Smart Grid Sensor : Upcoming Industry Trends Key Players Analysis

August 4, 2021

A smart grid is an electric power system that consists of automated control technology, sophisticated software solutions, and sensors for data control and data acquisition.
Smart grids have significantly attracted the attention of industries and governments. Currently, smart grid sensors are a highly progressive technology in the field of power generation, transmission, and distribution.
Smart grid sensors are exceedingly effective in sensing real-time data of climatic conditions and temperature of power lines while transmitting the energy.
The data sensed is then used to enhance the reliability of power transmission and lower the power dissipation, which eventually minimizes the cost. Thus, smart grid sensors are very useful in commercial and residential buildings to increase energy efficiency.

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A smart grid sensor has become an innovative technique that uses information & communication technology in the field of electricity generation, transmission, and distribution. The smart grid distribution management and software such as SCADA (Supervisory Control and Data Acquisition) have together improved the existing power grid system in terms of adaptability, reliability, and efficiency. These factors are expected to promote growth of the smart grid sensor market during the forecast period.
Moreover, the latest smart grid sensors do not need batteries to function. In other words, they are inductively powered.
Furthermore, advancements in measurement science and standards for smart grid technologies have resulted in increased spending on research and development. This is anticipated to drive the smart grid sensor market in the near future.

In terms of region, the global smart grid sensor market can be divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
Asia Pacific is anticipated to constitute a significant share in the global smart grid sensor market during the forecast period, owing to presence of a large number of power-generating companies in the region.
The smart grid sensor market is highly fragmented with various start-ups proliferating in the market, especially in developing economies in Europe. Manufacturers are increasing investments in research and development to offer innovative techniques for dissipation loss optimization while transmitting power to the general public in this region.
Furthermore, North America is expected to show significant growth in the global smart grid sensor market with increase in use of power equipment due to rising power consumption.

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