According to the new research report, titled “Smart Grid Sensors Market Forecast to 2027 - COVID-19 Impact and Analysis,” published by The Insight Partners, the global smart grid sensorsmarket is expected to reach US$ 1,221.61 million by 2027, registering a CAGR of 18.3% during 2020-2027, the forecast period considered in the report. The scope of the study comprisesfactors contributing to the growth of the smart grid sensorsmarket.The reportalso providesestimation and forecast of revenues and analysis of market size, along with market players and their key developments.
APAC Accounted the Highest Market Share in 2019
Continuous developments in technologies, initiatives from governments,and increase in disposable income of the middle-income classare among the factors propelling the overall economic growth of APAC and transformingthe regionfrom developing to developed phase. The Power Transmission and Distribution Efficiency Enhancement Project inNepal is projected to enhance the quality and reliability of electricity supply in Kathmandu Valley, by lowering distribution system overloads and technical and commercial losses. The number of energy & power projects is increasingin APAC owing to huge investments, by the government,inthe proper installation of electric wires. For instance, the Enhancement and Strengthening of Power Transmission Network in the Eastern Region Project in Bangladeshis anticipated to enrich the reliability of electricity supply and lower load shedding in the eastern region. Increasing number of energy & power projects accelerates the adoption of smart grid sensors.
Several countries in the APAC are introducing smart grid concept for better transmission and distribution of energy. For instance, Japan developed a new interface standard, ECHONET Lite, for implementing the policy of direct communication interface between home energy management systems and smart meter. Japan’s Energy Conversation Act, sanctioned in 1979, which is further revised in 2010, focuses on taking efficient measures for the comprehensible use of energy by buildings, factories, and machinery equipment. Similarly, in India, the Ministry of Power launched the India Smart Grid Forum initiative to accelerate the development of smart grid infrastructure in the Indian power sector. Furthermore, the EV charging infrastructure sector in Asia is heavily driven by China, followed by Japan. In 2018, Shenzhen, a city in China, transformed the entire public transport system to electric vehicles (EVs), to considerably reduce air pollution. Moreover, Shanghai and Beijing are focusing on the adoptionof EVs. These activities haveconstantly createdsignificant requirements for the EV charging infrastructure over the years, and therefore, the demand for smart grid sensors in the region is rising.
Japan and China are among the leading countries in the smart grid sensors marketin APACowing to risinggovernment investments inthe development of the EV charging infrastructure and energy & power sectors. Hence, the requirement for the technologicallyadvanced smart grid sensors for the sensing diversified parameter is anticipated to boost the market growth during the forecast period.
Impact of COVID-19 Pandemic on Smart Grid Sensors Market
As per the latest figures of the WHO,onSeptember 25, 2020, there were32,029,704 confirmed COVID-19 cases with 979,212 total deaths across the world, and the number is growing at varying rates in variouscountries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is witnessingtheworst hit in 2020, and it is likely to continue in2021 also. The global energy & power industry is one of the major industries that aresuffering serious disruptions due to the COVID-19 crisis, which in turn,impacts the growth of the global smart grid sensorsmarket. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart grid sensors market.
Key Findings of Study:
Major players in the automotive sector are focusing on investing in the production of electric vehicles. There have been notable collaborations in recent years between automakers and tech companies to develop technologically advanced EVs using advanced technologies. For instance, in December 2019, Fiat Chrysler collaborated with the French automaker PSA Group to focus on the development of electric vehicles. Also, factors such as increasing awareness about the rising levels of greenhouse gas emission and negative impacts of conventional vehicle on environment is encourage key players to invest in electric vehicles. Various major companies are looking forward to invest in startups, which can eventually help them co-create products in the future. For example, in March 2019, Hyundai, with its subsidiary Kia, invested US$ 300 million in Ola Electric to manufacture mobility solutions and carsfor the Indian population.
Governments of developing countries are undertaking initiatives for reducing custom duty and taxes on various EV components. For example, in 2019, the government of India reduced the custom duty by 5% on EV components. This initiative led to a reduction in tax collected through EVs by 5%. Thus, increasing awareness among the consumers about the adverse effects on environment and the support from the government create lucrative opportunities for ICE vehicle manufacturers to invest in electric vehicle production.
Key players operating in the automotive market are aiming to develop electric vehicles. For instance, Volkswagen Group, including its brands Audi, Bentley, and Porsche, is aiming to increase its global production levels and product portfolio. The group plans to launch 70 electric models in the next ten years. With these initiatives, the company aims to help reduce 40% of emission levels by 2030.
Adoption of electric vehicles can radically minimize the dependency on oil; also, EVs do not emit any air pollutants when operating in all-electric modes. However, they do depend on the power plants for charging their batteries.
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