LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global smart grid sensors market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Thanikachalam Chandrasekaran, a lead analyst from Technavio, specializing in research on smart grid sector, says, “The demand for smart grid sensors is expected to grow at a rapid pace during the forecast period. There has been an increasing focus by utilities on the adoption of technologies that make the grid more reliable, as well as the addition of resources such as renewable power into the grid, without compromising the integrity of the grid.”
The global smart grid sensors market is expected to reach USD 261.01 million by 2021, growing at a CAGR of over 15%. The power grids in developed countries such as the US, Canada and several countries of Europe are aging. As the grid ages, the functioning of the equipment deteriorates causing congestion or lag, which can ultimately lead to outages. The problem of congestion can be solved by upgrading the infrastructure. However, it requires a substantial amount of investment and time.
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The top three emerging trends driving the global smart grid sensors market according to Technavio research analysts are:
Increased demand for power generation and changing energy landscape
Power demand has increased exponentially across the globe. Further growth in the population and the global economy is expected to drive this trend in the future as well. According to the World Bank, the global population is projected to increase from 6.7 billion in 2011 to 8.7 billion by 2035.
“While power generation is moving to low carbon or no carbon fuels, utilities and energy companies are making efforts to shift and accommodate these fuels by changing the functioning of the grid,” according to Thanikachalam.
Aging power grids
Climate change policies and improvements in technology have resulted in electricity generation from low-carbon or no-carbon renewable sources such as solar, wind, and hydro. As most of the countries are becoming aware of the depletion of fossil fuel resources and the associated carbon emission regulations, they are gradually moving toward renewable energy, which is harnessed from the wind and solar sources to meet their carbon emission goals and reduce the dependence on fossil fuels.
Upgrading to superconducting transformers, gas insulated substations, and flexible AC transmission system (FACTS) and high-temperature superconductor (HTS) cables, smart grid sensors are some of the promising solutions for increasing the energy efficiency and reducing T&D losses. Each of the devices individually provides modest savings.
Increasing use of IoT devices
Globally, there has been a rapid development in the deployment of smart devices, such as smart home appliances and smart thermostats, which can adjust according to the changing dynamics of grids. Utilities are transitioning to smart grids due to the benefits provided by them in achieving improved efficiency and reduced stress on the grid.
The first step in moving to the smart grid is the replacement of old electric meters with smart meters. This allows the utilities to gain more information about the power consumption pattern and reduce the T&D commercial losses.
The key vendors are as follows:
- Aclara Technologies
- General Electric
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