Increased attention to automation and environmental data is driving demand for smart sensors as businesses and cities focus on environmental impacts in their operations.
Persistence Market Research has released its latest Smart Grid Sensor industry analysis for 2022. The report confirms that the sensor market will increase over the next few years, in part due to the increased use of IoT. The market is expected to grow at a CAGR of 13% from 2022 to 2025, with an exceeded valuation of $380 million by the end of 2022.
IoT smart grid technology can help reduce energy consumption and make networks more efficient. Connectivity will require improved sensors capable of capturing data and transmitting it in real time, enabling individuals and organizations to make better decisions about their energy consumption.
Increased attention to automation and environmental data is driving demand for smart sensors as businesses and cities focus on environmental impacts in their operations. With growing pressure from all sides to make energy use more efficient, the facts from the report are less surprising and more of a mere confirmation of what we’ve seen happen.
See also: Investments in IoT are on the verge of overtaking the cloud, according to a study
North America is expected to lead this upward trend, although South Asia and the Pacific accounts for the fastest growing market share. The adoption of smart city technology could be a driver with innovation in startup spaces.
The sensors themselves also contain information, as the report suggests that voltage and temperature sensors will account for 34% of the market. Smart energy meters will also see an increase in adoption.
Leveraging AI can help organizations achieve their energy goals, but these initiatives are only as good as the data that powers them. The report analyzes the market based on these sections:
- type of sensor: voltage/temperature sensors, fault detection sensors, transformer monitoring sensors, dynamic line power sensors and others
- application: smart energy meter, SCADA, Advanced Metering Infrastructure (AMI) and others
- final user: public network operators and private network operators
- Region: North America, Latin America, Europe, East Asia, South Asia and Pacific, and Middle East and Africa.