According to The Insight Partners latest market study on “Smart Grid Sensors Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Sensor Type (Voltage and Current Sensor, Temperature Sensor, and Others), Voltage Range (Low to Medium Voltage and High Voltage), and Application (Substation Automation, Advanced Metering Infrastructure, Smart Grid Distribution Network, and Others),” the market was valued at US$ 325.0 million in 2019 and is projected to reach US$ 1,221.6 million by 2027; it is expected to grow at a CAGR of 18.3% from 2020 to 2027.
In 2019, North America led the global smart grid sensors market with the largest market share, followed by Europe and APAC. The constant technological advancements by tech giants empower North America to stay ahead in the competition. Companies operating in this region are continuously enhancing the overall business processes to meet customer demands for high-quality products and services in the best possible way. Increasing investments by the governments for the adoption of advanced metering infrastructure owing to the modernization of the electricity grid and reduce distribution as well as transmission losses is mounting the growth of the market in the region. As per the 2018 smart grid system report by the US Department of Energy, the annual smart grid investments rose by 41% from US$ 3.4 billion to US$ 4.8 billion between 2014 and 2016. These investments are anticipated to further grow up to US$ 13.8 billion in 2024. The long lifespans and high capital costs of distribution and transmission infrastructure make it extremely important that investments made would support an evolving grid for the future.
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As the demand for energy is less among most of the residences, the grid was developed to provide electricity to the residences with monthly bills. This causes one-way interaction, which makes it difficult for the grid to respond to the changing and growing energy demands of today’s world. The introduction of smart grid presents a two-way dialogue where electricity and data can be exchanged between the customers and the utility. The growing network of controls, communications, computers, automation, and new advanced technologies and tools are making smart grids more reliable, efficient, secure, and greener.
It allows advanced technologies to be integrated, such as solar and wind energy production and plug-in electric vehicle charging. The smart grid technology replaces the infrastructure of the traditional energy grid. With the integration of smart grids, the utilities can communicate better, and it helps offer detailed information, which allows grid operators to manage electricity consumption in real-time. The smart grid sensors monitor the power line temperature and weather conditions that are used to calculate the line’s carrying capacity. This sensor is used in homes and corporate infrastructures to surge energy efficiency.
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Impact of COVID-19 Pandemic on Smart Grid Sensors Market
According to the latest report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 crisis. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a rapid pace across the world. As per the latest WHO figures, on September 25, 2020, there were 32,029,704 confirmed COVID-19 cases with 979,212 total deaths around the world, and the number is growing at varying rates in various countries. The COVID-19 crisis is affecting the industries worldwide. The global economy is witnessing the worst hit in 2020, and it is likely to continue in 2021 also. The global energy & power industry is one of the major industries that are suffering serious disruptions due to the COVID-19 crisis, which in turn, impacts the growth of the global smart grid sensors market. Factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart grid sensors market.
Smart grid deployments have made the operation of power systems more efficient through the application of distributed computing in the interoperation of the grids. However, such schemes have greatly triggered a number of security issues that are considered to be major concerns. Threats including physical attacks, cyber-attack, and natural disasters are significant threats to SG deployment that is expected to lead to infrastructural failure, energy theft, blackouts, endangered safety of personnel, customer privacy breach, etc.
In the present times of increasing concerns over terrorism paired with the rising number of sophisticated hackers, there is a simultaneous increase in the vulnerability that our energy system is exposed to if it truly were as technology-focused (and reliable) as the world envisions. This is a genuine concern that is being addressed by the industry. Hence, there is a rising need for critically examining the security issues and preventing possible threats or failures.
Smart Grid Sensors Market –Companies Profiles
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