New York, NY, April 19, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Power Grid Market Share, Size, Trends, Industry Analysis Report, By Components (Cables, Variable Speed Drivers, Transformers, Switchgear, Others), By Power Source, By Application, By Region, Segments & Forecast, 2023 – 2032” in its research database.
“According to the latest research analysis, the global power grid market size/share is anticipated to be valued at approximately USD 271.43 Billion in 2022 and is projected to hit a revenue of around USD 414.91 Billion By 2032, at a CAGR of around 4.37% between 2023 and 2032.”
How Big is Power Grid Market Size Cap? What is the Expected Share for Power Grid Industry?
- Overview
A power grid, also known as a power distribution grid or electrical grid is an interconnected network that generates and delivers to consumers. The power grid network includes transmission lines and towers, power stations, and power distribution channels which are operated and controlled by power grid operators and utilities. It ensures that energy resources are used in the best possible ways, increases the capacity of the power supply, and improves the efficiency and dependability of power system operations.
Energy generation, energy conversion to High Voltage, and Distribution and Consumer Use are the three basic steps of the power grid. The network is designed to supply electricity reliably and efficiently to homes, businesses, and other facilities. The power plants that make electricity from a variety of energy sources, including coal, natural gas, nuclear, hydroelectric, solar, or wind energy, comprise the generation component. The increasing requirement for power grids from residential and industrial sectors, growing adoption of new technologies, and rising shift towards renewable energy sources are expected to propel the power grid market size over the forecast period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- ABB
- General Electric
- Schneider Electric
- Mitsubishi Electric
- Siemens
- Hitachi Energy
- Eaton
- Havells
- Hubbell
- Fuji Electric
- Sumitomo Electric
- Hyundai Electric & Energy Systems Co.
- Toshiba Energy Systems & Solutions
- Southwire Company
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Key Growth Driving Factors
- Developments in renewable energy technologies: The power grid market is experiencing a trend towards decentralized power generation, driven by advances in renewable energy technologies and the desire to improve energy efficiency and reduce transmission and distribution losses. This involves smaller-scale power generation facilities, such as solar panels and wind turbines, being located closer to end-users.
- Increasing demand for reliable and efficient power supply across various industries: Due to increasing industrialization and urbanization, the demand for reliable and efficient power supply is growing across various industries, such as manufacturing, healthcare, and data centers. This is ultimately fueling the demand for robust power grid infrastructure, which is driving the market growth.
- Rapid urbanization and digitalization: Urbanization is driving the demand for electricity, forcing power grids to expand and modernize to meet the growing demand. It has also led to the development of new power generation technologies, which are likely to boost the industry's demand. In addition, increasing digitization which is helping to enhance the efficiency and reliability of power grids, is expected to accelerate the power grid market demand.
- Increasing emphasis on reducing carbon emissions: Another factor supporting the market growth is the growing focus on eliminating carbon emissions and meeting the goals of sustainable energy. Industries are integrating renewable energy sources, smart grid technologies, and energy-efficient technologies into the power grid, which is fueling the market expansion.
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Top Findings of Report:
- Rising demand for renewable energy sources, and the adoption of new technologies
- The power grid market segmentation comprises primary segments such as components, power sources, applications, and region
- Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period.
Top Trends Influencing the Market
- A surge in investments in power grid modernization: Rise in investments in upgrading and expanding transmission and distribution (T&D) infrastructure is the power grid market's key trend influencing its growth. This is because the need to modernize the power grid, which involves integrating advanced technologies such as sensors, automation systems, and data analytics tools is increasing to enable real-time monitoring and control of the grid.
- Increasing energy demand: The International Energy Agency reports that in 2021, the world's power demand increased by more than 6% (more than 1,500 TWh), the highest percentage increase since 2010. China is thought to have contributed around half of global growth, and the industrial sector has been the main driver of energy demand during the same time period.
Segmental Analysis
- The cables segment is predicted to account for the largest power grid market share during the forecast period
Based on components, the cables category is expected to lead the market owing to the growing demand for electricity, the increasing adoption of renewable energy sources, and the necessity to upgrade aging infrastructure. Cables are an essential component of the power grid as they are used to transmit and distribute electricity over long distances. Further, rising technological developments like upgrading high-temperature superconducting cables are anticipated to boost segment growth.
- Renewable power is projected to witness the fastest CAGR in the forecast period
One of the prominent factors supporting the segment growth is the escalating demand for clean and renewable energy sources owing to the concerns regarding climate change and environmental sustainability. Increasing government initiatives and policies such as renewable energy targets, feed-in tariffs, tax credits, and other incentives to encourage the use of renewable energy sources propels the segment growth in the power grid market.
- The distribution segment is likely to hold the market revenue share throughout the predicted period
The final delivery of electricity to end customers, such as residences, businesses, and other institutions, is performed by the distribution component of the power grid. The segment is majorly driven by factors including the growing demand for energy, the requirement to update aging infrastructure, and the introduction of new technologies that enable more effective and sustainable distribution of electricity.
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Power Grid Market: Report Scope & Coverage
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 414.91 Billion |
| Market size value in 2023 | USD 282.34 Billion |
| Expected CAGR Growth | 4.37% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ABB, General Electric, Schneider Electric, Mitsubishi Electric, Siemens, Hitachi Energy, Eaton, Havells, Hubbell, Fuji Electric, Sumitomo Electric, Hyundai Electric & Energy Systems Co., Toshiba Energy Systems & Solutions, Southwire Company |
| Segments Covered | By Component, By Power Source, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: Growing electricity demand primarily drives the growth of the power grid market in Asia Pacific. The Asia Pacific region's population is expanding, which is driving up the demand for electricity. To accommodate the demand, utilities make investments in transmission and distribution infrastructure as well as new power-producing capacity. Moreover, the increasing adoption of renewable energy sources is one of the leading factors supporting the Asian Pacific market growth. Several nations in the region have put renewable energy goals and regulations into place to encourage the use of renewable energy sources.
Browse the Detail Report “Power Grid Market Share, Size, Trends, Industry Analysis Report, By Components (Cables, Variable Speed Drivers, Transformers, Switchgear, Others), By Power Source, By Application, By Region, Segments & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/power-grid-market
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Recent Developments
- June 2022: A non-exclusive partnership between Hitachi Energy and Schneider Electric has been established to provide better customer value and hasten the energy transition. Hitachi can benefit from Schneider Electric's medium-voltage portfolio, while Schneider Electric has been able to exploit Hitachi's high-voltage portfolio.
- August 2021: To improve electricity utilities in the Europe and North American region and manage renewable energy sources, Mitsubishi Electric Corporation purchased UK-based Smarter Grid Solutions (SGS), a significant provider of distributed energy sources software.
The Research Addresses Several Questions
- Which important factors are accountable for the robust growth of the market?
- Which are the major players operating in the market across the globe?
- Which product segment of the market is expected to grow at a fast pace over the forecast period?
- What is the position of the competitive scenario of the market?
- What are the estimated figures related to the overall market in the coming few years?
- What is the projected size and share of the market throughout the forecast period?
- Which are the leading geographical segments of the market?
Polaris Market Research has segmented the Power Grid Market report based on component, power source, application, and region:
By Component Outlook
- Cables
- Variables Speed drives
- Transformers
- Switchgear
- Others
By Power Source Outlook
- Conventional Power
- Renewable Power
- Nuclear Power
- Hybrid Power
By Application Outlook
- Generation
- Transmission
- Distribution
By Region Outlook
- North America (U.S, Canada, Mexico)
- Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- LAMEA (Latin America, Middle East & Africa)
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