Smart grids are next-generation power systems that reduce costs and energy consumption through data maintenance and use. Smart grid technology that supports the Internet of Things includes wireless devices such as radio modules, sensors, routers, and gateways. These devices provide connectivity and connectivity that help enable consumers to make better decisions about energy use.
IoT technology for smart grid is mainly used for automation and efficiency improvement. It uses IoT technologies and environmental data in renewable energy sources that help maximize the use of green sources of energy and improve energy production.
One of the applications of IoT in smart grids is the Lumin power management platform. The company offers IoT-based applications in smart grids that help reduce emissions, achieve cost savings, and facilitate green energy adoption at the same time.
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Other developments in the market include:
- in a January 2020Honeywell has announced a partnership with Verizon. This partnership helps the company accelerate and simplify the deployment of smart, communication-enabled sensors and controls for smart electric grids.
- in a May 2020, Toshiba has acquired cyberGRID. This acquisition helps the company accelerate its business by delivering bold innovation for smart homes through retail with the help of home automation for GE Lighting, LLC.
The main takeaway from the market study
- Voltage/temperature sensors are expected to capture a leading market share of 34%.
- North America Expected to lead the market, followed by Europe. South Asia & Pacific is expected to emerge as the fastest growing regional market through 2025.
- Smart energy meters will be a dominant sector and will rise at around 16% compound annual growth rate (CAGR) from 2022 to 2025.
- market in India It is expected to advance at a compound annual growth rate of approximately 17% through 2025.
- In the GCC, sales are expected to increase at a compound annual growth rate of close to 19% over the past few years.
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“Increased initiatives to reduce carbon emissions by governments and the emergence of smart projects around the world have stimulated demand for smart grid sensors,” says Issir Market Research Analyst.
Integration of artificial intelligence with smart grids to stimulate demand for smart grid sensors
Smart grid monitoring systems generally use smart sensors to measure electric and magnetic fields in power lines. These sensors connected to power line poles collect data and send it to units that use artificial intelligence algorithms to analyze the data. In smart grid solutions, artificial intelligence can predict energy demand based on data such as energy markets, weather, and human behavior.
- For example, Myst AI uses artificial intelligence to predict renewable energy generation, energy market prices, and energy demand across different regions.
These insights help facilities reconcile energy supply and demand. AI-enabled sensors can detect the exact location of a failure and help prevent large-scale power outages.
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More valuable ideas on offer
Perseverance market research report on Smart Grid Sensors Market is segmented into five main sections – Sensor (Voltage/Temperature Sensors, Interruption Detection Sensors, Transformer Monitor Sensors, Dynamic Line Rating Sensors, etc.), Application (Smart Power Meter, SCADA, Advanced Measurement Infrastructure (AMI), etc.), end user (public network operators and private network operators), and region (North AmericaAnd Latin americaAnd EuropeAnd East AsiaAnd South Asia & Pacific, and Middle east & Africa), to help readers understand and evaluate profitable opportunities in smart grid sensor demand forecasting.
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