The global smart grid sensor market is estimated to be valued at nearly US$ 174 Mn in 2017 and is projected to reach nearly US$ 1,450 Mn by 2025 end. Sales revenue is expected to exhibit a CAGR of 30.3% during the forecast period (2017–2025).
Increasing R&D expenditure is aiding the market growth of smart grid sensors in North America
Advancement in measurement science and standards for smart grid technologies is resulting in increasing expenditure on research and development. These new methods and standards are being developed to enhance the potential of smart grid sensors. Demand for these grid sensors is increasing and thus, innovation in the technology for grids is necessary. This is one of the driving factors for the growth of the smart grid sensor market in the region. For instance, Emera Inc., which is a utility service company based in Canada, is investing US$ 6.2 million in setting up a research center for smart grid technologies at the University of New Brunswick.
Weather changes in North America are driving the growth of the smart grid sensor market
Extreme weather conditions is one of the leading cause for power outage in the North America region. Several power companies in the country feel that extreme weather events are driving growth of the smart grid sensor market. Heat waves, blizzards, hurricanes, and other severe weather events have shown numerous vulnerabilities in the U.S. power grid system by encouraging blackouts and massive power outages throughout the country. The concerns regarding system flaws are increasing and this is resulting in increasing investment in smart grid sensors.
Smart grid safety and security concerns may act as a restraint to the smart grid sensor market
The smart grid is a next-generation power system that is increasingly attracting the attention of government and industries. In smart-grid technology, the utilities play a significant role, which introduces new security challenges that must be addressed. Various issues such as grid instability, utility fraud, and loss of user information and energy-consumption data are hindering growth of the market in the region. For instance, smart meters autonomously collect massive amounts of data and transport it to the utility company, consumer, and service providers. This data includes private consumer information that might be used to infer consumer activities, devices being used, and times when the home is vacant.
Global Smart Grid Sensor Market Analysis 2012–2016 and Forecast 2017–2025, By Application
In terms of value, the smart energy meter segment in the global smart grid sensor market registered a CAGR of 32% from 2012–2016 and is expected to exhibit a CAGR of 29.4% from 2017–2025. In 2016, the smart energy meter segment in the global smart grid sensor market was valued at US$ 53.3 Mn and is projected to reach US$ 565.8 Mn by the end of 2025. The smart energy meter segment is expected to create incremental opportunity of US$ 493.8 Mn between 2017 and 2025.
Older version power grids in the U.S. provide a huge opportunity in the smart grid sensor market
Climate change policies and improvements in technology are resulting in electricity generation from low-carbon or no-carbon renewable sources such as solar, wind, and hydro energy. In the U.S., renewable power sources have witnessed a significant increase in the recent past, but the old version of electrical grids are not capable of integrating these into energy use and hence a large amount of potential power is wasted. Due to this, the governments in the region are focusing on upgrading their conventional grids resulting in growth of the smart grid sensor market in the region. In May 2016, The US Department of Energy announced a US$ 220 Mn funding for projects from a host of national laboratories to help upgrade the country's power grid over the next three years.
Solar photovoltaic distributed generation is gaining popularity in the Latin America region
Solar photovoltaic distributed generation is gaining momentum in Latin America. In Brazil, the government has set a goal of achieving 3.5 gigawatts of solar capacity by 2023 end. These smaller sources of renewable energy generation are expected to challenge the non-renewable energy sources. Moreover, local governments are initiating solutions by providing electricity to isolated areas. For instance, in November 2016, a solar auction was held in Brazil and the winners obtained a 20-year power purchase contract.
The report ‘Smart Grid Sensor Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017–2025’ is a comprehensive compilation on the smart grid sensor market and contains exclusive information regarding the market analysis, growth and forecasts for the period from 2017 till 2025. Smart grid sensors are small, lightweight nodes that serve as a detection station in a sensor network providing real-time information about grid conditions, where the utilities remain most blind. It can work autonomously, when equipped with a communication interface. There are various advantages of smart grid sensors such as affordability and ease of installation. These sensors are battery-free, and so there is no maintenance cost and they help in delivering the fault location so the utilities can restore power faster and most importantly aid utilities in preventing the next outage.
This report is divided into four distinct parts. The first part consists of the introduction to the smart grid sensor market. The next section consists of the regional smart grid sensor market analysis and forecast. The report also contains the competitive landscape of the global smart grid sensor market and gives the list of the important players operating in this lucrative market. Towards the end, the global smart grid sensor market analysis 2012–2016 and forecast 2017–2025 by region, by sensor and by application is stated.
In the introduction section, the pertinent market numbers about the global smart grid sensor market are given along with the CAGR for the forecast period 2017-2025. The introduction also contains an executive summary of this detailed report through which the report audiences can have a cursory glance at this vast market. Also, recommendations of Persistence Market Research are given about which region to invest in and which segment to focus on in the smart grid sensor market. Key regulations regarding the smart grid sensor market in the various countries of the world are also discussed here. The macroeconomic factors affecting the smart grid sensor market and their weightage factor is also given in the introduction.
The next main section of the report contains the regional smart grid sensor market analysis and forecast as well as important market metrics such as the BPS analysis, year-on-year growth rates, absolute dollar opportunity and market attractiveness analysis of the smart grid sensor market. In this section, the regional drivers, restraints and trends are also given so that the report audience knows which factors are aiding the growth of this market and which factors are hampering the growth of this market across the various assessed regions. Besides the drivers and restraints, the trends that are applicable in the global smart grid sensor market are also discussed region-wise in this section of the report.
The last part of the report contains the competitive landscape of the smart grid sensor market. This part constitutes information on the key market players. This competition landscape gives a dashboard view of the key companies operating in the global smart grid sensor market along with their important information and broad strategy adopted to stay as leaders in the global smart grid sensor market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented.
Why should you invest in this report?
If you are ready to enter the global smart grid sensor market, then this report is a comprehensive guide and will give you crystal clear insights into this vast and lucrative market. All the major type of smart grid sensors are covered in this report and information is also given on the various important regions of the world where this market is likely to boom in the near future and during the forecast period of 2017-2025 so that you can plan your strategies accordingly. Besides, through this report, you can gain a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, then this report will help you gauge the strategies that your competitors have adopted to stay as leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
A tested and proven research methodology for accurate estimation of market performance
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the smart grid sensor market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the eight year period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global smart grid sensor market.