New York, United States , Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Global Electrical Grid Market Size is Expected to Grow from USD 263.27 Billion in 2023 to USD 452.9 Billion by 2033, at a CAGR of 5.57% during the forecast period 2023-2033.
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A network of power suppliers and customers connected by transmission and distribution lines and administered by one or more control centers is known as an electrical grid. Delivering energy from generation sources to consumers over a large region is a complicated and significant system. Generation facilities, transformers, transmission lines, substations, distribution lines, and consumers are some of the parts that make up the grid. The electrical grid market is propelled by a number of factors, the first is the growing need for dependable and effective power distribution and transmission networks, which is being fueled by the world's population growth and increasing urbanization. With more people living in cities, there is an increasing need for a strong and durable electrical infrastructure. The transition to renewable energy sources, which include wind, solar, and hydropower, is another important factor. The growth and development of the electrical grid market are hindered by various limiting factors. A significant obstacle is the substantial investment necessary to upgrade and modernize the current grid infrastructure, which can pose a financial challenge, especially for developing countries and regions with limited resources.
Browse key industry insights spread across 209 pages with 110 Market data tables and figures & charts from the report on the " Global Electrical Grid Market Size, Share, and COVID-19 Impact Analysis, By Source (Natural Gas, Coal, Hydro, Renewables, and Others), By Application (Generation, Transmission, and Distribution), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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The renewables segment is predicted to hold the largest market share through the forecast period.
Based on the source, the electrical grid market is classified into natural gas, coal, hydro, renewables, and others. Among these, the renewables segment is predicted to hold the largest market share through the forecast period. First off, the rapid expansion of renewable energy sources like solar, wind, and hydropower is being fueled by the worldwide movement towards decarbonization and sustainability. Globally, governments are putting laws and incentives in place to promote the use of renewable energy, which is leading to a rise in the installation of these systems and an increase in the amount of renewable energy that can be used by the electrical grid.
The generation segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the electrical grid market is divided into generation, transmission, and distribution. Among these, the generation segment is anticipated to hold the highest market share during the projected timeframe. This is explained by the continued requirement for dependable and effective infrastructure for power generation in order to supply the rising demand for electricity throughout the world. Strong and scalable power generation capabilities are now essential as population increase and industrialization propel economic expansion. Additionally, in order to incorporate intermittent energy sources like solar, wind, and hydropower into the electrical system, large investments in grid-scale generation assets are becoming necessary.
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Asia Pacific is estimated to hold the largest share of the electrical grid market over the forecast period.
Asia Pacific is estimated to hold the largest share of the electrical grid market over the forecast period. First off, the area is rapidly becoming more urbanized and economically growing, which is driving up demand for power in both the household and commercial sectors. To keep up with this increased need for energy, nations like China, India, and Southeast Asia are making significant investments in the upgrading and extension of their electrical grid infrastructure. Furthermore, with nations like China, India, and Japan rapidly increasing their solar, wind, and hydroelectric capacity, the Asia Pacific area is leading the world's shift to renewable energy sources. In order to properly integrate and manage the intermittent nature of these energy sources, the demand for smart grid solutions and advanced grid technologies is being driven by this transition towards renewable energy.
Europe is expected to grow the fastest during the forecast period. This is driven by several key factors. First off, substantial investments in the renovation and growth of the electrical grid infrastructure in the region are being driven by the European Union's ambitious energy and climate targets, such as the aim of becoming carbon neutral by 2050. This covers integrating renewable energy sources, implementing smart grid technology, and enhancing the efficiency and resilience of the grid. In addition, there is a great need for grid renovation and upgrades due to the region's aging grid infrastructure and the requirement to handle the growing penetration of distributed energy resources like rooftop solar and electric vehicles. The electrical grid market in Europe is expanding at an accelerated rate as a result of policies and incentives being implemented by governments and regulatory organizations to promote the use of these cutting-edge grid technologies.
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. Major key players in the electrical grid market include ABB Limited, Hitachi Energy, Toshiba Corporation, Siemens AG, Sumitomo Electric, Fuji Electric, General Electric, Schneider Electric SE, Havells, Eaton, and Others.
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Recent Developments
- In August 2024, GE Vernova and Systems With Intelligence (SWI), on August 27, 2024, signed a memorandum of understanding (MoU) at the CIGRE event in Paris to develop advanced substation monitoring solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the electrical grid market based on the below-mentioned segments:
Global Electrical Grid Market, By Source
- Natural Gas
- Coal
- Hydro
- Renewables
- Others
Global Electrical Grid Market, By Application
- Transmission
- Distribution
- Generation
Global Electrical Grid Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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