Press release
Hitachi Energy Launches Grid-enSure to Boost Grid Resilience and Renewable Integration in India's Power System Trend: A Crucial Influence on the Power Grid System Market's Transformation in 2025
Power Grid System Market
The growth of the power grid system market is anticipated to be driven by the increased use of subsea power cables. The surge in the application of subsea power cables translates into a heightened demand for electricity, since most manufacturing processes and machineries rely heavily on electric energy. For instance, Hanwha Group, a multinational conglomerate based in South Korea, projected in September 2024 that the worldwide demand for subsea cables is forecasted to grow from $4.6 billion in 2022 to $21.3 billion by 2029. Consequently, as the use of subsea power cables continues to rise, the demand for power grid systems will follow suit.
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How will the growth rate of the power grid system market shape industry trends by 2034?
The market size for the power grid system has seen swift expansion in the past few years. The value is projected to increase from $10.81 billion in 2024, to $12.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.1%. The notable growth in the historic period has been driven by factors like rising energy needs, widening the integration of renewable energy, urbanization and construction advancements, governmental initiatives and investments, as well as the growing electrification within various industries.
In the coming years, the market size of the power grid system is predicted to undergo rapid expansion. It is projected to reach a value of $19.01 billion in 2029, with a compound annual growth rate (CAGR) of 12.2%. This forecasted growth can be attributed to factors such as transportation electrification, worldwide connectivity and interconnection, requirements for resilience and reliability, supportive policies and regulatory frameworks, and strategies for addressing energy access issues. Key trends that will mark this forecasted period include issues related to cybersecurity, the rise of decentralization and microgrids, developments in policies and regulations, industry electrification, and the renewal of aging infrastructures.
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What trends are poised to drive the future success of the power grid system market?
Big firms in the power grid system market are diligently working to introduce innovative solutions, such as grid connection systems, to gain a competitive advantage. For instance, Hitachi Energy Ltd., a tech-based company from Switzerland, launched Grid-enSure in October 2024. This portfolio by Hitachi Energy helps strengthen grid resilience and promote sustainable energy through the integration of renewables into power systems. With its cutting-edge technology and expertise, it seeks to modernize grids, primarily aiming at fortifying India's energy infrastructure.
Which primary segments of the power grid system market are driving growth and industry transformations?
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
Subsegments:
1) By Captive Generation: Diesel Generators, Gas Turbines, Biomass Power Plants
2) By Wind Power: Onshore Wind Power, Offshore Wind Power
3) By Other Power Supplies: Solar Power, Hydropower, Geothermal Energy, Nuclear Power
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Which geographical regions are pioneering growth in the power grid system market?
Europe was the largest region in the power grid system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power grid system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the power grid system market landscape?
Major companies operating in the power grid system market include Siemens AG, General Electric Co, Mitsubishi Electric Corporation, Fuji Electric Co Ltd., Schneider Electric S.E, ABB Ltd., Sumitomo Electric Industries Ltd., Toshiba Corporation, Larsen & Toubro Ltd., Eaton Corporation plc, Prysmian Group S.P.A, TBEA Co Ltd., Nexans S.A, NARI Group Corporation, LS Cable & System Ltd., Bharat Heavy Electricals Limited, XJ Group Corporation Ltd., 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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What Is Covered In The Power Grid System Global Market Report?
•Market Size Forecast: Examine the power grid system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power grid system market for a structured understanding.
•Key Players Overview: Analyze major players in the power grid system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power grid system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power grid system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power grid system market.
•Industry Challenges: Identify potential risks and obstacles affecting the power grid system market.
•Competitive Landscape: Review strategic developments in the power grid system market, including expansions, agreements, and new product launches.
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