Increased Focus on Renewable Energy to Facilitate Growth of the Global Smart Grid Sensors Market

Renewable energy

Technavio, a tech-focused market research firm, has published a new report on the global smart grid sensors market, which is expected to grow at a CAGR of more than 15% during the forecast period 2017-2021.

Based on geographical segmentation, Technavio market researchers categorize the global smart grid sensors market into the following key regions: the Americas, APAC, and EMEA.

Source: Technavio

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Top three contributors for the global smart grid sensors market are elaborated below

Smart grid sensors market in the Americas: The Americas accounted for the largest share in smart grid deployments during 2016 with a wide-scale smart grid adoption in the US and Canada. The US is a pioneer in smart grid deployment owing to stimulus funding from the government. With the help of financial grants from the government, utilities have deployed smart grid sensors and equipment to monitor and improve the reliability of grids.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on smart grid, “In Canada, the demand will be mainly driven by renewable power generation, government policies, and the replacement or upgrading of the infrastructure. Ongoing upgrades and government targets are expected to provide huge scope for the adoption and installation of smart grid sensors in the region during the forecast period.

Smart grid sensors market in APAC: APAC is expected to experience significant growth in installing smart grid T&D lines, even though the region is still highly dependent on fossil fuels. Several countries are focusing on increasing renewable power production, which will drive the need for grid modernization to accommodate the intermittent power generated from renewable sources and subsequently smart grid technologies. China currently dominates the market for smart grid technologies owing to the commitment of the government towards reducing carbon emissions in the country, diversifying its energy resources, and expanding the electricity infrastructure.

Smart grid sensors market in EMEA: Growing technological advances and increased government support and investments in smart grids are the key driving forces behind the growth of the smart grid sensors market in EMEA. The addition of renewable energy and low carbon technologies along with the aging grid infrastructure are placing more stress on the grid, which is propelling the need for sensors to monitor grids.

The leading vendors operating in the global smart grid sensors market are:

  • ABB
  • Aclara Technologies
  • Eaton
  • General Electric

Other prominent vendors in the market include Arteche, Landis+Gyr, Metrycom Communication, Mitsubishi Electric, Powel, QinetiQ, Sentient Technologies Holdings, and Silver Spring Networks.

A more detailed analysis is available in the Technavio report titled, ‘Global Smart Grid Sensors Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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