Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) -- The Global Power Grid Market is estimated to reach over USD 401.49 billion by 2031, exhibiting a CAGR of 4.86% during the forecast period.
The term "power grid" refers to interconnected distribution networks transporting electricity from power plants to customers. Renewable energy sources, especially wind energy, are collected by offshore power systems to provide electricity. The power grid market has offshore and subsea businesses as parents. Demand for electrical grids has been growing rapidly over time, and it is anticipated that this demand will continue to expand significantly throughout the foreseeable future.
The demand for the power grid market is anticipated to be driven by factors such as growing government programs for offshore renewable power generation and the urgent need to reduce carbon emissions and improve system reliability and efficiency. The main factors influencing the development of the global power grid industry also include the scarcity of fossil fuels as an energy source and the quickly escalating global warming.
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Recent Developments:
- In November 2022, launched by GE Renewable Energy is HYpact switchgear. It can be utilized in various settings, including onshore wind and transportable (truck-mounted) substations. It increases electricity network predictability while lowering operational costs for the client and their environmental effect.
- In March 2021, a private equity firm called Actis LLP decided to spend US$ 850 million to construct two green energy facilities in India. The second plant will connect to the commercial and industrial sectors, while the first will install grid-connected solar and wind power plants.
List of Prominent Players in the Power Grid Market:
- ABB (Switzerland)
- Siemens (Germany)
- General Electric (US)
- Prysmian Group (Italy)
- Nexans (France)
- Schneider Electric (France)
- Mitsubishi Electric (Japan)
- Eaton (Ireland)
- Hitachi Energy (Switzerland)
- Powell Industries (US)
- Havells (India)
- LS Elctric (South Korea),
- Hubbell (India)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Fuji Electric (Japan)
- Sumitomo Electric (Japan)
- NKT (Denmark)
- Hyundai Electric & Energy Systems Co, Ltd (South Korea)
- Secheron (Switzerland)
- Southwire Company (US)
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Power Grid Market Research Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 265.96 Bn |
| Revenue forecast in 2031 | USD 401.49 Bn |
| Growth rate CAGR | CAGR of 4.86 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Component, Power Source And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The primary factors driving the development of the global power grid industry are the scarcity of fossil fuels as an energy source and the quickly escalating global warming. Other factors influencing the growth of the power grid industry include growing government allocations and private investment market players for power grid systems. The Internet of Things (IoT) and the growing availability of the newest technologically advanced systems in businesses reduce power outages and provide effective grid systems. This element is also anticipated to contribute somewhat to the expansion of the global power grid market.
Challenges:
The market for subsea power grids is being held back by a lack of skilled professionals in the industry, the low cost of producing energy on land, and environmental problems associated with the operation of offshore wind farms. High-end monitoring tools, such as data loggers, power quality analyzers, and data recorders, also include various features, including disturbance identification and localization, harmonic distortion analysis, and flicker detection. These gadgets are more complicated and expensive than inexpensive monitoring and other energy management equipment. Due to their high starting costs, HVDC transmission and sophisticated monitoring equipment cannot be widely used in utilities, which limits industry expansion.
Regional Trends:
The Europe power grid market is expected to register a major market share in the revenue. It is projected to grow at a high CAGR in the near future due to favorable government policies and the high demand for renewable energy sources in these areas. Furthermore, the construction of offshore wind farms is increasing in nations like Norway, the UK, and the Netherlands due to strict energy efficiency regulations, and the strong focus of most European nations on utilizing renewable energy sources for power generation propels European market growth.
Besides, Asia Pacific had a substantial share of the market. Several variables influence this increase, such as urbanization, population growth, and growing living standards. As a result, the region's energy needs are rising quickly, which has prompted governments to make significant investments in the infrastructure for power generation, transmission, and distribution. These elements are anticipated to expand the region's power grid market.
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Segmentation of Power Grid Market-
By Component-
- Cables
- Variable Speed Drives
- Transformers
- Switchgear
- Others
By Power Source-
- Oil
- Natural Gas
- Coal
- Hydro Electric
- Renewables
- Others
By Application-
- Generation
- Transmission
- Distribution
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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