Global Smart Grid Sensor Market to Reflect Significant Incremental Opportunity of US$ 1,447.3 Mn in Revenues by 2025-end
The global energy sector is transitioning into intelligent, efficient network of power supply and smart grids. 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 millions of dollars. Therefore, smart grid sensors are expected to gain surplus demand in tomorrow’s energy industry. Persistence Market Research’s latest report on the market, which is currently valued at a little over $ 128 Mn, wants soar at a stellar CAGR of 30.3% to bring in US $ 1,447.3 Mn in revenues by the end of 2025.
During the assessment period, 2017-2025, the global smart grid sensor market will have a steadfast growth. In this period, the dynamic growth of the global smart grid sensor market will be impacted by several factors
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Ineffectiveness of older power grids, increasing energy demands, and implementation of smart metering systems has thus driven the global demand for smart grid sensors. According to the report, entitled „Smart Grid Sensors Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017-2025,“ rising concern regarding safety and security of smart grids, and high implementation costs is likely to impede the global market’s growth, but to a certain extent.
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CAGR of 36.1%. Based on the region, Latin America’s smart grid sensors market is 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 for by sales of voltage / temperature sensors. In terms of application, smart energy metering is expected to dominate with more than 40% share, while revenue is estimated at 38.1% CAGR. The report thus includes ABB Ltd., Aclara Technologies LLC, General Electric Company, Honeywell International Inc., Eaton,
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