Smart Grid Sensor Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Smart Grid Sensor Market Trends and Forecast

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.

Smart Grid Sensor Market

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Smart Grid Sensor Market by Segment

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 Meter
• 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

List of Smart Grid Sensor Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, smart grid sensor companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the smart grid sensor companies profiled in this report include:

• ABB
• Ge Grid Solutions
• Siemens
• Landis+Gyr
• Trilliant
• Itron
• Sandc Electric

Smart Grid Sensor Market Insights

• 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.
• 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.

Features of the Smart Grid Sensor Market

• Market Size Estimates: Smart grid sensor market size estimation in terms of value ($B)
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Smart grid sensor market size by various segments, such as by sensor type, application, and region
• Regional Analysis: Smart grid sensor market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by sensor type, application, and regions for the smart grid sensor market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart grid sensor market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

• Q1. What is the smart grid sensor market size?
• Answer: The global smart grid sensor market is expected to reach an estimated $0.91 billion by 2028.
• Q2. What is the growth forecast for smart grid sensor market?
• Answer: The global smart grid sensor market is expected to grow with a CAGR of 17.6% from 2023 to 2028.
• Q3. What are the major drivers influencing the growth of the smart grid sensor market?
• Answer: 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.
• Q4. What are the major segments for smart grid sensor market?
• Answer: 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.
• Q5. Who are the key smart grid sensor companies?
• Answer: Some of the key smart grid sensor companies are as follows:
  • ABB
  • Ge Grid Solutions
  • Siemens
  • Landis+Gyr
  • Trilliant
  • Itron
  • Sandc Electric
• Q6. Which smart grid sensor segment will be the largest in future?
• Answer: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.
• Q7. In smart grid sensor market, which region is expected to be the largest in next 5 years?
• Answer: 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.
• Q8. Do we receive customization in this report?
• Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers 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?
• Q10. 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?
• Q11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?