Global Market Study on Smart Grid Sensors: Smart Energy Meter Application Segment
Anticipated to Exhibit High Attractiveness Index During 2017–2025
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The global smart grid sensor market is estimated to be valued at nearly US$ 174 Mn in 2017 and is
projected to reach nearly US$ 1,450 Mn by 2025 end. Sales revenue is expected to exhibit a CAGR
of 30.3% during the forecast period (2017–2025).
The global energy sector is transitioning into intelligent, efficient network of power supply, and
smart grids are actively replacing conventional power grids across the world. The demand for smart
grid sensors grows in parallel with surging adoption of smart grid technology. In today’s day and
age, detection and monitoring operations have helped save potential losses worth millions of
dollars. Therefore, smart grid sensors are also expected to gain surplus demand in tomorrow’s
energy industry. Persistence Market Research’s latest report on the global market for smart grid
sensors projects that the market, which is presently valued at a little over US$ 128 Mn, will soar at a
stellar CAGR of 30.3% to bring in US$ 1,447.3 Mn in revenues by the end of 2025.
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Key findings in the report exhibit that the global smart grid sensors market will have a steadfast
growth during the assessment period, 2017-2025. In this period, the dynamic growth of the global
smart grid sensor market will be impacted by several factors, among which following have an
enduring influence:
Extreme Weather Conditions: Severe climate and harsh environment is disrupting the operational
efficiency of smart grids, compelling the deployment of thermal sensors that can detect temperature
differences and adapt to drastic weather changes, particularly in the US.
Electricity Thefts: Rising incidence of electricity thefts in developing & underdeveloped regions is
driving the adoption of smart grids. In Latin American countries, power authorities are monitoring
such malpractices with help of sensors that identify faux power glitches.
Proliferation of IoT: Internet of Things (IoT) is influencing the sales of smart grid sensors but
remuneratively. Presently, utilities companies in Europe are looking to leverage IoT to improve
development and operation of smart grids by connecting unique devices, which will end up creating
an intelligent & self-sustained energy ecosystem.
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Ineffectiveness of older power grids, increasing energy demands, and implementation of smart
metering systems has also propelled the global demand for smart grid sensors. According to the
report, titled “Smart Grid Sensors Market: Global Industry Trend Analysis 2012 to 2016 and
Forecast 2017–2025,” rising concern regarding safety & security of smart grids, and high
implementation costs of smart grid sensors is likely to impede the global market’s growth, but to a
certain extent.
Based on the region, Latin America’s smart grid sensors market is projected to exhibit a relatively
high growth, registering a robust CAGR of 36.1%. The demand for voltage/temperature sensors, in
particular, is projected to remain high throughout the forecast period. The report estimates that in
2016, more than 40% of global smart grid sensor revenues were accounted by sales of