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Power Grid Market

Power Grid Market Size, Share & Trends Analysis Report By Component (Cables, Variable Speed Drives, Transformers, Switchgear), Power Source (Oil, Natural Gas, Coal, Renewables), Application (Generation, Transmission, Distribution), By Region, And Segment Forecasts, 2024-2031

Report ID : 1746 | Published : 2024-06-12 | Pages: 180 | Format: PDF/EXCEL

The Global Power Grid Market Size is valued at 277.93 billion in 2023 and is predicted to reach 407.31 billion by the year 2031 at a 4.94% CAGR during the forecast period for 2024-2031. 

https://www.insightaceanalytic.com/images_data/985862708.JPG

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.

Competitive Landscape:

Some of the power grid market players are:

  • 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 Segmentation:

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.

Based On Component, The Cables Segment Is Accounted As A Major Contributor In The Power Grid Market

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.

Distribution Segment Witness Growth At A Rapid Rate

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.

In The Region, The Europe Power Grid Market Holds A Significant Revenue Share

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. 

Power Grid Market Research Scope:

Report Attribute

Specifications

Market size value in 2023

USD 277.93 Bn

Revenue forecast in 2031

USD 407.31 Bn

Growth rate CAGR

CAGR of 4.94% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Component, Power Source And Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

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).

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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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, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 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, 2019 to 2031 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, 2019 to 2031 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, 2023-2031
8.1.2. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2023-2031
8.1.3. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.1.4. North America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.2. Europe

8.2.1. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2023-2031
8.2.2. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2023-2031
8.2.3. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.2.4. Europe Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2023-2031
8.3.2. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2023-2031
8.3.3. Asia-Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.3.4. Asia Pacific Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.4. Latin America

8.4.1. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2023-2031
8.4.2. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2023-2031
8.4.3. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.4.4. Latin America Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Component, 2023-2031
8.5.2. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Power Source, 2023-2031
8.5.3. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.5.4. Middle East & Africa Power Grid Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

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

Segmentation of Power Grid Market-

Power Grid Market By Component-

  • Cables
  • Variable Speed Drives
  • Transformers
  • Switchgear
  • Others 

https://www.insightaceanalytic.com/images_data/286330500.JPG

Power Grid Market By Power Source-

  • Oil
  • Natural Gas
  • Coal
  • Hydro Electric
  • Renewables
  • Others

Power Grid Market By Application-

  • Generation
  • Transmission
  • Distribution

Power Grid Market 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

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:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

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: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

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.

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Frequently Asked Questions

How big is the Power Grid Market?

Power Grid Market expected to grow at a 4.94% CAGR during the forecast period for 2024-2031

ABB (Switzerland), Siemens (Germany), General Electric (US), Prysmian Group (Italy), Nexans (France), Schneider Electric (France), Mitsubishi Electric

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