The global smart grid sensor market is estimated to be valued at nearly US$ 174 Mn in 2017 and is projected to reach nearly US$ 1,450 Mn by 2025 end. Sales revenue is expected to exhibit a CAGR of 30.3% during the forecast period (2017–2025).
Increasing R&D expenditure is aiding the market growth of smart grid sensors in North America
Advancement in measurement science and standards for smart grid technologies is resulting in increasing expenditure on research and development. These new methods and standards are being developed to enhance the potential of smart grid sensors. Demand for these grid sensors is increasing and thus, innovation in the technology for grids is necessary. This is one of the driving factors for the growth of the smart grid sensor market in the region. For instance, Emera Inc., which is a utility service company based in Canada, is investing US$ 6.2 million in setting up a research center for smart grid technologies at the University of New Brunswick.