Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- The "Power Grid Market by Component (Cables, Variable Speed Drives, Transformers, Switchgear), Power Source (Oil, Natural Gas, Coal, Renewables), Application (Generation, Transmission, Distribution) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global power grid market is estimated to grow from USD 282.1 Billion in 2023 to USD 367.4 Billion by 2028; it is expected to record a CAGR of 5.4% during the forecast period.
Increasing electrification of the industrial processes leads to an increase in the energy demand which drives the power grid market.
Transformers: The second largest segment of the power grid market, by component.
Based on components, the power grid market has been split into five types: cables, variable speed drives, transformers, switchgear, and others. The transformers were estimated to have the second-largest share of the power grid market in 2022. Transformers are essential components of grid infrastructure that play a critical role in the transmission and distribution of electrical power. These devices are used to transfer electrical energy from one circuit to another, enabling the efficient distribution of power over long distances.
The Renewables segment is expected to emerge as the largest segment based on power sources.
By power source, the power grid market has been segmented into oil, natural gas, coal, hydroelectric, renewables, and others. Renewables are expected to be the largest share of the power grid market in 2022. Renewables are also becoming increasingly competitive in terms of cost, with the price of solar and wind power dropping significantly in recent years. They offer an opportunity for countries to reduce their reliance on imported fossil fuels and improve energy security.
By Application, the Transmission segment is expected to be the fastest growing market during the forecast period.
Based on Application, the power grid market is segmented into generation, transmission, and generation. The transmission segment is expected to be the fastest-growing segment during the forecast period. Without an efficient transmission network, electrical energy would need to be generated close to where it is consumed, which would be prohibitively expensive and impractical. Power transmission is essential for ensuring electrical energy is delivered reliably and without interruption.
Middle East and Africa are expected to be the second fastest-growing region in the power grid market.
Middle East and Africa are expected to be the second fastest power grid market during the forecast period. Several factors contribute to this growth, including population growth, urbanization, and rising standards of living. As a result, the demand for energy in the region is increasing rapidly, leading governments to invest heavily in power generation, transmission, and distribution infrastructure. These factors are expected to fuel the growth of the power grid market in the region.
Market Dynamics
Drivers
- Electrification of Industrial Processes and Fleets
- Investments in Upgrading and Expanding Transmission and Distribution Infrastructure
- Transition from Traditional to Electric Two-Way Power Flowing Grids
Restraints
- High Installation Cost of Hvdc Transmission Systems and High-End Monitoring Devices
- Lack of Common Standards for Ev Charging and Integration of Renewable Energy into Power Grid
Opportunities
- Rapid Urbanization and Digitalization
- Focus of Governments Worldwide on Reducing At&C Losses of Power Distribution Utilities
- Rising Use of Power Grids by Ev and Hv Users to Charge Vehicles
Challenges
- Delays in Grid Expansion Projects due to Unclear Regulations and Lengthy Approval Processes
- High Adoption of Energy-Efficient Equipment and Processes by Industrial and Residential Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 216 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $282.1 Billion |
| Forecasted Market Value (USD) by 2028 | $367.4 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Power Grid Market, by Component
7 Power Grid Market, by Power Source
7.1 Introduction
7.2 Oil
7.3 Natural Gas
7.4 Coal
7.5 Hydroelectric
7.6 Renewables
7.7 Others
8 Power Grid Market, by Application
8.1 Introduction
8.2 Generation
8.3 Transmission
8.4 Distribution
9 Power Grid Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- ABB
- Eaton
- Fuji Electric
- General Electric
- Havells
- Hitachi Energy
- Hubbell
- Hyundai Electric & Energy Systems Co., Ltd.
- LS Electric
- Mitsubishi Electric
- Nexans
- NKT
- Powell Industries
- Prysmian Group
- Schneider Electric
- Secheron
- Siemens
- Southwire Company
- Sumitomo Electric
- Toshiba Energy System & Solutions Corporation
For more information about this report visit https://www.researchandmarkets.com/r/38k0yj
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