What are the Historical Developments and Current Growth Metrics of the Power Grid System Market?
The power grid system market has seen considerable growth due to a variety of factors.
• The market size of the power grid system has experienced a rapid expansion in the last few years. The industry, currently worth $10.81 billion in 2024, is projected to reach $12.01 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%.
The impressive growth seen over the past years is due to factors such as increasing energy need, the inclusion of more renewable energy sources, urban and infrastructure growth, government policies and investments, and the rising electrification within various industries.
What Can Be Expected from the Power Grid System Market in the Coming Years?
The power grid system market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate a swift expansion for the power grid system market over the upcoming years, escalating to a worth of $19.01 billion in 2029, spurred by a compound annual growth rate (CAGR) of 12.2%.
The anticipated growth within this period stems from initiatives including transportation electrification, global interconnectivity, resilience and reliability norms, supporting policies, and regulatory frameworks designed to address energy accessibility issues. Noteworthy developments anticipated during the forecast period encompass concerns over cybersecurity, the advent of decentralization and microgrids, progression in policy and regulation, industrial electrification, and the refurbishment of antiquated infrastructure.
What Main Forces Are Fueling Expansion In The Power Grid System Market?
The escalating adoption of subsea power cables is predicted to spur the expansion of the power grid system market. The more the subsea power cables are used, the greater the need for electricity given that a majority of machinery and processes in manufacturing are heavily reliant on electric energy. For example, Hanwha Group, a multinational conglomerate from South Korea, forecasted in September 2024 that the worldwide demand for subsea cables will roll up from $4.6 billion in 2022, escalating to $21.3 billion by 2029. Hence, as the use of subsea power cables continues to rise, so will the demand for power grid systems.
How Is the Power Grid System Market segmented?
The power grid system market 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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What New Trends Are Influencing the Power Grid System Market?
Leading businesses in the power grid system market are concentrating on launching innovative solutions like grid connection solutions, in an effort to gain advantage over competitors. For example, in October 2024, Hitachi Energy Ltd., a tech firm based in Switzerland, unveiled Grid-enSure. This product portfolio from Hitachi Energy boosts grid reliability, encourages sustainable energy through the inclusion of renewables into power systems. By utilising cutting-edge technology and experience, it plans to bring power grids up-to-date, with particular emphasis on bolstering India's energy infrastructure.
Who Are the Key Players in the Power Grid System Market?
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 Is The Most Dominant Region 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.
