The global Smart Grid Sensors market to grow at a CAGR of 15.28% during the period 2017-2021.
The report, Global Smart Grid Sensors Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is aging power grids. Climate change policies and improvements in technology have resulted in electricity generation from low-carbon or no-carbon renewable sources such as solar, wind, and hydro. As most of the countries are becoming aware of the depletion of fossil fuel resources and the associated carbon emission regulations, they are gradually moving toward renewable energy, which is harnessed from the wind and solar sources to meet their carbon emission goals and reduce the dependence on fossil fuels.
According to the report, one of the major drivers for this market is transition to smart grids. The power utility sector is undergoing a major change from a rigid structure to a system that is more flexible. These changes are driven by climate change policies, urbanization, and technological breakthroughs. This paradigm shift in the power sector is achieved by the deployment of Advanced metering infrastructure (AMI) and supervisory control and data acquisition SCADA systems, which ensure the integration of smart technologies into the grid, thereby enabling utilities to have greater control over the functioning of the grid.