About Electric Power System
Electric power system consists of series of components used to transfer the current. These are used in commercial buildings, hospitals, enterprises, and houses. Most of these rely on the three phase AC power supply. Electrification of large number of industries and digitalization has increased the consumption of electricity. The factors such as introduction of electric devices and machines are positively affecting the market
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The electric power system competitive landscape is undergoing a significant transformation, driven by technological advancements, environmental concerns, and evolving consumer preferences. Companies that adapt to these changes and embrace innovation will be best positioned to thrive in this dynamic and exciting industry. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Electric Power System market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Electric Company (United States), Schneider Electric (France), Etap/Operation Technology (United States), Atos Se (France), Artelys Sa (France) and Psi Ag (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric Power System market by Type (Ac (Apparent, Active, Reactive) and Dc), Application (Electric Power Distribution, Electric Power Transmission, Electric Power Trading, Electric Power Generation and Other) and Region.
On the basis of geography, the market of Electric Power System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Faults, the sub-segment i.e. Symmetrical will boost the Electric Power System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Distribution, the sub-segment i.e. Earthed will boost the Electric Power System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Continuous Technical Enhancements and Decreasing Costs and Rising Utilization Rates of Electricity Systems by Introduction of Electric Machines
Market Growth Drivers:
Rising Automation in the Manufacturing Enterprises and Energy Efficient Products are Being Introduce in the Market
Challenges:
Network Technology is not Developed in Some of the Countries and Distributed Generation Increases the Number of Customers to Manage
Restraints:
Government Regulations Associated With the Electricity and High Costs Related to Electricity Usage
Opportunities:
Rising Usage of Renewable Resources is Making a Shift Towards the Electrification and Adoption of Electric Vehicles Will Create an Opportunity for Optimized Usage of Grid
Market Leaders and their expansionary development strategies
In November 2023, Dutch transmission system operator TenneT and Danish energy company Ørsted announced a partnership to develop a large-scale offshore wind farm integration project in the North Sea. This project aims to connect offshore wind power to mainland grids, facilitating the integration of renewable energy into the European power system.
In December 2023, Pact for Skills Launches Large-Scale Partnership for Grid Modernization. Recognizing the crucial role of skilled professionals in grid modernization, the European Commission's Pact for Skills launched a large-scale partnership in this initiative aims to accelerate skill development in areas like smart grids, cybersecurity, and renewable energy integration.
Key Target Audience
Suppliers and Distributors, Research Institutes, Development Institutes, Government Bodies and Manufacturers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.