Power Grid System Market Comprehensive Evaluation of the Market via inDepth Qualitative Insights by 2027 | Baker Hughes, Siemens Energy, Nexans, Prysmian Group, Hitachi Energy

Power grid systems continue to witness surging demand on the back of favourable government regulatory guidelines regarding adoption of the renewables in energy sector. In addition to soaring inclination toward renewable energy sources, the reasonable pricing structure of the installation of wind turbines will also remain an important contributor to the development of power grid system market.

Fairfield Market Research in its latest upcoming study suggests that the growing concerns around greenhouse gas (GHG) emissions, a preferential shift away from traditional nuclear power, and the quest for power security collectively offer a push to power grid system market. Increasing integration of the traditional power grid, and the renewable energy grid in the traditional power grid will drive the power grid system market in the coming years.

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Cables Remains Sought-after Component Section Owing to Upgrading of Traditional Transmission Lines

The cables segment has been dominant in terms of sales and the trend will continue throughout the period of forecast as cables remain the most sought-after component in market. In addition to rampant industrialisation, and urbanisation, the offshore oil and gas industries, and HV power transmission will account for proliferated demand for power cables to a large extent. Moreover, will consistently rising spending on distribution system upgrades, and smart power transmission, sales of cables are likely to remain on a constant uptrend. Cables will also continue to gain traction owing to the growing significance of power grid interconnections across densely populated areas, thereby benefiting the market.

Global Power Grid System Market is Segmented as Below:

By Component
• Cables
• Variable Speed Drives
• Transformers
• Switchgears
• Others

By Application
• Captive Generation
• Wind Power
• Others

By depth
• Shallow Water
• Deepwater

By Region
• North America
• Europe
• Asia Pacific
• LAMEA

Ascending Energy Consumption Continues to Drive Power Grid System Market in Asia Pacific

While rampantly growing energy requirements have been driving the market for power grid systems across Asia Pacific, the role of government has been instrumental to the market build-up. Governments in the Asian subcontinent have been pushing the renewables sector over the recent past, and investments in the same have been flooding in. This scenario is further complemented by the growing stringency of the regulatory framework around carbon footprint, and GHG emissions.

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Increasing subsidisation schemes, and incentivisation that would thus fuel adoption of renewables will in turn work to the advantage of the region's power grid system market. The smart city development plans in the pipeline are further likely to elevate market prospects in the region. Frequent power outages, and rising electricity demand collectively create the need for dependable, decentralised networks, as well as the use of conventional power sources. This will also accelerate power grid implementation. The initial report findings indicate that China, and India, with a substantial role of their respective governments, will remain the leading Asian markets.

Key Players in Global Power Grid System Market

A few of the major players steering competition in global power grid system market include TechnipFMC, ABB, General Electric, Baker Hughes, Siemens Energy, Nexans, Prysmian Group, Hitachi Energy, Aker Solutions ASA, Schlumberger, DEME, SSG Cable, Oceaneering International, LS Cable & System, NKT, ZTT, Sumitomo Electric Industries, Ltd., Intertek Group, TE Connectivity, Teledyne Marine, Schneider Electric, Apar Industries, J+S Subsea, Furukawa Electric Co., Ltd., and Deep C.

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