Global Power Grid System Market
Global Power Grid System Market Size More Than Doubles to Reach USD 21.3 Billion by 2029
Published | 17 March 2023
The global power grid system market is gaining traction because of the high demand for electricity and production-enhancing efforts by government & private organizations across the world.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global power grid system market size at USD 10.27 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global power grid system market size to grow at an impressive CAGR of 11.04% reaching a value of USD 21.28 billion by 2029. Government efforts to reduce carbon emissions, improve grid dependability and efficiency, and rising demand for subsea power grid systems are among the key development factors for the global power grid system market.
Global Power Grid System Market – Overview
The power grid system is a network that distributes electricity to consumers. The electricity grid consists of individual customer distribution lines, generating stations, transmission lines, and towers. Radial, Loop, and Network are the three fundamental types of distribution system architectures. All three systems may be combined, and this is frequently done by regions. The least expensive to construct is the radial distribution system, which is frequently utilized in sparsely populated areas. Power grid system offers lower energy losses and more efficient electricity generation, which is why it is frequently adopted by countries.
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Global Power Grid System Market – By Application
Based on application, the global power grid system market is segmented into captive generation, wind power, and others. The captive generation holds the highest share in the global power grid system market owing to the high number of commercial facilities as well as favorable government policies. Comparing the captive generation to other applications, the cost tends to be lower. Industrial tariffs frequently exceed residential rates, which has an impact on the profit maximization condition. The primary reason modern industries should switch to captive generating is because of their cost-saving policies, which contribute to market growth.
Impact of COVID-19 on the Global Power Grid System Market
The effects of COVID-19 pandemic have consistently been negative for the world economy. The global impact of Covid-19 has been multifaceted, complex, and extensive. Many groups assessed its effect on the world economy, although the analyses varied and diverged substantially. The world economy (measured in terms of GDP) was estimated to decrease by 5.2% in 2020, according to the World Bank's Global Economic Outlook study. Growth of both developed and emerging economies declined by by 7% and 2.5%, respectively. The downfall in the global economy has had a negative influence on the energy industry, particularly the global power grid system market.
Major players operating in the global power grid system market include ABB, Aker Solutions ASA, Apar Industries, Baker Hughes, Deep C, DEME, Furukawa Electric Co., Ltd., General Electric, Hitachi Energy, Intertek Group, J+S Subsea, LS Cable & System, Nexans, NKT, Oceaneering International, Prysmian Group, Schlumberger, and Schneider Electric. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Power Grid System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Power Grid System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Power Grid System Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Cables, Variable Speed Drives, Transformers, Switchgears, Others (Connectors, Actuators, Sensors, Penetrators)); By Application (Captive Generation, Wind Power, Others (Tidal Power, Solar Power, Diesel & Gas based Floating Power Plants)); By Depth (Shallow Water, Deepwater); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: March 2023
Rising deepwater oil & gas exploration activities and governments initiatives that aid with the generation and distribution of power are expected to drive global power grid system market during the forecast period between 2023 and 2029.
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