According to a market report by Lucintel, the future of the global smart grid sensor market looks promising with opportunities in the advanced metering infrastructure, smart grid distribution management, supervisory control and data acquisition, and smart energy meter applications. The global smart grid sensor market is expected to reach an estimated $0.91 billion by 2028 with a CAGR of 17.6% from 2023 to 2028. The major drivers for this market are rising use of IoT-based technology in smart grids and smart energy infrastructure, growing integration of advanced grid technology in electric vehicle, and increasing focus on smart city construction projects.
In this market, voltage & temperature and outage detection are the two types of smart grid sensors used by various end use industries. Lucintel forecasts that voltage & temperature will remain the larger segment over the forecast period due to the significant use of automatic load break switches or voltage and temperature sensors among power companies to continuously track voltage and temperature fluctuations in smart grids.
Within this market, the smart energy meter segment is expected to witness the highest growth over the forecast period due to substantial use of smart meters to collect and analyze data on power use in real time in order to provide clients with detailed statistics of electricity consumption and ensures efficient energy management.
APAC is expected to witness the highest growth over the forecast period due to rapid development of electrical infrastructure, existence of key power generating units, and expanding demand for smart grids sensors in China and India.
ABB, Ge Grid Solutions, Siemens, Landis+Gyr, Trilliant, Itron, and Sandc Electric are the major suppliers in the global smart grid sensor market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global smart grid sensor market by sensor type, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Smart Grid Sensor Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global smart grid sensor market by sensor type, application, and region, as follows:
Smart Grid Sensor Market by Sensor Type [Shipment Analysis by Value from 2017 to 2028]:
Voltage and Temperature Sensors
Outage Detection
Others
Smart Grid Sensor Market by Application [Shipment Analysis by Value from 2017 to 2028]:
Advanced Metering Infrastructure
Smart Grid Distribution Management
Supervisory Control and Data Acquisition
Smart Energy Meters
Others
Smart Grid Sensor Market by Region [Shipment Analysis by Value from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at
helpdesk@lucintel.com.
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the global smart grid sensor market by sensor type (voltage and temperature sensors, outage detection, and others), application (advanced metering infrastructure, smart grid distribution management, supervisory control and data acquisition, smart energy meter, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?