Technavio’s latest report on the global
smart grid sensors market provides an analysis of the
most important trends expected to impact the market outlook from
2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global smart grid sensors market from 2017-2021. (Photo: Business Wire)
Thanikachalam Chandrasekaran, a lead analyst from Technavio,
specializing in research on smart
grid sector, says, “The demand for smart grid sensors is
expected to grow at a rapid pace during the forecast period. There has
been an increasing focus by utilities on the adoption of technologies
that make the grid more reliable, as well as the addition of resources
such as renewable power into the grid, without compromising the
integrity of the grid.”
The global
smart grid sensors market is expected to reach USD 261.01
million by 2021, growing at a CAGR of over 15%. The power grids in
developed countries such as the US, Canada and several countries of
Europe are aging. As the grid ages, the functioning of the equipment
deteriorates causing congestion or lag, which can ultimately lead to
outages. The problem of congestion can be solved by upgrading the
infrastructure. However, it requires a substantial amount of investment
and time.
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The top three emerging trends driving the global smart grid sensors
market according to Technavio research analysts are:
Increased demand for power generation and changing energy landscape
Power demand has increased exponentially across the globe. Further
growth in the population and the global economy is expected to drive
this trend in the future as well. According to the World Bank, the
global population is projected to increase from 6.7 billion in 2011 to
8.7 billion by 2035.
“While power generation is moving to low carbon or no carbon fuels,
utilities and energy companies are making efforts to shift and
accommodate these fuels by changing the functioning of the grid,”
according to Thanikachalam.
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.
Upgrading to superconducting transformers, gas insulated substations,
and flexible AC transmission system (FACTS) and high-temperature
superconductor (HTS) cables, smart grid sensors are some of the
promising solutions for increasing the energy efficiency and reducing
T&D losses. Each of the devices individually provides modest savings.
Increasing use of IoT devices
Globally, there has been a rapid development in the deployment of smart
devices, such as smart home appliances and smart thermostats, which can
adjust according to the changing dynamics of grids. Utilities are
transitioning to smart grids due to the benefits provided by them in
achieving improved efficiency and reduced stress on the grid.
The first step in moving to the smart grid is the replacement of old
electric meters with smart meters. This allows the utilities to gain
more information about the power consumption pattern and reduce the T&D
commercial losses.
The key vendors are as follows:
-
ABB
-
Aclara Technologies
-
Eaton
-
General Electric
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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