Global Power Grid Market Size, Trends, and Growth Opportunity, By Components (Cables, Variable Speed Drivers, Transformers, Switchgears, Others), By Power Supply (Captive Generation, Wind Power, Tidal Power, Solar Power, and Others), By Application (Seabed, Land), By Region and Forecast to 2030.
Global Power Grid Market
The Global Power Grid Market was valued at USD 280 billion in 2022 and is expected to expand to USD 425 billion by 2030, at a CAGR of 4.50% during the forecast period 2023-2030.
The power grid or electrical grid is an interconnected network for the delivery of electricity from producers to consumers or end users. Power grids vary in size and can cover whole countries and continents. The power grid includes transmission lines and towers, generator stations, and individual consumer distribution lines. The generator produces energy. Wind & solar farms, power lines & transmission towers, and nuclear power plants are all examples of the electrical grid.
Market Drivers
The growing electrification of industrial processes is leading to an increase in the energy demand which drives the global power grid market. Furthermore, increasing usage of subsea power cables is projected to boost the growth of the power grid system market. This leads to an increasing demand for electricity, as most of the machines in manufacturing processes are electric energy-intensive. All these factors lead to propel the market.
Market Restraints
High installation costs of transmission systems limit the growth of the global power grid market. The installation cost of transmission systems is very high, mainly for long-distance transmission lines that must traverse difficult terrain & cross bodies of water.
Also, the other restraining factor for the market is the need for more infrastructure.
Market Segmentation
The global power grid market is segmented into components, power supply, application, and region
Based on components, the global power grid market is segmented into cables, variable speed drivers, transformers, switchgear, and others.
Further, based on application, the market is segmented into the seabed and land.
Regional Analysis
The global power grid market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia Pacific region is expected to grow significantly in the coming years due to the rising demand for electricity, the need to modernize aging infrastructure, and the rising adoption of renewable energy sources. Additionally, factors such as government initiatives, such as funding programs to support the modernization & expansion of the power grid systems, also contribute to the growth of the Asia Pacific power grid market.
Key Players
Various key players are discussed in the global power grid market report including; Aker Solutions ASA, Oceaneering International, LS Cable & System, Sumitomo Electric Industries, Schneider Electric, Intertek Group, Schlumberger, Hitachi Energy, NKT, ZTT, TE Connectivity, Apar Industries, Honeywell Elster, Hubbell, and DR Cable Systems.
For instance, in July 2020, Hitachi, a Japanese multinational corporation acquired ABB Power Grids from a Swiss-Swedish engineering company. The acquisition of ABB was for $7.8 billion.
Market Taxonomy
By Components
• Cables
• Variable Speed Drivers
• Transformers
• Switchgear
• Others
By Power Supply
• Captive Generation
• Wind Power
• Tidal Power
• Solar Power
• Others
By Application
• Seabed
• Land
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Power Grid Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Power Grid Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact Due To Recent Energy Crisis
4.2.5 Cumulative Impact Due Nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact Of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Power Grid Market, By Components
5.1 Y-o-Y Growth Comparison, By Components
5.2 Global Power Grid Market Share Analysis, By Components
5.3 Global Power Grid Market Size and Forecast, By Components
5.3.1 Cables
5.3.2 Variable Speed Drivers
5.3.3 Transformers
5.3.4 Switchgears
5.3.5 Others
6 Global Power Grid Market, By Power Supply
6.1 Y-o-Y Growth Comparison, By Power Supply
6.2 Global Power Grid Market Share Analysis, By Power Supply
6.3 Global Power Grid Market Size and Forecast, By Power Supply
6.3.1 Captive Generation
6.3.2 Wind Power
6.3.3 Tidal Power
6.3.4 Solar Power
6.3.5 Others
7 Global Power Grid Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Power Grid Market Share Analysis, By Application
7.3 Global Power Grid Market Size and Forecast, By Application
7.3.1 Seabed
7.3.2 Land
8 Global Power Grid Market, By Region
8.1 Global Power Grid Market Share Analysis, By Region
8.2 Global Power Grid Market Share Analysis, By Region
8.3 Global Power Grid Market Size and Forecast, By Region
9 North America Power Grid Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Power Grid Market Share Analysis, By Components
9.3 North America Power Grid Market Share Analysis, By Power Supply
9.4 North America Power Grid Market Size and Forecast, By Application
9.5 North America Power Grid Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Power Grid Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Power Grid Market Share Analysis, By Components
10.3 Europe Power Grid Market Share Analysis, By Power Supply
10.4 Europe Power Grid Market Size and Forecast, By Application
10.5 Europe Power Grid Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Power Grid Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Power Grid Market Share Analysis, By Components
11.3 Asia Pacific Power Grid Market Share Analysis, By Power Supply
11.4 Asia Pacific Power Grid Market Size and Forecast, By Application
11.5 Asia Pacific Power Grid Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia Pacific
12 Latin America Power Grid Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Power Grid Market Share Analysis, By Components
12.3 Latin America Power Grid Market Share Analysis, By Power Supply
12.4 Latin America Power Grid Market Size and Forecast, By Application
12.5 Latin America Power Grid Market Size and Forecast, Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Power Grid Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Power Grid Market Share Analysis, By Components
13.3 Middle East Power Grid Market Share Analysis, By Power Supply
13.4 Middle East Power Grid Market Size and Forecast, By Application
13.5 Middle East Power Grid Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market Share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Aker Solutions ASA
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Oceaneering International
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.25 Key Market Developments
15.2.6 Key Strategies
15.3 LS Cable & System
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Sumitomo Electric Industries
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Schneider Electric
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Intertek Group
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Schlumberger
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Hitachi Energy
15. 8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Hubbell
15.9.1 Overview
15.9.2 Offerings
15.4.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 TE Connectivity
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
