Global Smart Grid Sensors Market 2017-2021
About Smart Grid Sensors
Smart grid sensors are compact electrical devices used for detecting and monitoring power system equipment. They track the power line temperatures and weather conditions around the power cables, and are also used to calculate the current carrying capacity of transmission lines.
Technavio’s analysts forecast the global Smart Grid Sensors market to grow at a CAGR of 15.28% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart grid sensors market for 2017-2021. To calculate the market size, the report considers the new installations and exclude replacement/ aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Grid Sensors Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart grid sensors market: ABB, Aclara Technologies, Eaton, and General Electric.
Other Prominent Vendors in the market are: Arteche, Landis+Gyr, Metrycom Communication, Mitsubishi Electric, Powel, QinetiQ, Sentient Technologies Holdings, and Silver Spring Networks.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is aging power grids. Climate change policies and improvements in technology have resulted in electricity generation from low-carbon or no-carbon renewable sources such as solar, wind, and hydro. As most of the countries are becoming aware of the depletion of fossil fuel resources and the associated carbon emission regulations, they are gradually moving toward renewable energy, which is harnessed from the wind and solar sources to meet their carbon emission goals and reduce the dependence on fossil fuels.”
According to the report, one of the major drivers for this market is transition to smart grids. The power utility sector is undergoing a major change from a rigid structure to a system that is more flexible. These changes are driven by climate change policies, urbanization, and technological breakthroughs. This paradigm shift in the power sector is achieved by the deployment of Advanced metering infrastructure (AMI) and supervisory control and data acquisition SCADA systems, which ensure the integration of smart technologies into the grid, thereby enabling utilities to have greater control over the functioning of the grid.
Further, the report states that one of the major factors hindering the growth of this market is concerns over cyber security. The smart grid infrastructure uses Internet technologies, and hence, it is extremely vulnerable to security threats in the absence of a robust cyber security setup. Smart grids are also highly susceptible to the threat of virus attacks on their software. Traditionally, as power utilities have not been exposed to such security issues, they lack the experience or expertise to deal with these new issues.
ABB, Aclara Technologies, Eaton, General Electric, Arteche, Landis+Gyr, Metrycom Communication, Mitsubishi Electric, Powel, QinetiQ, Sentient Technologies Holdings, and Silver Spring Networks.
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