Asia Pacific Smart Grid Sensors Market Size, Share & Industry Trends Analysis Report By Application, By Type (Voltage & Temperature Sensors, Outage Detection and Others), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Smart Grid Sensors Market would witness market growth of 16.0% CAGR during the forecast period (2022-2028).
Smart Grid technology will allow the grid to adapt more effectively to the dynamics of distributed generation and renewable energy sources, making it easier for utilities and customers to utilize these resources and profit from them. It is difficult for the grid to take input from many dispersed energy resources since the present infrastructure was built to transport electricity from centralized supply sources to fixed, predictable demands.
Moreover, the grid will need integrated monitoring and control and integration with substation automation to govern various energy flows and arrange for standby capacity to supplement intermittent generation because of intermittent supplies like solar and wind power. Controlling bidirectional power flows as well as monitoring, managing, and supporting these remote resources will be made simpler by smart grid capabilities.
Customers are given the means to take advantage of real-time power pricing, incentive-based load reduction signals, or emergency load reduction signals via sophisticated communications capabilities. Moreover, a smart grid may enable the distribution generation resources like domestic solar panels, which allow small participants like individual residences and small businesses to sell their conserved energy to neighbors or back to the grid. The same will apply to bigger commercial enterprises with backup or renewable power systems that may provide electricity for a fee at peak demand, which usually occurs in the summer when air conditioners burden the grid.
The Ministry of Power (MOP) also adopted a Vision and Roadmap of Smart Grid for India in August 2013 after considering the need to convert the grid to a SmartGrid. After early technology demonstrations and allowing business models to enable public and private financial flows to scale up SmartGrid implementation, the NSGM is anticipated to operate as a catalyst to encourage the adoption of SmartGrid technologies and standards by utilities. The performance of SmartGrid throughout the nation will be planned, designed, and supported by the NSGM. The State Level Project Management Units (SLPMUs), capacity development, and creating preparation for successful SmartGrid deployment are the main areas of concentration for the NSGM at the state level. As a result, the market for smart grid sensors in the Asia Pacific is anticipated to grow.
The China market dominated the Asia Pacific Smart Grid Sensors Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $109.6 Million by 2028. The Japan market is experiencing a CAGR of 15.3% during (2022 - 2028). Additionally, The India market would display a CAGR of 16.8% during (2022 - 2028).
Based on Application, the market is segmented into Smart Energy Meter, Advanced Metering Infrastructure, Smart Grid Distribution Management, Supervisory Control & Data Acquisition and Others. Based on Type, the market is segmented into Voltage & Temperature Sensors, Outage Detection and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Grid Sensors Market is Projected to reach USD 913.8 Million by 2028, at a CAGR of 15.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Siemens Energy AG, ABB Group, Renesas Electronics Corporation (Echelon Industries Corporation), Aclara Technologies LLC. (Hubbell Incorporated), Landis+Gyr Group AG, Itron, Inc., S&C Electric Company, Trilliant Holdings, Inc., and Sentient Energy, Inc. (Koch Engineered Solutions) (Koch Industries, Inc.)
Scope of the Study
Market Segments Covered in the Report:
- Smart Energy Meter
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Supervisory Control & Data Acquisition
- Voltage & Temperature Sensors
- Outage Detection
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- General Electric Company (GE Grid Solutions)
- Siemens Energy AG
- ABB Group
- Renesas Electronics Corporation (Echelon Industries Corporation)
- Aclara Technologies LLC. (Hubbell Incorporated)
- Landis+Gyr Group AG
- Itron, Inc.
- S&C Electric Company
- Trilliant Holdings, Inc.
- Sentient Energy, Inc. (Koch Engineered Solutions) (Koch Industries, Inc.)
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