Smart Grid Sensor Market is set to increase at a healthy CAGR of 13% from 2022-2025: Persistence Market Research
NEW YORK, Jan. 28, 2022 /PRNewswire/ -- According to the smart grid sensor industry analysis by Persistence Market Research, demand registered in the market is set to increase at a healthy CAGR of 13% from 2022-2025. The report also forecasts that the global smart grid sensor market will surpass a valuation of US$ 380 Mn by the end of 2022. Adoption of smart grid sensors has been increasing due to rising integration of Internet of Thing (IoT) technology with smart grids.
Smart grids are next generation energy systems that reduce costs and energy consumption through data maintenance and usage. IoT-enabled smart grid technology includes wireless devices such as radio modules, sensors, routers, and gateways. These devices provide the communication and connectivity that helps empower consumers to take better energy-usage decisions.
Smart grid IoT technology majorly used in automation processes and it improves efficiency. It uses IoT technologies and environmental data in renewable energy sources that helps maximize the use of green sources of energy and optimize power production.
One of the IoT applications in smart grids is the Lumin energy management platform. The company offers IoT-based applications in smart grids that help reduce emissions, drive cost savings, and facilitate the easier adoption of green energy at the same time.
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Other market developments include:
- In January 2020, Honeywell announced a partnership with Verizon. This partnership helps the company speed up and simplify the deployment of new communication-enabled, intelligent sensors and controls for smart electric grids.
- In May 2020, Toshiba acquired cyberGRID. This acquisition helps the company accelerate its business by delivering bold smart home innovation through retail with the help of the home automation of GE Lighting, LLC.
Key Takeaways from Market Study
- Voltage/temperature sensors are anticipated to account for a leading market share of 34%.
- North America is expected to lead the market, followed by Europe. South Asia & Pacific is anticipated to emerge as the fastest growing regional market through 2025.
- Smart energy meters will be a dominating segment and rise at around 16% CAGR from 2022 to 2025.
- The market in India is expected to progress at a CAGR of almost 17% through 2025.
- In GCC countries, sales are expected to increase at a CAGR of close to 19% over the few years.
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"Increasing initiatives to reduce carbon emissions by governments and emergence of smart projects across the globe have led to a spur the demand for smart grid sensors," says a Persistence Market Research analyst.
Integration of AI with Smart Grids to Spur Demand for Smart Grid Sensors
Smart grid surveillance systems generally use intelligent sensors to measure the electrical and magnetic fields in power lines. These sensors that are connected to power line poles collect data and send it to units, which use artificial intelligence algorithms to analyze the data. In smart grid solutions, AI can predict power demand based on data such as energy markets, weather, and human behavior.
- For example, Myst AI uses AI to forecast the generation of renewable energy, energy market prices, and power demand across different regions.
Such insights help utilities match energy supply and demand. AI-enabled sensors can detect the exact location of failure and help prevent large-scale blackouts.
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More Valuable Insights on Offer
Persistence Market Research report on the smart grid sensor market is segmented into five major sections – sensor (voltage/temperature sensors, outage detection sensors, transformer monitoring sensors, dynamic line rating sensors, and others), application (smart energy meter, SCADA, Advanced Metering Infrastructure (AMI), and others), end user (public grid operators and private grid operators), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart grid sensor demand outlook.
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