Global Power Grid Market Overview:
An electricity grid is a network of wires that connects a producer to the consumer. Its three main phases are generation, transmission, and distribution. Power plants are in the generation phase, where the electricity is usually produced from various sources, which may include fossil fuels, nuclear energy, and renewable resources, such as wind and solar energy. Once it is generated, electricity is then transmitted over distances through high-voltage power lines to minimize the loss of energy. This transmission network connects power plants to substations, where the voltage is reduced for safe distribution. and The distribution network then takes over, delivering electricity to homes, businesses, and industries through local power lines. Substations play a key role in this phase by stepping down the voltage to levels suitable for use by consumers. Power grids should be reliable, flexible, capable of managing different types of spikes in demand as well as possible supply disruptions or emergency situations. Besides supplying electric power, nowadays, modern smart grids are often designed to deploy smart technologies-including sensors, automated systems-with the aim to optimize performance and monitor the grid's health by better integrating various renewable energy sources. There is, therefore, a big push to upgrade the power grid in such a way that makes it resilient and sustainable in managing diverse sources of energy as both energy demand continues to rise while environmental concerns deepen. Among other innovations in these efforts are the smart grids where advanced communication and control technologies become a major leverage in enhancing distribution efficiency and effectiveness.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Forecast Period | 2025-2032 |
Historical Period | 2020-2024 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Decentralized power systems that can operate autonomously from the main grid, enhancing resilience and energy security. and Batteries and other storage technologies enable grid balancing by storing excess energy and releasing it during peak demand.
Market Growth Drivers:
The transition to a low-carbon future is driving investment in renewable energy sources, which requires significant power grid upgrades. and Governments are providing financial incentives and regulatory support for the development of power grid infrastructure.
Challenges:
Many power grids are aging and require upgrades to ensure reliability and efficiency. and The digitalization of the power grid increases its vulnerability to cyberattacks.
Restraints:
Environmental regulations can restrict the development of new power grid infrastructure.
Opportunities:
Companies that offer smart grid technologies (sensors, software, communication systems) are in high demand as utilities aim to modernize infrastructure.
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report 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) and Southwire Company (US).. Considering Market by Component, the sub-segment i.e. Cables will boost the Power Grid market. Considering Market by Source, the sub-segment i.e. Oil will boost the Power Grid market.
Latest Market Insights:
In October 2022, Siemens Smart Infrastructure and Eplan have signed a strategic partnership to strengthen collaboration in the area of software solutions for the industry and infrastructure market segments.
In November 2022, GE Renewable Energy’s Grid Solutions business energized a new 123kV, 16.7Hz HYpact switchgear for DB Energie GmbH’s 60-year-old Amstetten train station located in Lonsee between Stuttgart and Ulm in Germany.
What Can be Explored with the Power Grid Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Power Grid Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Power Grid
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Power Grid market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Power Grid market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.