Power Grid Market worth $367.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 20, 2023 /PRNewswire/ -- Power Grid Market is projected to reach USD 367.4 billion in 2028 from USD 282.1 billion in 2023 at a CAGR of 5.4% according to a new report by MarketsandMarkets™.  The power grid delivers on-demand electricity from power plants to homes and businesses nationwide. It ensures the optimum use of energy resources, provides greater power supply capacity, and makes power system operations more economical and reliable. Its vast network includes energy utility companies and suppliers delivering electricity to residential or commercial users. The generating stations are interconnected to reduce the reserve generation capacity, known as a spinning reserve, in each area.

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Browse in-depth TOC on "Power Grid Market"

162 - Tables
57 - Figures
180 - Pages

Power Grid Market Scope:

The Transformers, by component, is expected to grow at the second highest CAGR during the forecast period.

Based on components, the Power Grid Market has been split into cables, variable speed drives, transformers, switchgear, and others. Transformers is expected to grow at the second highest CAGR during the forecast period. Transformers are used extensively in the power transmission system to step up the voltage of power generated at power plants, making transporting power over long distances easier and more efficient. Transformers also play a critical role in maintaining the stability and reliability of the power grid. They can be used to isolate faults in the grid and prevent power outages from affecting large areas.

The natural Gas segment, by power source, is expected to be the second largest segment during the forecast period

This report segments the Power Grid Market based on power sources into six segments: Oil, natural gas, coal, hydroelectric, renewables, and others. The natural gas segment is expected to be the second-largest segment during the forecast period. Abudancy and clean substitution of fossil fuels are expected to drive the segment.

Asia Pacific is expected to be the largest region in the Power Grid Market

Asia Pacific is expected to be the largest Power Grid Market during the forecast period. Several countries in the Asia Pacific are planning pilot projects or carrying out full-scale development of commercial-scale wind energy farms to amplify wind energy deployments in the region. This has increased investments toward pilot projects, feasibility studies, and new installations in the Asia Pacific, especially in China and India. These factors are expected to fuel the growth of the Power Grid Market in the region.

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Key Market Players:

Some of the major players in the Power Grid Market are Hitachi Energy(Switzerland), Siemens(Germany), General Electric(US), Schneider Electric(France), and Mitsubishi Electric(Japan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

Recent Developments

• In November 2022, GE Renewable Energy launched HYpact switchgear. It can be used in several applications such as mobile (truck-mounted) substations and onshore wind substations. It makes the electrical network more predictable also reduces the customer's operational costs, as well as their impact on the environment.
• In October 2022, Siemens and Eplan have formed a strategic alliance to expand their collaboration in software solutions for the industrial and infrastructure markets. Siemens' Electrical Products business unit will join the Eplan Partner Network as a strategic partner as part of this agreement. The goal is to better coordinate the products of both companies in order to provide optimised solutions for switchgear manufacturers and electrical planners.
• In February 2022, ABB entered into an agreement with OneSubsea to support its subsea multiphase compression system for Shell's Ormen Lange field. ABB supplied variable-speed drives and subsea transformers to power subsea compressors.
• In March 2021, Nexans and Empire Offshore Wind LLC signed a preferred supplier agreement (PSA) to connect the Empire Wind offshore projects to the onshore grid. The turnkey projects include complete design and manufacturing, as well as the installation and protection of over 300 kilometres of export cables.

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