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 – 2032Industry: Energy & Power
Global Power Grid System Market Insights Forecasts to 2032
- The Power Grid System Market Size was valued at USD 16.43 Billion in 2022.
- The Market is Growing at a CAGR of 15.1% from 2023 to 2032
- The Worldwide Power Grid System Market Size is expected to reach USD 32.78 Billion by 2032
- Asia-Pacific is expected to Grow the fastest during the forecast period
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The Global Power Grid System Market is expected to reach USD 32.78 billion by 2032, at a CAGR of 11.2% during the forecast period 2023 to 2032.
The power grid system is a complex network of power generation, transmission, and distribution infrastructure that supplies electricity to homes, businesses, and industries. It includes power plants that generate electricity from various sources such as fossil fuels, renewable energy, and nuclear energy. The generated power is then transmitted through a network of high-voltage transmission lines and substations to distribution networks, which deliver electricity to local communities. The power grid system plays a critical role in providing reliable and affordable electricity to meet the energy needs of modern societies, supporting economic growth and enhancing quality of life.
This research report categorizes the market for power grid system market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the power grid system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the power grid system market.
Global Power Grid System Market Report Coverage
|Market Size in 2022:||USD 16.43 Billion|
|Forecast Period 2022-2032 CAGR:||15.1%|
|2032 Value Projection:||USD 32.78 Billion|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Components, By Application, By Depth, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||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|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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The power grid system market is driven by various factors, including increasing demand for electricity due to urbanization and industrialization, growing adoption of renewable energy sources, government initiatives to upgrade and modernize aging power grid infrastructure, rising focus on grid reliability and resilience, growing need for electrification in transportation, and increasing investments in smart grid technology. Additionally, factors such as the need to reduce carbon emissions, improve energy efficiency, and enhance grid security are also driving the power grid system market. Furthermore, technological advancements such as digitalization, automation, and integration of advanced communication networks in power grid systems are also contributing to the growth of the market. Overall, a combination of economic, environmental, and technological factors is propelling the power grid system market forward.
The power grid system market faces various restraints, including the high cost of infrastructure upgrades, maintenance, and expansion, which can lead to financial constraints for utilities and consumers. Regulatory barriers and complexities, such as obtaining permits for new projects, can delay or prevent the development of new grid infrastructure. There are also potential environmental and social impacts associated with grid development, technological limitations in integrating renewable energy sources, cybersecurity risks and concerns, policy and regulatory uncertainties, and resistance to change from traditional centralized power systems to decentralized or distributed energy systems.
- In 2022, the variable speed drivers segment accounted for around 25.1% market share
On the basis of components, the global power grid system market is segmented into cables, variable speed drives, transformers, switchgears, and others. The variable speed drives segment is dominating the market with the largest market share in 2022, due to their ability to improve energy efficiency and reduce energy consumption by controlling the speed and power of electric motors. This technology enables better process control, reduces maintenance costs, and prolongs the lifespan of equipment. With the increasing demand for energy-efficient solutions, variable speed drives have become a popular choice for industries such as manufacturing, oil and gas, and mining, leading to their widespread adoption and dominance in the power grid system market.
- In 2022, the captive generation segment dominated the market with around 34.5% revenue share
Based on the application, the global power grid system market is segmented into captive generation, wind power, and others. Out of this, the captive generation segment is dominating the market with the largest market share in 2022, due to the increasing trend of self-generation and distributed energy systems. Captive generation refers to the production of electricity for a specific entity's use, such as industrial or commercial facilities. It provides greater control over energy supply, reduces dependence on the grid, and allows companies to meet their energy needs at a lower cost. With the rise in demand for clean and reliable energy, the captive generation segment is expected to continue its dominance in the power grid system market.
Regional Segment Analysis of the Power Grid System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe accounted for the largest revenue share of around 43.4% in 2022
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Based on region, Europe accounts for the largest revenue share in the power grid system market due to various factors. The region has a well-established and modernized grid infrastructure with a significant investment in renewable energy sources, such as wind and solar power. The European Union's goal of achieving climate neutrality by 2050 has led to a push for grid modernization, smart grids, and energy storage solutions. Additionally, supportive government policies and regulations, high energy efficiency standards, and increasing demand for electricity in sectors such as transportation and heating have contributed to the growth of the power grid system market in Europe.
In January 2022, South Fork Winds, a joint venture between Orsted and Eversource, has awarded Nexans a contract under a framework agreement to manufacture approximately 110 kilometers of high-voltage offshore cables. These cables, including a three-phase 138 kV high-voltage alternating current (HVAC) subsea export cable and two fiber optic cables, will be used to transmit 132 megawatts of electricity to Long Island, New York.
The report offers the appropriate analysis of the key organizations/companies involved within the global power grid system 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.
List of Companies:
- 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
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global power grid system market based on the below-mentioned segments:
Power Grid System Market, By Components
- Variable Speed Drives
Power Grid System Market, By Application
- Captive Generation
- Wind Power
Power Grid System Market, By Depth
- Shallow Water
Power Grid System Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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