Press release
Power Grid Market Forecast Highlighting Technological Advancements in HVDC Subsea Transmission and Predictive Monitoring Systems
Power Grid Market
Power Grid Market Size is valued at 286.24 billion in 2024 and is predicted to reach 457.91 billion by the year 2034 at a 5.0% CAGR during the forecast period for 2025-2034.
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The term "power grid" refers to an integrated network that facilitates the transmission of electricity from generation facilities to end-users. Offshore power systems, particularly those harnessing wind energy, are increasingly contributing to electricity generation and supporting the modernization and expansion of power grid infrastructure. The power grid market encompasses both offshore and subsea segments, which serve as critical components driving industry growth. Demand for advanced electrical grid solutions has been steadily increasing and is anticipated to continue expanding significantly in the coming years.
Key factors supporting market growth include intensified governmental initiatives promoting offshore renewable energy deployment, the imperative to reduce carbon emissions, and the need to enhance grid reliability and operational efficiency. Additional drivers include the ongoing depletion of conventional fossil fuel reserves and the escalating global challenges associated with climate change, which collectively reinforce the strategic importance of modernized power grid infrastructure.
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 fuel resources and the increasing impacts of climate change. Additional growth catalysts include rising government investments and heightened private sector funding in power grid infrastructure. The integration of Internet of Things (IoT) technologies, coupled with the adoption of advanced digital solutions, is enhancing operational efficiency, improving grid reliability, and reducing power disruptions. These technological advancements are expected to further accelerate the expansion of the global power grid market.
Challenges:
The subsea power grid segment faces several significant challenges, including a shortage of skilled labor, the relatively lower cost of onshore energy generation, and environmental concerns associated with offshore wind farm operations. Advanced monitoring equipment-such as data loggers, power quality analyzers, and recorders-offers sophisticated functionalities, including disturbance detection, harmonic analysis, and flicker monitoring, but entails high capital expenditure and operational complexity. As a result, the adoption of advanced technologies such as high-voltage direct current (HVDC) transmission and comprehensive monitoring systems remains limited among utilities, constraining overall market growth potential.
Regional Trends:
Europe is projected to maintain a leading share of global power grid market revenue while registering strong compound annual growth rates in the near term. Market expansion is supported by favorable regulatory frameworks and robust regional demand for renewable energy. The growth of offshore wind farms in countries such as Norway, the United Kingdom, and the Netherlands-driven by stringent energy efficiency mandates and strong commitments to sustainable energy-further bolsters market development in the region.
The Asia-Pacific region also holds a significant market position, supported by rapid urbanization, population growth, and rising living standards. Increasing energy demand has prompted governments in the region to make substantial investments in power generation, transmission, and distribution infrastructure, which is expected to drive continued 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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