Power Grid System Market Size, Industry Analysis, Key Insights And Forecast To 2033

Overview and Scope
The power grid system refers to a physical system that delivers electricity from the place where it is generated to the site where it is used. The power grid offers on-demand electricity, and it consists of generating stations (power plants), a transmission system, and a distribution system.

Sizing and Forecast
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 historic period can be attributed to growing energy demand, expansion of renewable energy integration, urbanization and infrastructure development, government initiatives and investments, increasing electrification of industries.

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 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.

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Segmentation & Regional Insights
The power grid system market covered in this report is segmented –
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

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.

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Major Driver Impacting Market Growth
The increase in the use of subsea power cables is expected to propel the growth of the power grid system market. The rising usage of subsea power cables leads to an increase in demand for electricity, as most of the processes and machines in manufacturing processes are electric energy-intensive. For instance, in 2021, there were approximately 436 submarine cables in service around the world. The total number of cables is constantly changing as new cables enter service and older cables are decommissioned. In 2021, there are over 1.3 million kilometers of submarine cables in service globally. Some cables are quite short, such as the 131-kilometer CeltixConnect cable between Ireland and the UK. Therefore, demand for power grid systems will rise as the prevalence of increasing use of subsea power cables rises.

Key Industry Players
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.

The power grid system market report table of contents includes:
1. Executive Summary
2. Power Grid System Market Characteristics
3. Power Grid System Market Trends And Strategies
4. Power Grid System Market - Macro Economic Scenario
5. Global Power Grid System Market Size and Growth

....

32. Global Power Grid System Market Competitive Benchmarking
33. Global Power Grid System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Power Grid System Market
35. Power Grid System Market Future Outlook and Potential Analysis
36. Appendix

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