According to Persistence Market Research, the global smart grid sensors market will witness a CAGR growth of 30.3% over a forecast period from 2017 to 2025. Growing adoption of smart grid technology and smart grid sensors are likely to contribute towards growth of the global smart grid sensors market significantly. Increasing need for monitoring and detection operations are likely to rev up demand for the smart grid sensors globally during the predicted period. Moreover, the energy sector is witnessing a rapid transformation attributed to smart grids, efficient, and intelligent network of power supply globally. Such factors are likely to impact growth of the global smart grid sensors market through 2025.
However, harsh climate conditions, and environment will disrupt the operational efficiency of the smart grids. This has led to deployment of thermal sensors, which can adapt to various weather changes, and further detect temperature differences, particularly in the U.S. Moreover, growing incidence of thefts related to electricity in various underdeveloped, and developing regions is likely to rev up adoption of smart grids globally. Furthermore, adoption of Internet of Things will further impact growth of the global smart grid sensors market significantly.
Currently, various utilities companies in Europe are increasingly looking for opportunities to enhance the operation of smart grids, and development through connection of the unique devices. Such factors will result in creating a self-sufficient, and intelligent energy ecosystem. Furthermore, growing demand for energy, implementing smart systems for meter calculations, and incompetence of old power grids will further contribute towards growth of the global smart grid sensors market through 2025.
The U.S. is likely to offer significant opportunities to the smart grid sensors market through 2025. Government in the U.S. is mainly focusing on updating the existing conventional grids, which are not effective. Such factors will contribute towards growth of the smart grid sensors in the U.S. market. Moreover, department of energy in the U.S. has announced an investment of US$ 220 Mn to fund projects from a host of national laboratories to help upgrade the country’s power grid during next three years. Such factors will further impact growth of the smart grid sensors market positively.
Leading players operating in the global smart grid sensors market include Aclara Technologies LLC, ABB Ltd., Honeywell International Inc., General Electric Company, Networked Energy Services Corporation, Toshiba Corporation, Torino Power Solutions Inc., QinetiQ Group PLC, ARTECHE, Sentient Energy, Inc., Ingenu Inc., Siemens AG, GRID20/20 Inc, Eaton, and GIPRO GmbH.
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