Smart Grid Sensors Market Size, Share, And Growth Report 2032

Smart Grid Sensors Market: Size

The global Smart Grid Sensors Market size was worth around USD 445.81 million in 2023 and is predicted to grow to around USD 2101.34 million by 2032 with a compound annual growth rate (CAGR) of roughly 18.8% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD million). The report covers a forecast and an analysis of the Smart Grid Sensors Market on a global and regional level.

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Smart Grid Sensors Market: Overview

The study includes drivers and restraints for the smart grid sensors market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the smart grid sensors market on a global as well as regional level.

Smart grid sensors are tiny, lightweight nodes which function as a finding station in a sensor network providing real-time data about smart grid conditions. Smart grid sensors are important in current smart electric grid infrastructure to control and manage operations in all conditions, which include transmission, generation, distribution, and end-use.

The global smart grid sensors market is experiencing significant growth that is expected to continue over the upcoming years. The massive rise in demand for smart grid sensors by technological innovations in measurement science and standards for smart grid technology is likely to act as a key driver of the market. The rise in awareness about smart grid sensor measures among all end-user industries is expected to fuel the global smart grid sensors market within the forecast period. Increasing implementation of smart metering systems is expected to propel the smart grid sensors market in the upcoming years. Rapid industrialization and execution of smart grid sensor measures by numerous governments are expected to increase the demand for smart grid sensors during the years to come. Huge initial cost investment in the installation of smart grid sensors systems acts as a restraining factor that may hamper the growth of the smart grid sensors market. The rise in the acceptance of workplace safety standards in emerging countries is likely to set new opportunities for the major players of the market.

Smart Grid Sensors Market: Segmentation

The global smart grid sensors market is mainly segmented into sensor type, component, service, solutions, application, and region.

By sensor type, the global smart grid sensors market is segmented into the outage detection sensors, voltage/temperature sensors, dynamic line rating sensors, transformer monitoring sensors, and others.

By component, the global smart grid sensors market is segmented into networking hardware, AMI meter, programmable logic controller (PLC), and others.

By service, the global smart grid sensors market is mainly segmented into deployment & integration, consulting, support & maintenance, and others.

By solutions, the global smart grid sensors market is mainly segmented into advance metering infrastructure (AMI), smart grid communication, smart grid distribution management, substation automation, grid asset management, and billing & customer information system.

By application, the global smart grid sensors market is mainly segmented into supervisory control and data acquisition (SCADA), smart energy meter, advanced metering infrastructure (AMI), and others.

Smart Grid Sensors Market: Report Scope

Smart Grid Sensors Market: Regional Analysis

Asia Pacific is anticipated to be the fastest growing market for smart grid sensors over the next few years owing to the rising urbanization as well as industrialization in the region. 

Smart Grid Sensors Market: Competitive Players

Some of the key players operating in the global smart grid sensors market include:

• Aclara Technologies LLC
• Honeywell International Inc.
• Toshiba Corporation
• QinetiQ Group PLC
• Sentient Energy Inc.
• Siemens AG
• GIPRO GmbH
• ABB Ltd.
• General Electric Company
• Eaton
• Networked Energy Services Corporation
• Torino Power Solutions Inc.
• ARTECHE
• Ingenu Inc.
• GRID20/20 Inc.

Smart Grid Sensors Market Segmented as:

By Sensor Type

• Outage Detection Sensors
• Voltage/Temperature Sensors
• Dynamic Line Rating Sensors
• Transformer Monitoring Sensors
• Others

By Component

• Networking Hardware
• AMI Meter
• Programmable Logic Controller (PLC)
• Others

By Service

• Deployment & Integration
• Consulting
• Support & Maintenance
• Others

By Solutions

• Advance Metering Infrastructure (AMI)
• Smart Grid Communication
• Smart Grid Distribution Management
• Substation Automation
• Grid Asset Management
• Billing &Customer Information System

By Application

• Supervisory Control And Data Acquisition (SCADA)
• Smart Energy Meter
• Advanced Metering Infrastructure (AMI)
• Others

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa