Press release
Power Grid Market Top Players - ABB (Switzerland), Siemens (Germany), General Electric (US), Prysmian Group (Italy), Nexans (France), Schneider Electric (France).
Power Grid Market
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.
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The term "power grid" refers to an integrated network that transports electricity from power plants to consumers. Offshore power systems, particularly those harnessing wind energy, are increasingly being used to generate electricity, contributing to the broader power grid infrastructure. The power grid market encompasses both offshore and subsea sectors, which are integral to its development. The demand for electrical grids has been steadily increasing and is expected to continue growing significantly in the coming years.
Several factors are anticipated to drive the expansion of the power grid market, including the rise of government initiatives supporting offshore renewable energy generation and the pressing need to reduce carbon emissions, enhance system reliability, and improve efficiency. Key drivers influencing the global power grid industry also include the depletion of fossil fuels as a primary energy source and the escalating impacts of 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)
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Market Dynamics:
Drivers:
The global power grid industry is primarily driven by the depletion of fossil fuels and the accelerating impact of global warming. Additional factors fueling industry growth include increasing government allocations and private sector investments in power grid systems. The integration of the Internet of Things (IoT) and the growing availability of cutting-edge technological solutions are contributing to enhanced grid efficiency and reduced power outages. These advancements are expected to further support the expansion of the global power grid market.
Challenges:
The subsea power grid market faces significant challenges, including a shortage of skilled professionals in the industry, the lower cost of generating energy on land, and the environmental concerns associated with offshore wind farm operations. High-end monitoring equipment, such as data loggers, power quality analyzers, and data recorders, while offering advanced features like disturbance identification, harmonic distortion analysis, and flicker detection, are expensive and complex. Due to their high initial costs, technologies like HVDC transmission and sophisticated monitoring systems are not widely adopted in utilities, which limits the market's growth potential.
Regional Trends:
The European power grid market is expected to capture a significant share of global revenue and grow at a strong compound annual growth rate (CAGR) in the near term. This growth is driven by favorable government policies and a high demand for renewable energy sources in the region. The expansion of offshore wind farms in countries such as Norway, the UK, and the Netherlands-prompted by stringent energy efficiency regulations and a strong commitment to renewable energy-will further propel market growth in Europe. Additionally, the Asia Pacific region holds a substantial market share, influenced by factors such as urbanization, population growth, and rising living standards. As energy demands in the region increase, governments are making significant investments in the infrastructure required for power generation, transmission, and distribution, which is expected to further expand the region's power grid market.
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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
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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 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.
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