Smart Grid Sensors Market

Growing favorable government policies and regulations is driving the market growth

Market CAGR for smart grid sensors is driven by the rising government's efforts to raise public consciousness about the importance of energy conservation would contribute to expanding the market. These rules mandate the adoption of smart grid technologies in commercial and residential settings. Smart grid's contributions to ICT and the distribution sector are key to future market expansion. Increases in the efficiency with which energy may be transmitted are boosting the demand for temperature monitoring of power lines.

Various governments are increasingly financing these technologies because they expect they will contribute to long-term economic growth and help governments achieve their carbon emission reduction goals. Demand for smart grid sensors is expected to rise due to the issues mentioned above in the future.

Additionally, better grid technology is needed for a future in which EVs may one day outnumber internal combustion engines, while boosting capacity may help with peak energy use. Reliable cellular connectivity is an essential component of an intelligent grid's architecture. Electricity and efficient power transmission and distribution have become increasingly important as the electrification trend and the building of extensive highways have boosted electricity and power consumption. Smart sensory technology is more widely adopted and in greater demand in some countries than others. Therefore, the increasing prevalence of smart grid sensors is fueling the expansion of the international market.

For instance, Siemens Energy introduced CAREPOLE. CAREPOLE is a clever dry-type single-phase transformer for pole uses. It is also ready for the technological needs of the American grid, and the new cast-resin diffusion transformer gives oil-filled transformers a reliable and environmentally friendly alternative. As a result, the demand for smart grid sensors is predicted to grow throughout the forecasted time due to the rising demand for smart electric grids. Thus, the driving factor is the smart grid sensors market revenue.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American smart grid sensors market will dominate because expend a lot on smart infrastructure platforms in the smart grid sensors market because they were early adopters of smart grid projects and have strong economies.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Smart Grid Sensors Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s smart grid sensors market accounts for the second-largest market share because governments' rules and regulations are helpful. Further, the German smart grid sensors market held the largest market share, and the UK smart grid sensors market was the fastest-growing market in the European region.

The Asia-Pacific smart grid sensors market is expected to grow at the fastest CAGR from 2023 to 2032 because of rising disposable income, rapid electrical infrastructure development, and more monitoring equipment to track power production, transmission, and distribution. Moreover, China’s smart grid sensors market held the largest market share, and the Indian smart grid sensors market was the fastest-rising market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the smart grid sensors market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the smart grid sensors industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global smart grid sensors industry to benefit clients and increase the market sector. In recent years, the smart grid sensors industry has offered some of the most significant technological advancements. Major players in the smart grid sensors market, including E-Smart Systems Pvt. Ltd (India), EnerNOC Inc. (US), Globema (Poland), NexGrid LLC (US), Trilliant Holdings Inc. (US), Kamstrup A/S (Denmark), Wipro Ltd. (India), Open Systems International Inc. (Minnesota US), Esyasoft Technologies Pvt.

Ltd. (India), S&C Electric Company (Illinois US), Aclara Technologies LLC (US), Tech Mahindra Ltd. (India), Landis+Gyr (Switzerland), Itron Inc. (US), Schneider Electric SA (France), Siemens AG (Germany), Cisco Systems Inc. (US), Oracle Corporation (US), ABB Ltd. (Switzerland), General Electric Company (US), and others are attempting to grow market demand by investing in research and development operations.

Enel X North America offers innovative value-added services and solutions that help businesses and communities produce, store, utilize, and manage energy more effectively, sustainably, and strategically. Enel X North America blends the entrepreneurial spirit of a startup with the infrastructure and knowledge of a worldwide innovator. We create opportunities by facilitating energy transition. We support lowering global emissions and assisting businesses in navigating the intricate energy market. We want to build a society where communities and businesses have the freedom to develop and prosper in a sustainable, circular energy economy.

In March 2022, The Enel Group's advanced energy services division, Enel X, and Global Partners LP, one of the biggest independent owners, suppliers, and operators of petrol stations and convenience stores in the Northeast, announced that Allentown Fresh in Ayer will now handle a nearby power outage better thanks to a cutting-edge microgrid.

S&C Electric Company is a top provider of electric power system switching, protection, and control solutions. S&C, a Chicago-based corporation, is addressing problems affecting the world's power networks and enhancing electricity supply and dependability globally by drawing on its legacy of invention. S&C's goal is to consistently develop new power distribution solutions to enable the improved efficiency and reliability required for the energy transition. The Chicago-based business was established in 1911, creating switching and safety equipment for the transmission and distribution of electric power.

In March 2023, S&C Electric Company, a pioneer in intelligent and resilient electrical grid solutions, announced the addition of a 275,000-square-foot facility in Palatine, Illinois, about 25 miles from its headquarters and manufacturing campus in Rogers Park, which is located on a 47-acre site in Chicago. The company is the second-largest manufacturer in Chicago, with over 2,000 team members working there out of its 3,500 team members worldwide.