Global Power Grid System Market Research Report: By Components (Cables, Variable Speed Drives, Transformers, Switchgears, and Others), By Application (Captive Generation, Wind Power, and Others), By Depth (Shallow Water and Deepwater), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Power Grid System Market reached a valuation of USD 11.65 billion in 2022 and is projected to grow to approximately USD 29.08 billion by 2031, with a CAGR of 10.7% from 2023 to 2031. Serving as a complex and advanced infrastructure, the power grid system plays a crucial role in the production, transmission, and distribution of electricity on a large scale. Power plants, including conventional fossil fuel-based and renewable energy sources like solar, wind, and hydro, generate electricity that is transmitted through an extensive network of high-voltage transmission lines and substations. From there, the electricity is distributed to residential, commercial, and industrial establishments. The power grid system is a vital component of modern society, powering homes, hospitals, schools, factories, and other essential facilities. Its importance lies in driving economic progress, improving quality of life, and facilitating technological advancements.
POWER GRID SYSTEM MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
11.65 Bn |
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Projected Market Value (2031) |
29.08 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Components, By Application, By Depth, & Region |
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Segments Covered |
By Components, By Application, By Depth, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Power Grid System Market Dynamics
The power grid system market is influenced by a range of factors. These include the surge in electricity demand driven by urbanization and industrialization, the rising adoption of renewable energy sources, government initiatives aimed at upgrading aging power grid infrastructure, the growing focus on grid reliability and resilience, the increasing need for electrifying transportation, and the significant investments in smart grid technology. Additionally, the market is fueled by the drive to reduce carbon emissions, improve energy efficiency, and strengthen grid security. Technological advancements such as digitalization, automation, and the integration of advanced communication networks within power grid systems further contribute to the market's growth.
Global Power Grid System Market Drivers
The shift towards renewable energy sources, such as solar, wind, and hydro, is driving the power grid system market. Governments and organizations worldwide are promoting the integration of renewable energy into the power grid, leading to the development of infrastructure to accommodate these sources.
Restraints:
While the adoption of renewable energy sources is a driver, the transition from traditional fossil fuel-based power generation to renewables presents challenges. Integration and management of intermittent renewable energy into the power grid require grid enhancements and storage solutions.
Opportunities:
Carbon emission reduction initiatives refer to efforts aimed at decreasing the release of greenhouse gases, particularly carbon dioxide (CO2), into the atmosphere. These initiatives involve various strategies such as promoting renewable energy sources, improving energy efficiency, implementing carbon pricing mechanisms, and encouraging sustainable practices in industries and transportation. The goal is to mitigate climate change impacts by reducing carbon emissions and transitioning towards a low-carbon economy, thus creating a cleaner and more sustainable future for generations to come.
Segment Overview
By Component
Based on the component, the global power grid system market is segmented into cables, variable speed drives, transformers, switchgears, and others. The variable speed drives segment is dominating the market with the largest revenue share of around 25.3% in 2022, because they can regulate the speed and power of electric motors to increase energy efficiency and decrease energy consumption. This technique improves process control, lowers maintenance costs, and increases equipment longevity. Variable speed drives have gained extensive adoption and domination in the power grid system market as a result of the rising need for energy-efficient solutions in sectors like manufacturing, oil and gas, and mining.
By Application
Based on application, the global power grid system market is segmented into captive generation, wind power, and others. In 2022, the captive generation category emerged as the dominant segment in the power grid system market, capturing the largest market share with around 32.5%. owing to the increasing trend of self-generation and distributed energy systems. Captive generation is the production of energy for the exclusive use of a single entity, such as an industrial or commercial facility. It gives enterprises more control over their energy supply, decreases their reliance on the grid, and helps them to fulfil their energy demands at a lesser cost.
By Depth
Based on the depth, the global power grid system market is segmented into shallow water and deep water. The shallow water segment is dominating the market with the largest revenue share of around 51.3% in 2022, This is owing to its versatility and ease of installation. Shallow water locations often feature sea depths adequate for offshore wind farms and other renewable energy projects, making them excellent for the installation of offshore grid infrastructure. Furthermore, shallow water locations are frequently located closer to shore, reducing the complexity and cost of undersea cable installation.
Global Power Grid System Market Overview by Region
By Region, the global Power Grid System Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe dominated the market with around 43.6%, of the global market in 2022. The region has a well-established and modernized grid infrastructure, as well as substantial investment in renewable energy sources like as wind and solar power. Furthermore, favourable government policies and regulations, high energy efficiency requirements, and rising demand for electricity in sectors such as transportation and heating have all contributed to the expansion of the European power grid system industry.
Global Power Grid System Market Competitive Landscape
In the global power grid system market, a few dominant players have emerged, establishing a strong regional presence and holding significant market share. These key participants are dedicated to continuous research and development efforts. They actively pursue strategic growth initiatives, including product development, product launches, joint ventures, and partnerships. By employing these strategies, these companies aim to fortify their market position and expand their customer base, capturing a substantial share of the power grid system market.
Prominent players in the global power grid system market include Siemens AG, ABB Ltd., General Electric Company, Schneider Electric SE, Hitachi Ltd., Mitsubishi Electric Corporation, Eaton Corporation PLC, Cisco Systems, Inc., Honeywell International Inc., Toshiba Corporation, Hyundai Electric & Energy Systems Co., Ltd., Crompton Greaves Limited, Fuji Electric Co., Ltd., Prysmian Group, and other key players.
Global Power Grid System Market Recent Developments
In January 2022, South Fork Winds, an Orsted and Eversource joint venture, has granted Nexans a framework deal to produce about 110 km of high-voltage offshore cables. These cables, which include a three-phase 138 kV HVAC subsea export cable and two fibre optic cables, will be utilised to transport 132 megawatts of power to Long Island, New York.
Scope of the Global Power Grid System Market Report
Power Grid System Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Component |
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By Application |
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By Depth |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global power grid system market segmented by components, by application, by depth, region, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of power grid system between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global power grid system market
To find out the factors which are affecting the sales of power grid system among consumers
To identify and understand the various factors involved in the global power grid system market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
