The power grid system market size has grown rapidly in recent years. It will grow from $9.81 billion in 2023 to $10.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to electrification of transportation, global connectivity and interconnection, resilience and reliability requirements, policy support and regulatory frameworks, addressing energy access challenges. Major trends in the forecast period include cybersecurity concerns, decentralization and microgrids, policy and regulatory developments, electrification of industry, aging infrastructure renewal.
The power grid system market size is expected to see rapid growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The forecasted growth in the upcoming period can be attributed to several factors, including the electrification of transportation, global connectivity, resilience and reliability requirements, policy support, and regulatory frameworks, along with efforts to address energy access challenges. Major trends anticipated in the forecast period include concerns related to cybersecurity, the adoption of decentralization and microgrids, ongoing developments in policies and regulations, increased electrification in industries, and the renewal of aging infrastructure.
The surge in the utilization of subsea power cables is anticipated to drive the expansion of the power grid system market. The growing prevalence of subsea power cables contributes to heightened electricity demand, particularly in manufacturing processes where many operations heavily rely on electric energy. As of 2021, there were approximately 436 submarine cables in operation worldwide, with the total length of submarine cables surpassing 1.3 million kilometers globally. This count is dynamic, with new cables entering service and older ones being decommissioned. Examples of these cables vary in length, such as the 131-kilometer CeltixConnect cable connecting Ireland and the UK. Consequently, the increased adoption of subsea power cables is expected to elevate the demand for power grid systems.
The escalating need for a reliable electricity supply is poised to steer the growth of the power grid system market in the foreseeable future. The term "electricity supply" encompasses the entire process of generating, transmitting, and distributing electrical energy to end-users for diverse applications spanning residential, commercial, industrial, and transportation sectors. Power grid systems play a crucial role in efficiently managing the generation, transmission, and distribution of electrical energy across extensive distances, effectively minimizing energy losses during transmission and incorporating various electricity storage technologies. In June 2023, the U.S. Energy Information Administration reported that electricity sales in the United States reached 3,909 billion kWh (kilowatt-hour), or approximately 3.9 trillion kWh, in 2022 - a notable increase from 103 billion kWh in 2021. This underscores the escalating demand for a robust electricity supply, propelling the growth of the power grid system market.
The power grid systems market is experiencing a key trend of product innovations. Various advancements, such as large-capacity sodium-sulfur batteries, hydrogen storage, and the development of solid electrolytes, are enhancing the capabilities of batteries. A notable example is the creation of a solid-state battery by engineers at the University of California in collaboration with LG Energy Solutions in September 2021. This innovative battery combines two sub-fields into a single, versatile solution suitable for applications such as grid storage and electric vehicles. Initial tests have shown that the new battery is not only safe but also exhibits long-lasting and energy-dense characteristics.
Major companies in the power grid systems market are strategically introducing advanced solutions to maintain a competitive edge. One such innovation is the development of grid connection solutions by Hitachi Energy Ltd., a Switzerland-based technology company. Their product, Grid-eXpand, launched in August 2022, offers a range of modular and prefabricated grid connection solutions. These solutions are designed to accelerate grid expansion for a carbon-neutral future, featuring both air-insulated and gas-insulated grid connections. They are engineered, assembled, and factory-tested before delivery, ensuring scalability, customization to specific needs and grid code requirements, and replicability for fleet harmonization, ultimately reducing installed base complexity.
In December 2022, Power Grid Components Inc., a US-based provider of porcelain and glass insulators, made a strategic move by acquiring Meister International for an undisclosed amount. This acquisition aims to expand Power Grid Components Inc.'s product portfolio, strengthen its position in the electrical distribution industry, and enhance its ability to cater to customers with an expanded suite of insulator and utility hardware products. Meister International, the acquired company, is a US-based manufacturer specializing in hardware products and power grid systems.
Major companies operating in the power grid system market report are Siemens AG, General Electric Co., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Schneider Electric S.E, ABB Ltd., Hitachi ABB Power Grids Ltd., Sumitomo Electric Industries Ltd., Toshiba Corporation, Larsen & Toubro Ltd., Eaton Corporation PLC, Prysmian Group S.P.A, Alstom S.A, TBEA Co. Ltd., Nexans S.A, NARI Group Corporation, LS Cable & System Ltd., Aker Solutions ASA, Bharat Heavy Electricals Limited, XJ Group Corporation Ltd., Oceaneering International Inc., Meidensha Corporation, KEC International Ltd., Pinggao Group Co. Ltd., Schweitzer Engineering Laboratories Inc., CG Power and Industrial Solutions Limited, Powell Industries Inc., Hyundai Electric & Energy Systems Co. Ltd., EMCO Limited, GE Grid Solutions, Rittal GmbH & Co. KG, Elsewedy Electric Co. S.A.E., L&T Electrical & Automation Ltd., C&S Electric Ltd.
Europe was the largest region in the power grid system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power grid system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the power grid system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Within the power grid system market, the main types of power supply include captive generation, wind power, and other power supplies. Captive generating plants are established by individuals, cooperative societies, or associations to primarily generate electricity for their own use. Components of power grid systems include cables, variable speed drives, transformers, and switchgear, applied both on seabeds and land.
The power grid system market research report is one of a series of new reports that provides power grid system market statistics, including power grid system industry global market size, regional shares, competitors with a power grid system market share, detailed power grid system market segments, market trends and opportunities, and any further data you may need to thrive in the power grid system industry. This power grid system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The power grid system market consists of sales of connectors, actuators, sensors, and penetrators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The power grid system market size is expected to see rapid growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The forecasted growth in the upcoming period can be attributed to several factors, including the electrification of transportation, global connectivity, resilience and reliability requirements, policy support, and regulatory frameworks, along with efforts to address energy access challenges. Major trends anticipated in the forecast period include concerns related to cybersecurity, the adoption of decentralization and microgrids, ongoing developments in policies and regulations, increased electrification in industries, and the renewal of aging infrastructure.
The surge in the utilization of subsea power cables is anticipated to drive the expansion of the power grid system market. The growing prevalence of subsea power cables contributes to heightened electricity demand, particularly in manufacturing processes where many operations heavily rely on electric energy. As of 2021, there were approximately 436 submarine cables in operation worldwide, with the total length of submarine cables surpassing 1.3 million kilometers globally. This count is dynamic, with new cables entering service and older ones being decommissioned. Examples of these cables vary in length, such as the 131-kilometer CeltixConnect cable connecting Ireland and the UK. Consequently, the increased adoption of subsea power cables is expected to elevate the demand for power grid systems.
The escalating need for a reliable electricity supply is poised to steer the growth of the power grid system market in the foreseeable future. The term "electricity supply" encompasses the entire process of generating, transmitting, and distributing electrical energy to end-users for diverse applications spanning residential, commercial, industrial, and transportation sectors. Power grid systems play a crucial role in efficiently managing the generation, transmission, and distribution of electrical energy across extensive distances, effectively minimizing energy losses during transmission and incorporating various electricity storage technologies. In June 2023, the U.S. Energy Information Administration reported that electricity sales in the United States reached 3,909 billion kWh (kilowatt-hour), or approximately 3.9 trillion kWh, in 2022 - a notable increase from 103 billion kWh in 2021. This underscores the escalating demand for a robust electricity supply, propelling the growth of the power grid system market.
The power grid systems market is experiencing a key trend of product innovations. Various advancements, such as large-capacity sodium-sulfur batteries, hydrogen storage, and the development of solid electrolytes, are enhancing the capabilities of batteries. A notable example is the creation of a solid-state battery by engineers at the University of California in collaboration with LG Energy Solutions in September 2021. This innovative battery combines two sub-fields into a single, versatile solution suitable for applications such as grid storage and electric vehicles. Initial tests have shown that the new battery is not only safe but also exhibits long-lasting and energy-dense characteristics.
Major companies in the power grid systems market are strategically introducing advanced solutions to maintain a competitive edge. One such innovation is the development of grid connection solutions by Hitachi Energy Ltd., a Switzerland-based technology company. Their product, Grid-eXpand, launched in August 2022, offers a range of modular and prefabricated grid connection solutions. These solutions are designed to accelerate grid expansion for a carbon-neutral future, featuring both air-insulated and gas-insulated grid connections. They are engineered, assembled, and factory-tested before delivery, ensuring scalability, customization to specific needs and grid code requirements, and replicability for fleet harmonization, ultimately reducing installed base complexity.
In December 2022, Power Grid Components Inc., a US-based provider of porcelain and glass insulators, made a strategic move by acquiring Meister International for an undisclosed amount. This acquisition aims to expand Power Grid Components Inc.'s product portfolio, strengthen its position in the electrical distribution industry, and enhance its ability to cater to customers with an expanded suite of insulator and utility hardware products. Meister International, the acquired company, is a US-based manufacturer specializing in hardware products and power grid systems.
Major companies operating in the power grid system market report are Siemens AG, General Electric Co., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Schneider Electric S.E, ABB Ltd., Hitachi ABB Power Grids Ltd., Sumitomo Electric Industries Ltd., Toshiba Corporation, Larsen & Toubro Ltd., Eaton Corporation PLC, Prysmian Group S.P.A, Alstom S.A, TBEA Co. Ltd., Nexans S.A, NARI Group Corporation, LS Cable & System Ltd., Aker Solutions ASA, Bharat Heavy Electricals Limited, XJ Group Corporation Ltd., Oceaneering International Inc., Meidensha Corporation, KEC International Ltd., Pinggao Group Co. Ltd., Schweitzer Engineering Laboratories Inc., CG Power and Industrial Solutions Limited, Powell Industries Inc., Hyundai Electric & Energy Systems Co. Ltd., EMCO Limited, GE Grid Solutions, Rittal GmbH & Co. KG, Elsewedy Electric Co. S.A.E., L&T Electrical & Automation Ltd., C&S Electric Ltd.
Europe was the largest region in the power grid system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power grid system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the power grid system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Within the power grid system market, the main types of power supply include captive generation, wind power, and other power supplies. Captive generating plants are established by individuals, cooperative societies, or associations to primarily generate electricity for their own use. Components of power grid systems include cables, variable speed drives, transformers, and switchgear, applied both on seabeds and land.
The power grid system market research report is one of a series of new reports that provides power grid system market statistics, including power grid system industry global market size, regional shares, competitors with a power grid system market share, detailed power grid system market segments, market trends and opportunities, and any further data you may need to thrive in the power grid system industry. This power grid system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The power grid system market consists of sales of connectors, actuators, sensors, and penetrators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary2. Power Grid System Market Characteristics3. Power Grid System Market Trends and Strategies32. Global Power Grid System Market Competitive Benchmarking33. Global Power Grid System Market Competitive Dashboard34. Key Mergers and Acquisitions in the Power Grid System Market
4. Power Grid System Market - Macro Economic Scenario
5. Global Power Grid System Market Size and Growth
6. Power Grid System Market Segmentation
7. Power Grid System Market Regional and Country Analysis
8. Asia-Pacific Power Grid System Market
9. China Power Grid System Market
10. India Power Grid System Market
11. Japan Power Grid System Market
12. Australia Power Grid System Market
13. Indonesia Power Grid System Market
14. South Korea Power Grid System Market
15. Western Europe Power Grid System Market
16. UK Power Grid System Market
17. Germany Power Grid System Market
18. France Power Grid System Market
19. Italy Power Grid System Market
20. Spain Power Grid System Market
21. Eastern Europe Power Grid System Market
22. Russia Power Grid System Market
23. North America Power Grid System Market
24. USA Power Grid System Market
25. Canada Power Grid System Market
26. South America Power Grid System Market
27. Brazil Power Grid System Market
28. Middle East Power Grid System Market
29. Africa Power Grid System Market
30. Power Grid System Market Competitive Landscape and Company Profiles
31. Power Grid System Market Other Major and Innovative Companies
35. Power Grid System Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Power Grid System Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on power grid system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for power grid system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Power Supply: Captive Generation, Wind Power, Other Power Supplies
2) By Components: Cables, Variable Speed Drives, Transformers, Switchgears
3) By Application: Seabed, Land
Key Companies Mentioned: Siemens AG; General Electric Co.; Mitsubishi Electric Corporation; Fuji Electric Co. Ltd.; Schneider Electric S.E
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens AG
- General Electric Co.
- Mitsubishi Electric Corporation
- Fuji Electric Co. Ltd.
- Schneider Electric S.E
- ABB Ltd.
- Hitachi ABB Power Grids Ltd.
- Sumitomo Electric Industries Ltd.
- Toshiba Corporation
- Larsen & Toubro Ltd.
- Eaton Corporation plc
- Prysmian Group S.P.A
- Alstom S.A
- TBEA Co. Ltd.
- Nexans S.A
- NARI Group Corporation
- LS Cable & System Ltd.
- Aker Solutions ASA
- Bharat Heavy Electricals Limited
- XJ Group Corporation Ltd.
- Oceaneering International Inc.
- Meidensha Corporation
- KEC International Ltd.
- Pinggao Group Co. Ltd.
- Schweitzer Engineering Laboratories Inc.
- CG Power and Industrial Solutions Limited
- Powell Industries Inc.
- Hyundai Electric & Energy Systems Co. Ltd.
- EMCO Limited
- GE Grid Solutions
- Rittal GmbH & Co. KG
- Elsewedy Electric Co. S.A.E.
- L&T Electrical & Automation Ltd.
- C&S Electric Ltd.
Methodology
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