The global Smart Grid Sensors market was valued at $204.5 million in 2019 and is anticipated to grow at a CAGR of 18.20% from 2020 to 2027. This growth is attributed to several macro and micro economic factors such as
The major factors that have impacted the growth of the Smart Grid Sensors market include
- Government’s supportive policies
- Electric infrastructure has a nature of interconnection to other critical infrastructures such as Communication, Water, Transportation and others, any disturbance has the potential for cascading interruption of critical facilities and services, which can impact national public health and safety. To address these problems, government across countries are increasing funding and developing programs for smart grid technology. According to smartgrid.gov, the Office of Electricity is investing nearly $10 million in early-stage research in smart grid in the US. The U.S. Department of Energy (DOE) Office of Electricity (OE) Advanced Grid Research and Development Division is proposing a new Sensor Technologies and Data Analytics Program. Further, the Office of Electricity developed a multi-year program plan (MYPP) for a new program, Sensor Technologies and Data Analytics. MYPP builds the technology review, assessment, and road mapping by the DOE Grid Modernization Initiative (GMI) Sensing and Measurement Strategy project. Thus, the smart grid market is expected to witness considerable growth over the next few years.
- Increase in adoption of smart technologies and rise in development of smart cities
According to OECD, smart cities are initiatives or approaches that effectively leverage digitalization to boost citizen well-being and deliver more efficient, sustainable and inclusive urban services and environments. Some of the leading smart cities around the globe are Singapore, Dubai, Oslo, Copenhagen, and others. Smart cities are developed when several subjects such as, Mobility, Healthcare, Security, and Energy, among others, combines to automate and digitize several public services while improving the citizen experience. Smart grid is one of the most essential part of smart city and distributed energy resources (DER) systems. Increasing smart city initiatives is expected to fuel the demand for smart grid system, which results in the smart grid sensors market growth during the forecast period.
Further several factors restraining the market growth include
- Restraining 1
- Restraining 2
Collaborations and Alliances in the Smart Grid Sensors market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Smart Grid Sensors market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Smart Grid Sensors market report also includes following data points:
- Impact on Smart Grid Sensors market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Smart Grid Sensors market
Key Insight in the report:
The global Smart Grid Sensors market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Smart Grid Sensors market is analyzed across below-mentioned different segments:
- Demand Response
- Data Collection and Control
- Connectivity Type
- Low voltage
- Medium voltage
- High voltage
Smart Grid Sensors market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in of Smart Grid Sensors market include:
- GENERAL ELECTRIC
- SIEMENS AG
- SENTIENT ENERGY
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Smart Grid Sensors market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Smart Grid Sensors market