Press release
Power Grid System Market: Accelerated Growth Path, Aiming for $17.32 Billion by 2028
Power Grid System Global Market Report 2024
The Business Research Company presents an extensive market research report on the Power Grid System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The power grid system market size has grown rapidly in recent years. It will grow from $9.81 billion in 2023 to $10.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to growing energy demand, expansion of renewable energy integration, urbanization and infrastructure development, government initiatives and investments, increasing electrification of industries.
The power grid system market size is expected to see rapid growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to electrification of transportation, global connectivity and interconnection, resilience and reliability requirements, policy support and regulatory frameworks, addressing energy access challenges. Major trends in the forecast period include cybersecurity concerns, decentralization and microgrids, policy and regulatory developments, electrification of industry, aging infrastructure renewal.
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Key Market Players:
Major companies operating in the power grid system market report are Siemens AG, General Electric Co, Mitsubishi Electric Corporation, Fuji Electric Co Ltd., Schneider Electric S.E, ABB Ltd., Hitachi ABB Power Grids Ltd., Sumitomo Electric Industries Ltd., Toshiba Corporation, Larsen & Toubro Ltd., Eaton Corporation plc, Prysmian Group S.P.A, Alstom S.A, TBEA Co Ltd., Nexans S.A, NARI Group Corporation, LS Cable & System Ltd., Aker Solutions ASA, Bharat Heavy Electricals Limited, XJ Group Corporation Ltd., Oceaneering International Inc., Meidensha Corporation, KEC International Ltd., Pinggao Group Co Ltd., Schweitzer Engineering Laboratories Inc., CG Power and Industrial Solutions Limited, Powell Industries Inc., Hyundai Electric & Energy Systems Co Ltd., EMCO Limited, GE Grid Solutions, Rittal GmbH & Co KG, Elsewedy Electric Co S.A.E., L&T Electrical & Automation Ltd., C&S Electric Ltd.
Market Drivers:
The increase in the use of subsea power cables is expected to propel the growth of the power grid system market. The rising usage of subsea power cables leads to an increase in demand for electricity, as most of the processes and machines in manufacturing processes are electric energy-intensive. For instance, in 2021, there were approximately 436 submarine cables in service around the world. The total number of cables is constantly changing as new cables enter service and older cables are decommissioned. In 2021, there are over 1.3 million kilometers of submarine cables in service globally. Some cables are quite short, such as the 131-kilometer CeltixConnect cable between Ireland and the UK. Therefore, demand for power grid systems will rise as the prevalence of increasing use of subsea power cables rises.
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The power grid system market covered in this report is segmented -
1) By Power Supply: Captive Generation, Wind Power, Other Power Supplies
2) By Components: Cables, Variable Speed Drives, Transformers, Switchgears
3) By Application: Seabed, Land
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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