Press release
Power Grid Market Top Companies Study - 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 407.31 billion by the year 2031, exhibiting a CAGR of 4.94% during the forecast period.
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The term "power grid" denotes a comprehensive network responsible for transmitting electricity from generation facilities to end consumers. Offshore power systems, particularly those utilizing wind energy, are playing an increasingly significant role in electricity generation, thereby contributing to the expansion and modernization of power grid infrastructure. The power grid market comprises both offshore and subsea segments, which are essential components driving industry growth. Demand for electrical grid solutions has been consistently rising and is projected to experience substantial growth in the foreseeable future.
Several factors are expected to propel the growth of the power grid market, including intensified government initiatives aimed at promoting offshore renewable energy generation and the critical need to reduce carbon emissions, enhance grid reliability, and improve operational efficiency. Additional key market drivers include the ongoing depletion of fossil fuel reserves and the escalating challenges posed by global climate change.
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 principally propelled by the ongoing depletion of fossil fuel resources and the intensifying effects of global climate change. Additional growth drivers include increased government funding and heightened private sector investments in power grid infrastructure. The integration of Internet of Things (IoT) technologies and the adoption of advanced technological solutions are enhancing grid efficiency and minimizing power disruptions. These innovations are expected to further accelerate the expansion of the global power grid market.
Challenges:
The subsea power grid segment encounters several notable challenges, including a shortage of skilled labor, the comparatively lower cost of onshore energy generation, and environmental concerns linked to offshore wind farm operations. High-end monitoring equipment-such as data loggers, power quality analyzers, and data recorders-offers sophisticated capabilities like disturbance detection, harmonic distortion analysis, and flicker monitoring but comes with significant costs and operational complexity. Due to these high initial investments, advanced technologies like HVDC transmission and comprehensive monitoring systems have limited adoption among utilities, thereby constraining market growth potential.
Regional Trends:
Europe is anticipated to command a substantial share of the global power grid market revenue and register robust compound annual growth rates in the near term. This growth is driven by supportive regulatory frameworks and a strong regional demand for renewable energy. The expansion of offshore wind farms in countries including Norway, the United Kingdom, and the Netherlands-facilitated by stringent energy efficiency mandates and a firm commitment to sustainable energy-will further fuel market advancement in Europe. Meanwhile, the Asia-Pacific region holds a significant market position, influenced by rapid urbanization, population growth, and rising living standards. As energy demands escalate, governments within the region are investing heavily in infrastructure development across power generation, transmission, and distribution sectors, which is expected to drive substantial growth in the regional 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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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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