According to the report by Expert Market Research (EMR), the global Power Grid System Market reached a value of approximately USD 9.61 billion in 2022. Aided by the escalating demand for reliable electricity and the expanding applications of power grid systems in various sector, the market is projected to further grow at a CAGR of 10.10% between 2023 and 2028 to reach a value of USD 17.12 billion by 2028.
Power grid systems consist of interconnected network for delivering electricity from producers to consumers. It encompasses power stations, transmission lines, and distribution infrastructure, thereby facilitating a seamless flow of power. Power grids have become a critical element in modern societies, underpinning the operations of various sectors, including residential, commercial, industrial, and utilities.
The rising global demand for reliable and continuous electricity is driving the global power grid system market growth. With the world’s increasing reliance on electrical energy, the need for efficient, robust, and resilient power grid systems has become paramount. This demand is further magnified by the rapid urbanisation and industrialisation observed in emerging economies, leading to a surge in the consumption of electricity.
Moreover, the widening applications of power grid systems across different sectors significantly contribute to the power grid system market expansion. In the utilities sector, power grids are crucial for transmitting electricity from power plants to households, businesses, and industries. In the industrial sector, they ensure the stable operation of various processes and equipment. For the residential and commercial sectors, power grids facilitate everyday activities, from lighting and heating to powering electronic devices.
Additionally, the trend of grid modernisation and digitalisation has further accelerated the power grid system market growth. With the advent of new technologies like smart grids, big data, and AI, traditional power grid systems are undergoing a significant transformation. These advancements not only enhance the efficiency and reliability of power delivery but also enable better grid management and maintenance, thereby boosting the demand for modern power grid systems.
Furthermore, the global shift towards renewable energy has added impetus to the power grid system market demand. As countries around the world strive to reduce carbon emissions and combat climate change, there is an increasing emphasis on integrating renewable energy sources into power grids. This integration requires modern, flexible, and smart grid systems capable of handling the intermittent nature of renewable energy, thereby stimulating the power grid system market development.
Market Segmentation of Power Grid System Market
The market can be divided based on component, power supply, and region.
Market Breakup by Component
- Variable Speed Drivers
Market Breakup by Power Supply
- Captive Generation
- Wind Power
- Tidal Power
- Solar Power
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/power-grid-system-market
Competitive Landscape of Power Grid System Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global power grid system companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ABB Ltd
- Itron, Inc.
- Siemens AG.
- General Electric Company
- Honeywell International Inc.
- Schneider Electric SE
- Belden Inc.
- Wipro Limited
- NKT A/S
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