Nowadays, cognitive radio is one of the most promising paradigms in the arena of wireless communications, as it aims at the proficient use of radio resources. Proper utilization of the radio spectrum requires dynamic spectrum accessing. To this end, spectrum sensing is undoubtedly necessary. In this chapter, various approaches for dynamic spectrum access scheme are presented, together with a survey of spectrum sensing methodologies for cognitive radio. Moreover, the challenges are analyzed that are associated with spectrum sensing and dynamic spectrum access techniques. Sensing beacon transmitted from different cognitive terminals creates significant interference to the primary users if proper precautions have not been taken into consideration. Consequently, cognitive radio transmitter power control are finally addressed to analyze energy efficiency aspects.