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Key Trends Reshaping the Power Grid System Market: Hitachi Energy Launches Grid-enSure to Boost Grid Resilience and Renewable Integration in India's Power System Industry Transformation
Power Grid System
Power Grid System Market Size Growth Forecast: What to Expect by 2025?
There has been significant growth in the power grid system market size in the past few years. The market, which is projected to expand from $10.81 billion in 2024 to $11.82 billion in 2025, is set to achieve a compound annual growth rate (CAGR) of 9.4%. Factors contributing to this growth during the historic period include increasing energy demand, a rise in the incorporation of renewable energy, urbanization and infrastructural advancements, as well as government plans and investments that have led to increased industrial electrification.
How Will the Power Grid System Market Size Evolve and Grow by 2029?
In the coming years, the power grid system market is poised for swift expansion, with projections indicating it will reach a value of $18.34 billion in 2029, reflecting a compound annual growth rate (CAGR) of 11.6%. This growth within the projected period can be credited to factors such as transportation electrification, worldwide connectivity and interaction, resilience and dependability prerequisites, supportive policies and regulatory frameworks, and the addressing of energy accessibility issues. Predominant trends within this anticipated period include aspects like cybersecurity matters, decentralization and the emergence of microgrids, shifts in policy and regulatory landscapes, industrial electrification, and the renovation of outdated infrastructures.
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What Drivers Are Propelling the Growth of Power Grid System Market Forward?
The expansion of the power grid system market is anticipated to be driven by the growing usage of subsea power cables. The amplified utilization of these cables heightens the need for electricity since numerous manufacturing processes and machinery are heavily reliant on electric energy. For example, Hanwha Group, an international conglomerate originating from South Korea, predicted in September 2024, that the worldwide demand for subsea cables will escalate from $4.6 billion in 2022 to $21.3 billion by 2029. Consequently, as the use of subsea power cables becomes increasingly widespread, the market for power grid systems will experience similar growth.
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What Trends Will Shape the Power Grid System Market Through 2029 and Beyond?
Leading companies in the power grid system market are striving to present advanced offerings such as grid connection solutions to secure a competitive advantage within the industry. For instance, Hitachi Energy Ltd., a technology organization based in Switzerland, launched Grid-enSure in October 2024. The Grid-enSure collection by Hitachi Energy boost grid robustness and promotes green energy by incorporating renewables into energy systems. By utilizing cutting-edge technology and specialized skills, it seeks to upgrade grids, specifically targeting the fortification of India's energy infrastructure.
What Are the Key Segments in the Power Grid System Market?
The power grid systemmarket 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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Who Are the Key Players Shaping the Power Grid System Market's Competitive 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.
What Geographic Markets Are Powering 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.
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Saumya Sahay
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Asia: +91 88972 63534,
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Email:saumyas@tbrc.info
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