Smart Grid Sensors Market
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The age-old traditional electric distribution system has a plethora of issues ranging from the voltage of fluctuation, electricity flow, momentary power outages to many more like ones. The old system was devoid of accurate data which leads to huge losses. Not only this, due to the paucity of data, this distribution system also fails to capture customer demand and results in issues concerning power quality. To come out with a cost-effective solution for monitoring the electricity distribution network, the distribution engineers have to face a hard time and they are in a neck-to-neck situation. We are in a century where we face electricity shortages and to get a respite from facing scarcity, it is needed that we have more advanced and specific technologies to monitor the overall distribution channel. This is where Smart Grid Sensors can prove to be a huge asset. The utility vendors have started implementing the smart grid sensors to monitor the electricity distribution system.
A Smart Grid Sensor works as a small and lightweight node on the same network. They monitor equipment such as power lines and transformers to manage the electricity supply on the smart grid. These sensors also monitor demand-side management system to estimate the demand. With the appearance of COVID-19 in our lives, it is no secret that the energy sector demands such smart grid sensors that can track energy consumption with negligible human contact. We have to be more advanced and efficient in our approach to build such smart grid sensors that can foresee future consumption.
Some of the major players in the domain of Smart Grid Sensors are ABB LTD, Cisco Systems, Wipro Limited, Enel X North America Inc, Itron Inc, General Electric Company, Tech Mahindra Limited, Oracle Corporation, Siemens AG, EsyaSoft Technologies Pvt Ltd, Schneider Electric SA, Landis+Gyr Ag, Aclara Technologies LLC, S&C Electric Company, Open Systems International Inc, Kamstrup A/S, Trilliant Holdings Inc, NexGrid LLC, Globema, and e-Smart Systems Ltd.
The estimated market value of Smart Grid Sensors in 2020 is $293 million and it is predicted that it will grow at a CAGR of 25.1%. There are three important factors which are the driving forces behind the growth of smart grid sensors market:
Enhanced focus on R&D to develop innovative and contemporary solutions
An increasing need for remote monitoring solutions
The need for streamlined power flow on transmission lines
When we talk smart grid sensors with respect to technology, Smart Grid sensors with highly advanced and progressive technologies sense real-time data of the weather conditions and the temperature of power lines of the electricity distribution solution system. The sensed data is then used to improve the power transmission process, lower power outages, and to minimize the cost of electricity distribution. Hence, to improve the energy efficiency, the smart grid sensors are extremely efficient technology in commercial as well as residential sector.
In the context of Information & Communication Technology, a smart grid sensor has an innovative technology that integrates information and communication technology in the electricity distribution system to optimize electricity usage. SCADA integration with smart grid sensors improves the existing electricity system in terms of reliability and efficiency, which increases the demand for smart grid sensors in the market.
With an increased focus on advanced solutions, the smart grid sensors are actually smart when it comes to being dependent on batteries. They are less dependent on batteries and the grids are inductively powered. Complimentary to this, the vendors of smart grid sensors are investing their significant amount of time on R&D to develop more such advanced smart-grid technologies which can help in maximizing user satisfaction and can cope up with contemporary needs.
There has been a spike in the needs of such automation which has negligible human interventions. Such demands can be met only when we are able to optimize the electricity supply chain with advanced technologies and less investment. With the current scenario of Coronavirus and practicing social distancing, there has been a tremendous market opportunity for smart grid sensors vendors to fulfill both the residential as well as commercial sectors. With a predicted CAGR of 21%, we have a lot of opportunities at our disposal and this report will help in understanding the current market dynamics, changing needs, and innovations that might be needed to make the user experience enriching.
This report would be the foundation for any research on the smart grid sensors, vendor capabilities, SWOT of the sensors and framework for data analysis for further advanced innovation
This gives an idea about the major competitors in the market, their journey and the competitive edge which one should have to beat other players
The report contains insight regarding technological innovations and advanced solutions for the smart-grid sensors.
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Smart Grid Sensors Market, By Application
Smart Energy Meter
Advanced Metering Infrastructure
6. Smart Grid Sensors Market, By Sensor
7. Smart Grid Sensors Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
8. Company Profiles
Tech Mahindra Limited
Schneider Electric SA
Enel X North America Inc
General Electric Company
EsyaSoft Technologies Pvt Ltd
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