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Global Smart Grid Sensors Market: Increasing Shift towards IoT Devices to Drive Demand

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Published on : Jun 06, 2017

Albany, New York, June 06, 2017: The report studies the global smart grid sensor market and predicts its market size during the forecast period, taking into account the past performance, current trends, and future opportunities in the industry. According to the report, the global smart grid sensors market is slated to expand at a CAGR of over 15% during the period from 2017 to 2021. The demand for smart grid sensors is increasing because they are used extensively to monitor power system equipment and also help in detecting issues such as inaccuracy of the system.

Smart grid sensors are installed in power plants to monitor the arrestors, transformers, power cables, and manage the smart grid. Today, smart grid sensors have also found their application in residential sectors and in offices to improve energy efficiency. All these factors are estimated to push the demand for these sensors and drive the global smart grid sensors market. As smart grid sensors monitor the power line temperature and condition of the power cables, they have the ability to calculate the line’s carrying capacity and this is driving their adoption across industrial, commercial, and residential sectors. 

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The increase in power outages and the resulting high expense is one of the main factors driving the demand for smart grid sensors. The recent times have seen the emergence of various regulations that have made it mandatory to make use of renewable sources, resulting in the preference for electric vehicles and plug in hybrid vehicles. This shift will create a need for installing smart grid sensors so as to monitor the grid and enable utilities to acquire valuable information for the functioning of the smart grids. Another trend that is boosting the demand for smart grid sensors is the high penetration of IoT devices. Smart appliances, smart thermostats are being adopted increasingly today and this will require the substitution of traditional electric meters with smart meters, fueling the need for smart grid sensors. 

The report profiles key players operating in the global smart grid sensors market. They are: Silver Spring Networks, Aclara Technologies, Arteche, Landis+Gyr, ABB, General Electric, Metrycom Communication, Eaton, Mitsubishi Electric QinetiQ, Powel, and Sentient Technologies Holdings. The market is led by vendors that have a large portfolio of power plant related equipment and services. Leading players in the market are investing extensively for research and development so as to develop enhanced sensor technologies. The report also studies the recent developments of each of the players. The business and financial overview of each of the players along with the strategies adopted to remain competitive in the market have been given. 

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