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Smart grid sensors market to reach $4 B by 2023

According to MRFR, the global smart grid sensors market is expected to secure approximately $4 B by 2023 at a CAGR of 18 % over the forecast period 2017-2023.

The conventional power grid system is being modernised into a smart grid to address issues such as power dissipation, concentrated information flow and growing safety and consistency concerns. The introduction of technologies such as supervisory control and data acquisition and smart grid network management has modernised the current power grid infrastructure to make performance, adaptability and reliability more sophisticated. The smart grid sensor is expected to show significant growth over the forecast period, relating to these factors.

On the other hand , security concerns and increased counterfeiting of energy utilities are presumed to hinder the growth of the market for smart grid sensors over the reporting period. In addition, the high energy consumption of smart grids is presumed to impede market growth over the projected period. In addition, the growing COVID 19 pandemics has created a major market disruption on the global level and its impact on the market is expected to continue in the foreseeable future.

The key players are: General Electric Company, ABB Ltd., Oracle Corporation, Cisco Systems, Inc., Siemens AG.

Source: Virtual-Strategy Magazine