Published Date : May 29, 2017
ALBANY, New York, May 29, 2017 – The global smart grid sensors market is poised to develop at a CAGR of over 15% from 2017 to 2021, according to findings of a report recently added to MarketResearchReports.biz. This can be attributed to the evident shift from rigid to flexible grid structures in the power utility sector, fueled by recent technological advancements, rapid urbanization, and changing climate policies. The 70-page research publication is titled “Global Smart Grid Sensors Market 2017-2021” and discusses in depth the various forces driving and inhibiting the growth of this market.
The mounting usage of the Internet of Things and various IoT devices has been one of the most prominent trends impacting the smart grid sensors market and the soaring adoption of smart home appliances will continue revolutionizing the dynamics of the global market. Smart grids enable reduced stress and improved efficiency and as more and more electric meters get replaced by smart electricity grids, the demand for smart grid sensors is sure to rise. However, ongoing concerns pertaining to cyber security will continue to pose a threat to the growth of this market. Nevertheless, obsolete power grids across the globe present several opportunities for players in the smart grid sensors market.
Smart grid sensors comprise a number of software and hardware components. Of these, hardware components hold the dominant share and will continue to do so through 2021 owing to the need to monitor the smart grid, to gather information, and transmit said information in real time via wireless or wired communication channels.
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By way of geography, the worldwide market for smart grid sensors has been segmented into Europe, the Middle East, and Africa, Asia Pacific, and the Americas. Although the Americas hold the largest share in the overall market, the region is anticipated to face stiff competition from Asia Pacific. Growing focus on the production of renewable energy, rising installation of smart grid transmission and distribution lines, and the increasing need to reduce carbon emissions. Governments across the region are putting in efforts to ensure a sustainable future for their citizens, thereby giving the APAC smart grid sensors market a significant boost.
Sentient Technologies Holdings, ABB, Silver Spring Networks, QinetiQ, Aclara Technologies, Eaton, Arteche, Metrycom Communication, Mitsubishi Electric, General Electric, Landis+Gyr, and Powel are some of the prominent players in the global smart grid sensors market. Of these, General Electric, Aclara Technologies, Eaton, and ABB hold the dominant share in the market. These established players have been focused on investing massive capital resources and funds in R&D activities to develop new sensor technologies. However, it has been observed that despite the stronghold of global companies in the smart grid sensors market, regional and local vendors pose quite a threat owing to their extensive portfolio of personalized power plant equipment and services.
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