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Power Grid System Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players
Power Grid System Market
The Business Research Company offers in-depth market insights through Power Grid System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surge In Subsea Power Cable Usage Drives Growth In The Power Grid System Market
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.
Competitive Landscape:
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.
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Top Trend - Advancements In Grid Connection Solutions Redefining Insights For Grid-Expand Launch
Major companies operating in the power grid system market are focused on introducing advanced solutions, such as grid connection solutions, to provide a competitive edge in the market. Grid connection solutions are the products, services, and technologies that facilitate the connection of local energy sources and loads to the power grid. For instance, in August 2022, Hitachi Energy Ltd., a Switzerland-based technology company, launched Grid-eXpand. Grid-eXpand is a range of modular and prefabricated grid connection solutions designed to accelerate grid expansion for a carbon-neutral future. comprises a comprehensive range of air-insulated and gas-insulated grid connections, engineered, assembled, and factory-tested before delivery. These are scalable, tailored to meet specific needs and grid code requirements, and replicable to enable fleet harmonization and reduce installed base complexity.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Power Grid System Market Characteristics
3. Power Grid System Market Trends And Strategies
4. Power Grid System Market - Macro Economic Scenario
5. Power Grid System Market Size And Growth
…..
27. Power Grid System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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