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.
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:
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Report Attribute |
Specifications |
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Market size value in 2023 |
USD 277.93 Bn |
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Revenue forecast in 2031 |
USD 407.31 Bn |
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Growth rate CAGR |
CAGR of 4.94% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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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; China; Japan; India; South Korea; Southeast Asia; 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. |
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