Market Research Future (MRFR) presumes the global Smart Grid Sensors Market size to hit USD 4 billion at a CAGR of 18% from 2020 to 2027 (forecast period).
Numerous Factors to Boost Market Growth
A variety of factors influence market demand in the global market. Increasing energy transmission efficiency for checking the temperature of power lines promotes market demand in this region throughout the anticipated period. Another factor driving market demand in the global market during the review period is the increasing implementation of smart sensory technology in various rising countries such as China and India. This strategy is useful in information and communication technologies, and market demand is driven by the distribution field.
General Electric Company (U.S.), ABB Ltd. (Switzerland), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (U.S.), Landis+Gyr (Switzerland), Tech Mahindra Ltd. (India), Aclara Technologies LLC (U.S.), S&C Electric Company (Illinois, U.S.), Esyasoft Technologies Pvt. Ltd. (India), Open Systems International, Inc. (Minnesota, U.S.), Wipro Ltd. (India), Kamstrup A/S (Denmark), Trilliant Holdings, Inc. (U.S.), NexGrid, LLC. (U.S.), Globema (Poland), EnerNOC, Inc. (U.S), and e-Smart Systems Pvt. Ltd. (India).
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The Global Market to Recover Post COVID-19 Pandemic
The global pandemic of COVID 19 has impacted a large portion of the world’s population. Many people have lost their jobs as a result of the global pandemic. It has had an impact on the dynamics and growth of a number of sectors. Everyone is worried about their immunity and maintains a social distancing. During the lockdown, numerous end-user industries’ operational activities were interrupted, resulting in a fall in demand for the smart grid sensors market, which resulted in lost sales revenue. The supply chain networks were also disrupted, resulting in a decrease in profit margins.
However, by carefully strategizing according to market needs, the smart grid sensors market is predicted to recover from this global pandemic by the end of the third quarter of the approaching year.
The global smart grid sensors market has been divided based on the sensors, service, application, components, and solutions.
Based on the sensors, the global smart grid sensors market has been divided into dynamic line rating sensors, transformer monitoring sensors, outage detection sensors, voltage/temperature sensors, and many others.
Based on the services, the global smart grid sensors market has been divided into support & maintenance services, deployment & integration services, consulting services, and many others.
Based on the application, the global smart grid sensors market has been divided into Advanced Metering Infrastructure (AMI), smart energy meter, supervisory control and data acquisition (SCADA), and many others.
Based on the components, the global smart grid sensors market has been divided into programmable logic controller (PLC), networking hardware, sensors, AMI meter, and others.
Based on the solutions, the global smart grid sensors market has been divided into billing & customer information systems, substation automation, grid asset management, smart grid communication, smart grid distribution management, Advance Metering Infrastructure (AMI), and others.
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North America to Rule the Global Market
The North America holds the highest market share in the global smart grid sensors market, owing to an increase in grid solution makers, which helps to improve consistency and hence drives the market. Another factor is the existence of countries such as Canada and the United States.
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