Press release
Power Grid Market Report on Size, Share, Scope and Forecast 2024-2031
Power Grid Market to reach over USD 401.49 billion by the year 2031 - Exclusive Report by InsightAce AnalyticGlobal Power Grid Market Size, Share & Trends Analysis Report By Component (Cables, Variable Speed Drives, Transformers, Switchgear), Power Source (Oil, Natural Gas, Coal, Renewables), Application (Generation, Transmission, Distribution), By Region, And Segment Forecasts, 2023-2031
The Global Power Grid Market is estimated to reach over USD 401.49 billion by 2031, exhibiting a CAGR of 4.86% during the forecast period.
Get Free Sample Copy of Report : https://www.insightaceanalytic.com/request-sample/1746
The term "power grid" refers to interconnected distribution networks transporting electricity from power plants to customers. Renewable energy sources, especially wind energy, are collected by offshore power systems to provide electricity. The power grid market has offshore and subsea businesses as parents. Demand for electrical grids has been growing rapidly over time, and it is anticipated that this demand will continue to expand significantly throughout the foreseeable future.
The demand for the power grid market is anticipated to be driven by factors such as growing government programs for offshore renewable power generation and the urgent need to reduce carbon emissions and improve system reliability and efficiency. The main factors influencing the development of the global power grid industry also include the scarcity of fossil fuels as an energy source and the quickly escalating global warming.
List of Prominent Players in the Power Grid Market:
• ABB (Switzerland)
• Siemens (Germany)
• General Electric (US)
• Prysmian Group (Italy)
• Nexans (France)
• Schneider Electric (France)
• Mitsubishi Electric (Japan)
• Eaton (Ireland)
• Hitachi Energy (Switzerland)
• Powell Industries (US)
• Havells (India)
• LS Elctric (South Korea),
• Hubbell (India)
• Toshiba Energy Systems & Solutions Corporation (Japan)
• Fuji Electric (Japan)
• Sumitomo Electric (Japan)
• NKT (Denmark)
• Hyundai Electric & Energy Systems Co, Ltd (South Korea)
• Secheron (Switzerland)
• Southwire Company (US)
Market Dynamics:
Drivers-
The primary factors driving the development of the global power grid industry are the scarcity of fossil fuels as an energy source and the quickly escalating global warming. Other factors influencing the growth of the power grid industry include growing government allocations and private investment market players for power grid systems. The Internet of Things (IoT) and the growing availability of the newest technologically advanced systems in businesses reduce power outages and provide effective grid systems. This element is also anticipated to contribute somewhat to the expansion of the global power grid market.
Challenges:
The market for subsea power grids is being held back by a lack of skilled professionals in the industry, the low cost of producing energy on land, and environmental problems associated with the operation of offshore wind farms. High-end monitoring tools, such as data loggers, power quality analyzers, and data recorders, also include various features, including disturbance identification and localization, harmonic distortion analysis, and flicker detection. These gadgets are more complicated and expensive than inexpensive monitoring and other energy management equipment. Due to their high starting costs, HVDC transmission and sophisticated monitoring equipment cannot be widely used in utilities, which limits industry expansion.
Regional Trends:
The Europe power grid market is expected to register a major market share in the revenue. It is projected to grow at a high CAGR in the near future due to favorable government policies and the high demand for renewable energy sources in these areas. Furthermore, the construction of offshore wind farms is increasing in nations like Norway, the UK, and the Netherlands due to strict energy efficiency regulations, and the strong focus of most European nations on utilizing renewable energy sources for power generation propels European market growth. Besides, Asia Pacific had a substantial share of the market. Several variables influence this increase, such as urbanization, population growth, and growing living standards. As a result, the region's energy needs are rising quickly, which has prompted governments to make significant investments in the infrastructure for power generation, transmission, and distribution. These elements are anticipated to expand the region's power grid market.
Curious about this latest version of the report? @
https://www.insightaceanalytic.com/enquiry-before-buying/1746
Recent Developments:
• In November 2022, launched by GE Renewable Energy is HYpact switchgear. It can be utilized in various settings, including onshore wind and transportable (truck-mounted) substations. It increases electricity network predictability while lowering operational costs for the client and their environmental effect.
• In March 2021, a private equity firm called Actis LLP decided to spend US$ 850 million to construct two green energy facilities in India. The second plant will connect to the commercial and industrial sectors, while the first will install grid-connected solar and wind power plants.
Segmentation of Power Grid Market-
By Component-
• Cables
• Variable Speed Drives
• Transformers
• Switchgear
• Others
By Power Source-
• Oil
• Natural Gas
• Coal
• Hydro Electric
• Renewables
• Others
By Application-
• Generation
• Transmission
• Distribution
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
For More Customization @ https://www.insightaceanalytic.com/report/power-grid-market/1746
Contact Us:
InsightAce Analytic Pvt. Ltd.
Tel.: +1 718 593 4405
Email: info@insightaceanalytic.com
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Power Grid Market Report on Size, Share, Scope and Forecast 2024-2031 here
News-ID: 3390221 • Views: …
More Releases from InsightAce Analytic Pvt.Ltd

AI In The Credit-Scoring Market Smarter Credit Decisions: How AI is Transforming …
AI In The Credit-Scoring Market to Record an Exponential CAGR by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI In The Credit-Scoring Market - (By Component (Software and Service), By Application (Personal Credit Scoring and Corporate Credit Scoring), By Industry Vertical (BFSI (Banking, Financial Services, Insurance), Retail, Healthcare,
Telecommunications, Utilities, and Real Estate)), Trends,…

Surgical Robotics Simulation Market Guiding the Next Generation of Surgeons: Gro …
Surgical Robotics Simulation Market Worth $1,283.6 Mn by 2031 - Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Surgical Robotics Simulation Market Size, Share & Trends Analysis Report By Product Type (Product, Services), By Application (General Surgery, Gynecological Surgery, Urological Surgery, Neurological Surgery (Head and Neck Surgery), Cardiological Surgery, Orthopedic Surgery, Others), By End User (Hospitals, Ambulatory Surgical Centers,…

AI Studio Market Accelerating Innovation: The Benefits of AI Studios for Busines …
Global AI Studio Market Worth $57.89 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI Studio Market- (By Application (Sentiment Analysis, Customer Service Automation, Image Classification & Labelling, Synthetic Data Generation, Predictive Modelling & Forecasting, Automatic Content Generation, and Others), By Offering, By Vertical, By Region, Trends, Industry Competition Analysis, Revenue and Forecast…

Human-Induced Pluripotent Stem Cells (hiPSCs) Preclinical Disease Model Market G …
Global Human-Induced Pluripotent Stem Cells (hiPSCs) Preclinical Disease Model Market to Record an Exponential CAGR by 2031 - Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Human-Induced Pluripotent Stem Cells (hiPSCs) Preclinical Disease Model Market- (Disease (Neurological Disorders and Dystrophies, Cardiac disorders, Retinal Eye Disease, Metabolic Disorders, Liver disease, Others), Products and Services (Disease Model,
Reprogramming service, Differentiation…
More Releases for Power
Thermal power Market is Gaining Momentum with Enel, TATA Power, Reliance Power
The Latest Released Thermal power market study has evaluated the future growth potential of Thermal power market and provides information and useful stats on market structure and size. The report is intended to provide market intelligence and strategic insights to help decision-makers take sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report also identifies and analyses changing dynamics, and emerging trends along with essential drivers, challenges,…
Japan Power Market Outlook to 2030, Update 2018 – The Kansai Electric Power, C …
Japan Power Market
This report elaborates Japan's power market structure and provides historical and forecast numbers for capacity, generation, and consumption up to 2030. Detailed analysis of the Japanese power market's regulatory structure, import and export trends, competitive landscape, and power projects at various stages of the supply chain is provided. The report also gives a snapshot of the power sector in Japan on broad parameters of macroeconomics, supply security, generation…
Global Power Rental Market Insight Report 2018 - Rental Power Solutions, Power E …
The global "Power Rental" Market research report gives point to point breakdown along with the data of Power Rental market’s analytical study, regional analysis, growth factors and leading companies. The research report about the market provides the data about the aspects which drive the expansion of Power Rental industry. The Power Rental market consists of large key companies who play a vital role in the production, manufacturing, sales and distribution…
Japan: Geothermal Power Market Power Plants, Regulations and Company Profiles 20 …
"Geothermal Power in Japan, Market Outlook to 2030, Update 2018-Capacity, Generation, Power Plants, Regulations and Company Profiles", is the latest report from Publisher, the industry analysis specialists that offer comprehensive information and understanding of the Geothermal market in Japan.
The report provides an in-depth analysis on global renewable power market and global Geothermal market with forecasts up to 2030. The report analyzes the power market scenario in Japan (includes conventional Hydro,…
Fluid Power Systems Market SWOT Analysis by Key Players: Parker, Eaton, Tokyo Ke …
QY Research has lately published a new report on “Global Fluid Power Systems Market: Industrial Chain Market Insights, Growth Trends and Competitive Analysis 2025,” for the forecasted period 8-years, i.e. between 2017 and 2025.
The Fluid Power Systems market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period. In this study, 2017 has been considered…
New research on Medical Power Supply Market To 2022 Profiling SL Power Electroni …
This Global Medical Power Supply market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this…