New York, United States , May 16, 2023 (GLOBE NEWSWIRE) -- The Global Power Grid System Market Size is to grow from USD 11.34 billion in 2022 to USD 32.78 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
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The power grid system is a sophisticated and intricate infrastructure that enables the generation, transmission, and distribution of electricity on a large scale. Power plants, ranging from traditional fossil fuel-based to renewable energy sources like solar, wind, and hydro, generate electricity. This power is then transmitted over a network of high-voltage transmission lines and substations to distribution networks, which deliver electricity to homes, businesses, and industries. The power grid system is a critical component of modern society, powering homes, hospitals, schools, factories, and more. It plays a pivotal role in supporting economic growth, improving the quality of life, and enabling technological advancements. However, the power grid system also faces challenges such as aging infrastructure, increasing demand, and transitioning to more sustainable energy sources for a greener future.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Power Grid System Market Size, Share, and COVID-19 Impact Analysis, By Components (Cables, Variable Speed Drives, Transformers, Switchgears, and Others), By Application (Captive Generation, Wind Power, and Others), By Depth (Shallow Water and Deepwater), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here
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The captive generation segment is expected to grow at a higher CAGR of 12.5% over the forecast period
The global power grid system market is categorized based on application. Captive generation is expected to grow in the global power grid system market due to the increasing need for reliable and uninterrupted power supply for industries, commercial buildings, and large-scale facilities. Captive generation refers to the on-site generation of electricity by end-users, allowing them to have control over their power supply and reduce reliance on the grid. Factors such as rising energy demand, grid instability, and the desire for energy self-sufficiency are driving the growth of captive generation. Additionally, advancements in distributed generation technologies, such as cogeneration and microgrids, are further boosting the captive generation segment in the power grid system market.
The shallow water segment dominated the market with around 54.7% revenue share in 2022
Based on the depth, the global power grid system market is segmented into shallow water and deep-water. The shallow water category accounted for the largest share in 2022. This is due to its suitability for various applications and ease of installation. Shallow water areas typically have water depths that are suitable for offshore wind farms and other renewable energy projects, making them ideal for the installation of offshore grid infrastructure. Additionally, shallow water areas are often located closer to shore, which reduces the complexity and cost of underwater cable installation. As a result, the shallow water category has witnessed significant adoption and has contributed to the largest share in the power grid system market.
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Asia-Pacific is expected to grow at a higher CAGR of around 13.4% over the forecast period.
Based on region, the Asia Pacific region is expected to witness significant growth in the power grid system market due to various factors. The region has a high demand for electricity due to rapid industrialization, urbanization, and population growth, which has resulted in the need for grid expansion and modernization. Moreover, the increasing adoption of renewable energy sources, government initiatives promoting clean energy, and rising investments in transmission and distribution infrastructure are expected to drive the growth of the power grid system market in the region. Additionally, the increasing focus on energy security, digitalization, and smart grid technologies is expected to further fuel the market's growth in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global power grid system market includes Siemens AG, ABB Ltd., General Electric Company, Schneider Electric SE, Hitachi Ltd., Mitsubishi Electric Corporation, Eaton Corporation PLC, Cisco Systems, Inc., Honeywell International Inc., Toshiba Corporation, Hyundai Electric & Energy Systems Co., Ltd., Crompton Greaves Limited, Fuji Electric Co., Ltd., Prysmian Group, Alstom SA and Others.
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