Press release
Power Grid Market Size Benchmarking and Outlook 2026 to 2035
The Global Power Grid Market is estimated to reach over USD 457.91 billion by 2034, exhibiting a CAGR of 5.00% during the forecast period.
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A power grid comprises interconnected transmission and distribution networks that deliver electricity from generation facilities to end users. In the context of renewable energy, offshore power systems-particularly those supporting wind energy-play a critical role in capturing and transmitting electricity to onshore grids. The power grid market is closely associated with offshore and subsea infrastructure sectors and has experienced steady growth in recent years. This upward trend is expected to continue over the forecast period, driven by rising electricity demand and expanding renewable energy integration.
Market growth is being supported by increased government initiatives promoting offshore renewable energy development, alongside the pressing need to lower carbon emissions and enhance grid reliability and operational efficiency. Additionally, the declining availability of fossil fuel resources and the accelerating impact of global climate change are key factors shaping the evolution of the global power grid industry.
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)
Market Dynamics:
Drivers-
The growth of the global power grid industry is primarily driven by the depletion of fossil fuel resources and the escalating impacts of global climate change. Additional factors supporting market expansion include increased government funding and private-sector investment in advanced power grid systems. The integration of Internet of Things (IoT) technologies and the adoption of state-of-the-art grid management systems enhance operational efficiency, reduce power outages, and improve overall grid reliability. These technological advancements are expected to contribute significantly to the continued development of the global power grid market.
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Challenges:
The subsea and offshore power grid segment faces several challenges that may limit market growth. A shortage of skilled professionals, coupled with the comparatively low cost of onshore energy production, constrains adoption. Environmental concerns related to the operation of offshore wind farms further complicate market expansion.
Regional Trends:
Europe is projected to maintain a leading position in the global power grid market in terms of revenue, driven by favorable government policies and strong demand for renewable energy. The development of offshore wind farms in countries such as Norway, the United Kingdom, and the Netherlands supported by stringent energy efficiency regulations further reinforces market growth.
Additionally, the Asia-Pacific region holds substantial market potential, fueled by rapid urbanization, population growth, and rising living standards. Increasing energy demand in the region has prompted governments to invest heavily in infrastructure for power generation, transmission, and distribution, which is expected to drive the expansion of the power grid market across Asia-Pacific.
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.
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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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