Global Power Grid Market 2024-Demand, Share, Global Trend, Industry News, Business Growth, Top Key Players Update and Research Methodology by Forecast to 2031

The Global Power Grid Market is anticipated to exceed USD 401.49 billion by 2031, with a compound annual growth rate (CAGR) of 4.86% over the forecast period.

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The term "power grid" denotes the interconnected distribution networks that convey electricity from power plants to customers. Offshore power systems accumulate renewable energy sources, particularly wind energy, in order to generate electricity. Offshore and subsea enterprises are the parents of the power grid market. It is expected that the demand for electrical grids will continue to expand substantially in the foreseeable future, as it has been growing at a rapid pace.

The demand for the power grid market is anticipated to be stimulated by the imperative need to reduce carbon emissions and enhance system reliability and efficiency, as well as the expansion of government programs for offshore renewable power generation. The scarcity of fossil fuels as an energy source and the rapidly increasing global warming are also the primary factors that influence the development of the global power grid industry.

List of Prominent Players in the Power Grid Market:
• Siemens (Germany)
• Eaton (Ireland)
• Sumitomo Electric (Japan)
• Prysmian Group (Italy)
• General Electric (US)
• Nexans (France)
• Schneider Electric (France)
• Mitsubishi Electric (Japan)
• Hitachi Energy (Switzerland)
• Powell Industries (US)
• Havells (India)
• LS Elctric (South Korea),
• Hubbell (India)
• Toshiba Energy Systems & Solutions Corporation (Japan)
• Fuji Electric (Japan)
• ABB (Switzerland)
• Hyundai Electric & Energy Systems Co, Ltd (South Korea)
• NKT (Denmark)
• Secheron (Switzerland)
• Southwire Company (US)

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Market Dynamics:
Drivers-

The scarcity of fossil fuels as an energy source and the rapidly increasing global warming are the primary factors propelling the development of the worldwide power grid industry. Growing government allocations and private investment market participants for power grid systems are additional factors that influence the growth of the power grid industry. The increasing availability of the most advanced technological systems in enterprises and the Internet of Things (IoT) have resulted in the reduction of power outages and the provision of effective grid systems. This component is also expected to make a modest contribution to the growth of the global power grid market.

Challenges:

The market for subsea power grids is being impeded by the low cost of producing energy on land, a shortage of qualified professionals in the industry, and environmental issues associated with the operation of offshore wind farms. High-end monitoring instruments, including data loggers, power quality analyzers, and data recorders, also include a variety of features, such as harmonic distortion analysis, flicker detection, and disturbance identification and localization. Compared to less costly monitoring and energy management equipment, these devices are more intricate and costly. The industry's expansion is restricted by the high initial costs of HVDC transmission and sophisticated monitoring apparatus, which prevent their widespread use in utilities.

Regional Trends:
It is anticipated that the European power grid market will account for a substantial portion of the revenue. The high demand for renewable energy sources in these regions and the favourable government policies are expected to drive its growth at a high CAGR in the near future. Furthermore, the European market is experiencing growth as a result of the strong emphasis on the use of renewable energy sources for electricity generation in the majority of European nations, as well as the increasing construction of offshore wind farms in countries such as Norway, the UK, and the Netherlands, which are subject to stringent energy efficiency regulations. Additionally, Asia Pacific possessed a significant portion of the market. Urbanization, population development, and the improvement of living standards are among the numerous factors that contribute to this increase. The region's energy requirements are increasing rapidly, which has led to substantial government investments in the infrastructure for power generation, transmission, and distribution. These factors are anticipated to contribute to the growth of the power grid market in the region.

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Recent Developments:
• In November 2022, GE Renewable Energy introduced HYpact switchgear. It is applicable in a variety of environments, such as onshore wind and transportable (truck-mounted) substations. This reduces the client's operational costs and their environmental impact, while simultaneously increasing the predictability of the electricity network.

• In March 2021, Actis LLP, a private equity firm, opted to allocate US$850 million toward the development of two renewable energy facilities in India. Grid-connected photovoltaic and wind power plants will be installed at the first plant, while the second plant will be connected to the commercial and industrial sectors.

Segmentation of Power Grid Market
By Component
• Cables
• Transformers
• Switchgear
• Variable Speed Drives
• Others

By Power Source
• Hydro Electric
• Natural Gas
• Oil
• Coal
• Renewables
• Others

By Application
• Distribution
• Generation
• Transmission

By Region
North America
• Mexico
• The US
• Canada

Europe
• Germany
• France
• The UK
• Rest of Europe
• Italy
• Spain

Asia-Pacific
• Japan
• China
• South East Asia
• India
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa
• South Africa
• GCC Countries
• Rest of Middle East and Africa

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This release was published on openPR.