Smart Grid Sensors Market Research Report 2021-2031
The smart grid sensors market size is projected to reach US$ 2489.3 million by 2031 from US$ 631.3 million in 2023. The market is expected to register a CAGR of 18.7% in 2023–2031. Advancements in the energy and power sector and government investment in smart grid technologies are likely to remain key smart grid sensors market trends.
Smart Grid Sensors Market Analysis
The smart grid sensors market has gained traction due to the growing smart cities projects which leads to installation of smart grids. Additionally, the rise in replacement of traditional grids with smart grids fuels the demand for smart grid sensors. There is a need for efficient energy generation, distribution, and transmission of electricity across the world, which leads to the adoption of smarter solutions. This will lead to the adoption of smart grid technology, which creates the opportunity for smart grid sensors market growth.
Smart Grid Sensors Market Overview
Smart grids are electrical power grids that use information, advanced networking, and real-time monitoring and control technologies to reduce costs, conserve energy, and improve security, interoperability, and reliability. The sensors used in these smart grids provide grid data and status in real-time, allowing for real-time monitoring, protection, and control. These sensors are used to measure a broad range of parameters, which include temperature, voltage, current, and power consumption. These sensors use advanced analytics and machine learning (ML) algorithms to detect the patterns and anomalies in the data, which can help utility companies identify and prevent issues such as equipment failures and power outages.
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Smart Grid Sensors Market: Strategic Insights
Market Size Value in US$ 325.0 Million in 2019 Market Size Value by US$ 1,221.6 Million by 2027 Growth rate CAGR of 18.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Smart Grid Sensors Market: Strategic Insights
| Market Size Value in | US$ 325.0 Million in 2019 |
| Market Size Value by | US$ 1,221.6 Million by 2027 |
| Growth rate | CAGR of 18.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Smart Grid Sensors Market Drivers and Opportunities
Rise in energy demand to Favor Market
Urbanization, rising living standards, disposable income, and the adoption of advanced technologies are fueling the energy demand. Power grids are becoming more complex as demand for electricity from residential and business sectors increases globally. As power grids become more complex, sustainable, reliable, efficient, and secure power distribution and production become increasingly important. With rising electricity consumption and demand, production and distribution are becoming increasingly difficult. As power grids become smarter and more widely used, there is a growing demand for smart grid sensors.
Increasing investments in the smart grid technology– An Opportunity in the Smart Grid Sensors Market
The global initiative to use smart grid technology is increasing to address environmental concerns such as CO2 emission. According to the IEA in September 2022, the investment in smart grids should double by 2030 for the Net Zero Emissions by 2050 Scenario, mainly in emerging markets and developing economies. Thus, the growth in the installations of smart grid technologies develops the demand for smart grid sensors for their efficient working environment.
Smart Grid Sensors Market Report Segmentation Analysis
Key segments that contributed to the derivation of smart grid sensors market analysis are sensor type, voltage range, and application.
- Based on sensor type, the market is segmented into voltage and current sensor, temperature sensor, and others. The voltage and current sensor segment held a larger market share in 2023.
- By voltage range, the market is segmented into low to medium voltage and high voltage. The low to medium voltage segment held the largest share of the market in 2023.
- By application, the market is segmented into substation automation, advanced metering infrastructure, smart grid distribution network, and others. The substation automation segment held the largest share of the market in 2023.
Smart Grid Sensors Market Share Analysis by Geography
The geographic scope of the smart grid sensors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest smart grid sensors market share in 2023. The region is technologically advanced compared to the other regions which is one of the prominent factors that fuels the smart grid sensors market share of North America.
As American homes and companies incorporate a growing number of electronic gadgets and technical capabilities, the need for utilities to learn about changing electricity demand in real time is increasing. In this case, integrating smart grids can assist in giving all grid customers more dependable electricity. To cater to this, the governments of various countries in North America are making various investments in smart grids. For instance, in September 2022, the US Department of Energy (DoE) was working on seeking input on a US$ 10.5 billion program for smart grids and other upgrades to strengthen the electricity grid of the country. This funding is allocated in three parts, under which US$ 2.5 billion will be used for grid resilience, US$ 3 billion for smart grids, and US$ 5 billion for grid innovation. Thus, the rising investment in the smart grid infrastructure leads to the growth of the North America smart grid sensors market.
Smart Grid Sensors Market Report Scope
Smart Grid Sensors Market News and Recent Developments
The Smart Grid Sensors Market
is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:- In February 2021, TE Connectivity enabled smart grid applications with Raychem RSTI-VS separable connector with voltage sensor, compatible with Kries’ grid monitoring device IKI-50. TE Connectivity, a world leader in connectivity and sensors, launched its Raychem smart RSTI-VS separable connector with voltage sensor. It can be used for grid monitoring and advanced earth fault and short circuit detection in IEC markets. (Source: TE Connectivity, Inc, Press Release, 2021)
- In March 2023, NIST researchers Eugene Song and Kang Lee participated in the IEEE P2681 working group, which led to the development of a technical report, PES-TR102, MV Smart Grid Sensor and Sensor Systems: Measurement Accuracy and Uncertainty Considerations. The report was sponsored by the IEEE PES PSIM Sensors Task Force (TF) and posted in January 2023. The report supports the development of the proposed IEEE P2681 standard “Guide for Testing Medium Voltage (MV) Smart Grid Sensors and Intelligent Electronic Device (IED) Systems.” (Source: National Institute of Standard and Technology (NIST), Press Release, 2023)
Smart Grid Sensors Market Report Coverage and Deliverables
The “Smart Grid Sensors Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Sensor Type , Voltage Range , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global smart grid sensors market was estimated to be US$ 631.3 million in 2023 and is expected to grow at a CAGR of 18.7% during the forecast period 2023 – 2031.
Advancement in the energy and power sector and government investment for smart grid technologies are the major factors that propel the global smart grid sensors market.
The inclusion of technologies such as AI and IoT is anticipated to play a significant role in the global smart grid sensors market in the coming years.
The key players holding majority shares in the global smart grid sensors market are ABB Ltd, Eaton Corporation plc, ltron Inc., Kamstrup, LANDIS+GYR, and Schneider Electric.
The global smart grid sensors market is expected to reach US$ 2489.3 million by 2031.
The incremental growth expected to be recorded for the global smart grid sensors market during the forecast period is US$ 1857.96 million.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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