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.
The power grid is a physical system that transports electricity from its source to its destination. The power grid, which consists of producing stations (also known as power plants), and transmission and distribution systems, provides electricity on demand. Captive generation, wind power, and other power suppliers are the three primary categories of power sources in the market for the power grid. Any power plant built by an individual, cooperative society, or group of people (including enterprises) with the primary purpose of generating electricity for their use is referred to as a captive generating plant.
Over time, there has been a huge increase in demand for electrical grids, and it is projected that this demand will continue to grow dramatically for the foreseeable future. It is projected that factors such as expanding government initiatives for offshore renewable energy generation and the pressing need to cut carbon emissions and increase system stability and efficiency, would drive demand for the power grid industry.
Other factors influencing the growth of the power grid industry include growing government allocations and private investment market players for power grid systems. The power grid market is being constrained by a lack of technical workers in the sector, the low cost of onshore energy generation, and environmental issues related to the operation of offshore wind farms.
The power grid market is segmented on the basis of component, power source and application. The component segment includes Cables, Varaible Speed Drives, Transformers, Switchgear and Others. Power source segment includes Oil, Natural Gas, Coal, Hydro Electric, Renewables and Others. Application segment includes Generation, Transmission and Distribution.
The cables category is expected to hold a major share in the global power grid market in 2024. The offshore oil and gas and high-voltage power transmission industries have been major drivers of the use of subsea power cables. Additionally, connecting shore-based power systems using subsea power cables are common. The market size for power grid systems is highlighted as a result. These cables ensure the grid's stability and dependability by guaranteeing optimal power delivery. The probability of power outages can be decreased by using cables to stabilize voltage, balance the demand on various grid components, and prevent voltage swings.
The distribution segment is projected to grow rapidly in the global power grid market. Power distribution, which transports electrical energy from the transmission network to homes, businesses, and industrial sites, is a significant component of the power grid's architecture. Besides, during the forecast period, the transmission segment is anticipated to grow the fastest. Electrical energy would have to be produced close to where it is used, which would be excessively expensive and impracticable without an effective transmission network. Power transmission is crucial to guarantee that electrical energy is delivered consistently and without interruption.
Europe's power grid market is expected to register the highest market share in terms of revenue in the near future because these regions have good government policies and significant demand for renewable energy sources. Furthermore, strict energy efficiency regulations are driving up offshore wind farm construction in countries like Norway, the UK, and the Netherlands.
The intense focus of most European countries on utilizing renewable energy sources for power generation is driving up European market growth. Additionally, the significance of the market for the power grid system in Europe is highlighted by the growing requirement to comply with climate change legislation and policies combined with booming E&P activity in the Norwegian North Sea. For instance, to support the Green Deal, the EU will invest more than €1 billion in energy infrastructure in January 2022.
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Report Attribute |
Specifications |
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Market size value in 2024 |
USD 286.24 Bn |
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Revenue forecast in 2034 |
USD 457.91 Bn |
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Growth rate CAGR |
CAGR of 5.0% from 2025 to 2034 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Component, Power Source And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; South Korea; Southeast Asia |
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Competitive Landscape |
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), and Southwire Company (US). |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Power Grid Market Snapshot
Chapter 4. Global Power Grid Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Component Estimates & Trend Analysis
5.1. by Component & Market Share, 2024 & 2034
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021-2034 for the following by Component:
5.2.1. Cables
5.2.2. Varaible Speed Drives
5.2.3. Transformers
5.2.4. Switchgear
5.2.5. Others
Chapter 6. Market Segmentation 2: by Power Source Estimates & Trend Analysis
6.1. by Power Source & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021-2034 for the following by Power Source:
6.2.1. Oil
6.2.2. Natural Gas
6.2.3. Coal
6.2.4. Hydro Electric
6.2.5. Renewables
6.2.6. Others
Chapter 7. Market Segmentation 3: by Application Estimates & Trend Analysis
7.1. by Application & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021-2034 for the following by Application:
7.2.1. Generation
7.2.2. Transmission
7.2.3. Distribution
Chapter 8. Power Grid Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.1.2. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2021-2034
8.1.3. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.1.4. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.2. Europe
8.2.1. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.2.2. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2021-2034
8.2.3. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.2.4. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.3. Asia Pacific
8.3.1. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.3.2. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2021-2034
8.3.3. Asia-Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.3.4. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.4. Latin America
8.4.1. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.4.2. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2021-2034
8.4.3. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.4.4. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.5. Middle East & Africa
8.5.1. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.5.2. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2021-2034
8.5.3. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.5.4. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. ABB (Switzerland)
9.2.2. Siemens (Germany)
9.2.3. General Electric (US)
9.2.4. Prysmian Group (Italy)
9.2.5. Nexans (France)
9.2.6. Schneider Electric (France)
9.2.7. Mitsubishi Electric (Japan)
9.2.8. Eaton (Ireland)
9.2.9. Hitachi Energy (Switzerland)
9.2.10. Powell Industries (US)
9.2.11. Havells (India)
9.2.12. LS Elctric (South Korea),
9.2.13. Hubbell (India)
9.2.14. Toshiba Energy Systems & Solutions Corporation (Japan)
9.2.15. Fuji Electric (Japan)
9.2.16. Sumitomo Electric (Japan)
9.2.17. NKT (Denmark)
9.2.18. Hyundai Electric & Energy Systems Co, Ltd (South Korea)
9.2.19. Secheron (Switzerland)
9.2.20. Southwire Company (US)
9.2.21. Other Prominent Players
Power Grid Market By Component-
Power Grid Market By Power Source-
Power Grid Market By Application-
Power Grid Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
