Persistence Market Research forecasts market growth to be driven by the increased adoption of smart and distributed energy resources in a bid to improve grid reliability.
At the same time, global utility efforts to address severe weather conditions and inefficient power balancing will result in an increase in installation of power network sensors.
Moreover, Persistence Market Research predicts that the rise in the deployment of systems including smart metering and meter data analytics will create opportunities in the market.
The US and Canada are forecasted to lead the market globally, followed by European countries France, Germany, Italy, Spain, and the UK. [FP&L smart grid project wins ISGAN award].
[quote] However, the Asia Pacific region is expected to witness high growth rates in the next five years with China and Japan holding a large share in the region’s smart grid sensor market.
Smart grid sensors are used by distribution companies to remotely monitor power network lines and other equipment, including transformers and the demand side of a grid, to ensure optimal operations of the energy networks through real time management. [Battery storage for smart grid grows 73% through to 2020].
Sensors can also be used within homes and businesses to increase energy efficiency.
Based on the sensor type, the global smart grid sensor market is divided into four segments namely the energy conservation sensors segment, humidity and temperature sensors, current sensors, and the oil moisture sensors.
Smart grid adoption in the Middle East and Africa
Meanwhile, a new report released by the International Data Corporation (IDC) predicts that the Middle East and Africa region will invest more than $6.6 billion in IoT hardware, software, services, and connectivity this year.
In its updated its Worldwide Semiannual Internet of Things Spending Guide, the IDC notes that the utilities industry is the second largest, with a projected IoT spend of almost $800 million in 2016.
The power sector is projected to be the second largest IoT market after manufacturing and transportation which are the vertical industries leading the way in terms of IoT investment in MEA.
Boosting the smart grid market is the non-smart meter field devices owned by the electric utility used to control and optimise power flow to ensure efficient, safe, and reliable service.
Image credit: Clean Energy Wire