The global Smart Grid Sensors market size is expected to be worth around USD 1,223.10 Billion by 2027 from USD 330.10 Billion in 2020, growing at a CAGR of 20.3% from 2021 to 2027. Increasing usage of ethyl alcohol as befoul is major factor driving growth of the ethanol market.
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A smart grid is an electric power system that consists of automated control technology, sophisticated software solutions, and sensors for data control and data acquisition.
Smart grids have significantly attracted the attention of industries and governments. Currently, smart grid sensors are a highly progressive technology in the field of power generation, transmission, and distribution. Smart grid sensors are exceedingly effective in sensing real-time data of climatic conditions and temperature of power lines while transmitting the energy.
The data sensed is then used to enhance the reliability of power transmission and lower the power dissipation, which eventually minimizes the cost. Thus, smart grid sensors are very useful in commercial and residential buildings to increase energy efficiency.
Rise in Demand for Smart Grid Sensors in Electrical Industry
A smart grid sensor has become an innovative technique that uses information & communication technology in the field of electricity generation, transmission, and distribution. The smart grid distribution management and software such as SCADA (Supervisory Control and Data Acquisition) have together improved the existing power grid system in terms of adaptability, reliability, and efficiency. These factors are expected to promote growth of the smart grid sensor market during the forecast period.
Moreover, the latest smart grid sensors do not need batteries to function. In other words, they are inductively powered.
Furthermore, advancements in measurement science and standards for smart grid technologies have resulted in increased spending on research and development. This is anticipated to drive the smart grid sensor market in the near future.
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Governments across the North America are heavily investing in the development of a smart grid by planning different smart grid projects. For instance, in 2018, the Natural Resource Canada declared an investment of US$ 9,490,000 for a next-generation smart grid project that focuses on encouraging the implementation of renewable energy and the adoption of advanced technology to make use of new sources of clean energy-deprived of negotiating with the stability as well as reliability of existing grids. The American Recovery and Reinvestment Act of 2009, part of the US federal government, assigned ~US$ 3.9billion for smart grid to utilities and ~US$ 615.7 million for smart grid demonstration projects. Similarly, the North American Electric Reliability Corporation, a regulatory authority, focuses on evaluating the majority transmission power system’s reliability in the region. All smart grid projects demand the integration of smart grid distribution management solutions, such as supervisory control and data acquisition (SCADA). This smart grid distribution management solution requires integrating sensors into the system for large data acquisition, data security, energy counterfeit, and accurate data sensing in harsh environments.
COVID-19 Impact on Smart Grid Sensors Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Smart Grid Sensors market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Smart Grid Sensors market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Smart Grid Sensors market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Smart Grid Sensors market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Smart Grid Sensors market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Smart Grid Sensors market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Smart Grid Sensors market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Smart Grid Sensors market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Smart Grid Sensors market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Smart Grid Sensors market is analyzed at both regional and country levels.
Major Players Covered in this Report
The updated market research report on Smart Grid Sensor market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.
Significant Market Participants Operational in the Smart Grid Sensor Market are:
- General Electric Company
- ABB Ltd.
- Oracle Corporation
- Cisco Systems, Inc.
- Siemens AG, Schneider Electric SA
- Itron Inc.
- Landis+Gyr AG
- Tech Mahindra Limited
- Aclara Technologies LLC
- S&C Electric Company
- EsyaSoft Technologies Pvt. Ltd.
- Open Systems International, Inc.
- Wipro Limited
- Kamstrup A/S
- Trilliant Holdings Inc.
- NexGrid, LLC.
- Globema, Enel X North America, Inc.
- e-Smart Systems Ltd.
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Smart Grid Sensor report.
Global Smart Grid Sensor Market, Research Scope
Global Smart Grid Sensor Market, by Functionality Domain
Global Smart Grid Sensor Market, by Sensing Parameter
- Temperature Continuity
- Phase Measurement
Global Smart Grid Sensor Market, by Application
- Smart Energy Meter
- Advanced Metering Infrastructure
- Smart Grid Distribution Network
- Data Collection and Control
Global Smart Grid Sensor Market, by End-user
- Deployment and Integration
- Support and Maintenance
- Dynamic Line Rating
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Smart Grid Sensors market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Smart Grid Sensors market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Smart Grid Sensors market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Smart Grid Sensors market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Smart Grid Sensors are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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