An increased focus on automation and environmental data is driving demand for smart sensors as companies and cities focus on environmental impacts in 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 coming years, partly due to increased IoT usage. The market is expected to grow at a CAGR of 13% from 2022 to 2025, with a surpassed valuation of $380 million by the end of 2022.
IoT smart grid technology can help reduce energy consumption and make grids more efficient. The connectivity will require improved sensors able to capture data and transmit in real-time, empowering individuals and organizations to make better decisions about their energy consumption.
An increased focus on automation and environmental data is driving demand for smart sensors as companies and cities focus on environmental impacts in operations. With mounting pressure from all sides to make energy consumption more efficient, the facts coming from the report are less surprising and more a simple confirmation of what we’ve seen happening.
See also: IoT Investments About to Overtake Cloud, Study Suggests
Key highlights in the report
North America is expected to lead this upward trend, although South Asia and the Pacific represent the fastest growing market share. The adoption of smart city technology could be a driver along with innovation in the startup spaces.
The sensors themselves also hold insights as the report suggests voltage and temperature sensors will account for 34% of the market. Smart energy meters will also see an upswing in adoption.
Leveraging AI can help organizations reach their energy goals, but these initiatives are only as good as the data feeding them. The report analyzes the market based on these sections:
- sensor type: voltage/temperature sensors, outage detection sensors, transformer monitoring sensors, dynamic line rating sensors, and others
- application: smart energy meter, SCADA, Advanced Metering Infrastructure (AMI), and others
- end-user: public grid operators and private grid operators
- region: North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa.