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Power Grid System Market 2024 - By Size, Share, Industry Growth Analysis Report By 2033
Power Grid System Market
As per the report, 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 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%.
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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.
Product Innovations Transforming The Landscape Of Power Grid Systems
Product innovations is a key trend in the power grid systems market. Various product innovations like large capacity sodium-sulfur batteries, hydrogen storage, and the development of solid electrolytes are helping to make batteries advanced. For instance, in September 2021, Engineers at the University of California in collaboration with LG Energy Solutions created a solid-state or solid electrolyte battery. This battery merges two battery sub-fields into a single battery. It can be used in many applications like grid storage and electric vehicles. Initial tests indicate that the new battery is safe, long-lasting, and energy-dense.
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
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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.
Contents of the report:
1. Executive Summary
2. Power Grid System Market Report Structure
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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