USD 43.76 billion
Global Smart Grid Sensors Market Size, Share, Growth Analysis, By TypeSub-SegmentsImage Sensor, Motion Sensor, Voltage and Temperature Sensors, Outage Detection, Touch Sensor, and Temperature Sensor(Utility, Industrial), By End-user(Advanced Metering Infrastructure, Smart Grid Distribution Management) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2432 |
Region:
Global |
Published Date: March, 2024
Pages:
188
|
Tables:
66 |
Figures:
72
Global Smart Grid Sensors Market Insights
Global Smart Grid Sensors Market size was valued at USD 43.76 billion in 2022 and is poised to grow from USD 53.35 billion in 2023 to USD 260.09 billion by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).
Advances in sensor technologies, such as low cost, chip-level integration, energy efficiency, and wireless connectivity are driving the market growth. The introduction of new semiconductor materials such as polymers is expected to reduce the cost, weight and size of electronic devices, thereby increasing the demand for sensors. Communication technologies such as satellite-based personal networks are expected to boost sensor demand. The consumer electronics and automotive industries exhibit high demand due to the use of multiple sensors.
Increased awareness of carbon footprint management is one of the major drivers of the smart grid sensors market. To combat global climate change and its adverse effects on the human body, utilities must follow social and legal obligations, in particular reducing greenhouse gas emissions carbon dioxide (CO2) on the carbon dioxide emissions resulting from large amounts of carbon dioxide entering the atmosphere.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Infrastructure
Growth Rate
9.7% CAGR
Global Smart Grid Sensors Market ($ Bn)
Country Share for North America Region (%)
Global Smart Grid Sensors Market By End-User (%)
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Global Smart Grid Sensors Market Segmental Analysis
Global smart grid sensors market is divided into type, end-user, application, and region. By type, the market can be segmented into image sensor, motion sensor, voltage and temperature sensors, outage detection, touch sensor, and temperature sensor. Based on end-user, the industry is categorized into utility, industrial, residential, and commercial. By application, the market can be segmented into advanced metering infrastructure, smart grid distribution management, supervisory control and data acquisition, smart energy meter, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The touch sensor segment is expected to hold the largest share of the global smart grid sensors market. Tactile devices are widely used in applications as diverse as consumer electronics, automotive, healthcare, and industrial automation. Growing demand for touch devices such as smartphones, tablets and interactive kiosks is driving the segment’s growth. Moreover, the increasing use of touch sensors in car infotainment systems and home automation devices further contributes to the dominance of this segment.
The motion sensor segment is one of the fastest growing segments in the global smart grid sensors market. Motion or speed sensors are used in a location to identify devices used in security systems, gaming devices, smartphones, and automotive systems A growing concern about safety and security, taking over motion gaming use with automation devices is driving the demand for motion sensors. Moreover, the increasing use of motion sensors in smart lighting systems and energy-saving home appliances is fueling the growth of this segment.
Analysis by End-User
The automotive industry dominated the global smart grid sensors market. Smart sensors find a wide range of applications in vehicles for a variety of purposes including safety, comfort and performance. It is used in Advanced Driver Assistance Systems (ADAS) for features such as collision avoidance, lane departure warning and adaptive cruise control. Increasing focus on automotive safety regulations and increasing demand for connected and autonomous vehicles are driving the adoption of smart sensors in the automotive industry Lightning-mounted intelligent monitors energy vehicles (EVs) and hybrids further contribute to the dominance of the segment.
While the infrastructure segment is the fastest growing end-use segment in the smart grid sensors market. Smart sensors are used in infrastructure applications such as smart buildings, smart cities and intelligent transport systems. For example, smart buildings use smart sensors to monitor the environment, detect occupants and energy consumption. The growth of smart cities and the need for more efficient and sustainable products are driving the adoption of smart sensors in this sector. The integration of smart sensors in transport systems, including traffic management and smart parking, further contributes to the growth of the infrastructure segment.
Global Smart Grid Sensors Market By End-User, 2022 (%)
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Global Smart Grid Sensors Market Regional Insights
North America dominated the global smart grid sensors market. The program benefits from advanced technological infrastructure, highly developed companies and significant investments in research and development. U.S. especially in a pivotal position due to its strong presence of key market players and rich ecosystem of innovation. The dominance of this region can be attributed to the widespread adoption of smart sensor technologies in various industries such as automotive, including aerospace, healthcare and consumer electronics), Internet of Things (Applications such as IoT) devices, home automation systems, etc. are seeing increased demand for smart sensors. Furthermore, focus on manufacturing efficiencies its increased performance has greatly led to the adoption of smart sensors in industrial automation.
The Asia Pacific region is witnessing rapid growth in the smart grid sensors market and is poised to be the fastest growing region. Countries such as China, Japan, South Korea and India are the major contributors to this growth. APAC’s dominance in the market is primarily driven by factors such as the availability of more consumers, increased disposable income and increased demand for consumer electronics and vehicles.
Global Smart Grid Sensors Market By Region, 2024-2031
- Largest
- Fastest
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Global Smart Grid Sensors Market Dynamics
Drivers
Increasing Demand for IoT (Internet of Things) Devices and Applications
- One of the major drivers for the growth of the global smart grid sensors market is the increasing demand for IoT (Internet of Things) devices and applications. The proliferation of connected devices, the need for seamless connectivity and data exchange has led to an increase in the adoption of smart sensors. These sensors play an important role in collecting and transmitting data from IoT devices, and enable real-time monitoring, automation and advanced decision making with Industries recognizing the benefits and potential of IoT-enabled smart sensor technology.
Supporting Legislative Framework for Governments Worldwide to Promote Smart Grid Implementation
- Governments around the world have imposed several supporting policies and mandates focused on implementing smart grids and spreading awareness of energy storage. This regulation is driving the adoption of smart grid technologies for industrial, commercial and residential.
- Through American Reinvestment and Reinvestment Act (Reinvestment) funds of 2009, the Department of Energy (DOE) was awarded $4.5 billion (about $14 per person in the US) to modernize 8 of the 99 cost-sharing projects in partnership with the DOE and the electricity industry has been in the Smart Grid Investment Grant ( SGIG) program Investing billions of dollars, with more than 200 electricity utilities and other sectors involved in modernizing electric grid systems, strengthening cybersecurity, working a further, and collect unprecedented data on smart grid operations and benefits.
Restraints
High Cost of Installing Smart Grids
- The first phase of smart grid implementation is costly. It could restrain the growth of the global smart grid sensors market. Local and national governments play an important role in transforming the energy system. Smart grid technology requires a significant initial investment to create messages that will provide two-way communication between the utility and its customers.
Efficient Storage and Management of Complex Data Generated by Smart Grid Infrastructure
- The implementation of smart grid technology has resulted in a wealth of extremely complex data. The data covers customer profiles, utility consumption, transmission cycle, etc. It is not structured properly and needs to be processed to yield important insights. The constant flow of data from nodes in the network poses challenges for smart grid solution providers to collect and manage this data. Unmanaged data can pose many threats and can ultimately become complicated to gain valuable insights from the data. The relevant authorities should build robust data centers and implement analytics solutions without increasing costs.
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Global Smart Grid Sensors Market Competitive Landscape
The competitive environment of the Global Smart Grid Sensors Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global smart grid sensors market reflects a competitive environment characterized by several key players looking to capitalize on the growing demand for advanced sensor solutions in the energy sector. ABB is a leading provider of smart grid sensors and a comprehensive range of solutions to suit the needs of the utility and energy industry. The company’s division includes sensors for grid monitoring, automation and control, with a focus on increasing grid reliability and efficiency.
Top Player’s Company Profiles
- STMicroelectronics N.V. (Switzerland)
- NXP Semiconductors N.V. (Netherlands)
- Texas Instruments Incorporated (US)
- Analog Devices, Inc. (US)
- Sensirion AG (Switzerland)
- TE Connectivity Ltd. (Switzerland)
- Panasonic Corporation (Japan)
- Omron Corporation (Japan)
- Murata Manufacturing Co., Ltd. (Japan)
- Siemens AG (Germany)
- Robert Bosch GmbH (Germany)
- Microchip Technology Inc. (US)
- Amphenol Corporation (US)
- Emerson Electric Co. (US)
- ON Semiconductor Corporation (US)
- STMicroelectronics (France)
- Rockwell Automation, Inc. (US)
Recent Developments
- In May 2023, Bosch Sensortec collaborated with TDK Corporation to develop new smart environment sensors for use in smart homes, buildings and cities.
- In March 2023, Infineon Technologies partnered with Motion Gesters, a developer of hands-free gesture recognition software, to integrate motion sensing capabilities into Infineon’s smart sensor solutions.
- In May 2021, Thai energy firm Impact Solar partnered with Hitachi ABB Power Grids to deliver the largest privately owned microgrid energy storage system in the country.
Global Smart Grid Sensors Key Market Trends
- Rising Adoption of Edge Computing: A major market trend in the global smart grid sensors market is the increasing adoption of edge computing and edge analytics capabilities. Edge computing requires data to be processed and analyzed at source, at the edge of the network, rather than relying on a centralized cloud infrastructure. This trend stems from the need to process data in real time, reduce latency and it improves operational efficiency. By leveraging edge computing, smart sensors can deliver faster response times, enable localized decision-making, and reduce reliance on live Internet connections for those who need to work faster and nearly instantaneous decision making is reduced for applications.
Global Smart Grid Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Several government policies and regulations are expected to drive the market growth. Governments are gradually investing in this technology because they expect it to help them achieve targets of reducing carbon emissions and sustaining economic prosperity in the long run. Moreover, many countries have net energy metering protocols and equipment already, others are still exploring the technology and its mechanisms, which are expected to provide the market with lucrative opportunities. For example, in 2020, the Indian finance minister announced that government aims to replace all conventional electricity meters with smart meters within three years. These government initiatives by governments of countries around the world enhance market development.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 43.76 billion |
| Market size value in 2031 | USD 260.09 billion |
| Growth Rate | 9.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Grid Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Grid Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Grid Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Grid Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Grid Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Grid Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart Grid Sensors Market Report Snapshots
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