies its increased performance has greatly led to the adoption of smart sensors in industrial automation.

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Global Smart Grid Sensors Market

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