Smart Grid Sensors Market to Reach $2.03 Billion, Globally, by 2031 at 18.86% CAGR: Allied Market Research

News provided by

Feb 22, 2023, 06:59 ET

The smart grid sensors market is expected to grow steadily owing to the supportive regulatory framework of governments worldwide to promote deployment of smart grids along with surge in need for energy-efficient and sustainable solutions across the globe.

PORTLAND, Ore., Feb. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Grid Sensors Market by Type (Voltage & Temperature Sensors, Outage Detection and Others), Application (Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control & Data Acquisition, Smart Energy Meter and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, The global smart grid sensors market was valued at $364.7 million in 2021, and is projected to reach $2 billion by 2031, growing at a CAGR of 18.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5845

Drivers, Restraints, and Opportunities

Growing need for energy-efficient and sustainable solutions drives the growth of the global smart grid sensors market. However, security concerns and the lack of awareness in respect of the availability of smart grid solutions might hamper growth of the market. On the contrary, the ongoing smart city projects in developing countries set potential growth opportunities for the smart grid sensors market.

Covid-19 Scenario

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the smart grid sensors market. Moreover, the lack of awareness in respect of the availability of smart grid solutions lowered the market demand, thus impacting the growth of the smart grid sensors industry negatively.
However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.

The Voltage & Temperature Sensors Segment to Rule the Roost

By type, the voltage & temperature sensors segment held the major share in 2021, garnering around half of the global smart grid sensors market revenue. However, the outage detection segment would showcase a faster CAGR of 20.2% during the forecast period. The voltage & temperature sensors segment is expected to grow steadily owing to the growing investments of major players in this technology to gain a competitive edge in the market.

The Smart Energy Meter Segment to Maintain its Dominance During the Forecast Period

By application, the smart energy meter segment contributed to the highest share in 2021, accounting for around one-third of the global smart grid sensors market revenue. The advanced metering infrastructure segment would showcase the fastest CAGR of 23.6% throughout the forecast period. This is attributed to the fact that smart energy meters allow utilities to collect and analyze data on electricity usage in real-time and can provide customers with detailed usage information to help them manage their energy usage more effectively.

Buy This Report (330 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3kdAFG9

Asia-Pacific Garnered the Major Share in 2021

By region, Asia-Pacific garnered the highest share in 2021, holding nearly half of the global smart grid sensors market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 21.2% during the forecast period. Rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.

Leading Market Players

ABB
Ge Grid Solutions
Siemens
Landis+Gyr
Trilliant
Itron, Inc.
Sandc Electric Company
Sentient Energy, Inc.
Aclara Technologies Llc
Echelon Corporation

The report analyzes these key players in the global smart grid sensors market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/smart-grid-sensors-market/purchase-options

Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart grid sensors market analysis and smart grid sensors market outlook from 2021 to 2031 to identify the prevailing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the digital film cameras market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global smart grid sensors market trends, key players, market segments, application areas, and market growth strategies.

Smart Grid Sensors Market Key Segments:

Sensor

Voltage and Temperature Sensors
Outage Detection
Others

Application

Advanced Metering Infrastructure
Smart Grid Distribution Management
Supervisory Control and Data Acquisition
Smart Energy Meter
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

Buy this Research Report @ https://bit.ly/3m1iXGs

Trending Reports in Semiconductor Industry (Book Now with 10% Discount):

Wireless Sensor Market Trends, Analytics and Statistics

Industrial Sensors Market Manufacturer, Report to 2031

Humidity Sensor Market Size, Share | Industry Trends

CO2 Gas Sensor Market Insight and Trends 2031

MEMS Sensor Market Size, Share | 2023 - 2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/semiconductor-and-electronics