Global Power Grid System Market Report and Forecast 2024-2032

Global Power Grid System Market Outlook

The global power grid system market size reached a value of approximately USD 10.58 billion in 2023. The market is further projected to grow at a CAGR of 10.10% between 2024 and 2032, reaching a value of USD 25.16 billion by 2032.

Key Trends in the Market

Power grid system is a network of power consumers and providers that are connected by distribution and transmission lines and are operated by one or more control centres. The power grid system  is responsible for delivering electricity to businesses and homes from power plants.

• Technological advancements such as the introduction of advanced metering infrastructure and control systems to enable real time monitoring and load management, among other applications is enhancing the power grid system market demand.

• Shifting preference of consumers towards electric vehicles is increasing the demand for electric vehicle charging stations and load management systems, which in turn, is contributing to the increased requirement for power grid systems.

• Growing population is  boosting the electricity requirement across the globe. This is propelling the need for modernisation of power grid systems in order to ensure efficient power supply to the residential, industrial, and commercial sectors.

Market Analysis

Based on components, the market is divided into cables, variable speed drivers, transformers, and switchgears, among others. On the basis of power supply, the market is categorised into captive generation, wind power, tidal power, and solar power, among others. By region, the power grid system market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• ABB Ltd

• ltron, Inc.

• Siemens AG.

• General Electric Company

• Honeywell International Inc.

• Schneider Electric SE

• Belden Inc.

• Wipro Limited

• NKT A/S

• Others

Market Share by Components

The variable speed driver segment is anticipated to account for a significant power grid system market share as it is capable of handling a wide range of energy demands and voltages. It caters to the high-power needs of the dry and wet gas compressors and boosters and injector motors along with the devices consuming less power like scrubbing and submarine impellers. Moreover, the reduced power line disturbances, reduced risk, and increased motor longevity with variable speed drives are expected to further enhance the growth of the segment.

Market Share by Region

Europe is expected to hold a significant share of the market over the forecast period owing to the rising demand for renewable energy sources from consumers in the region. The European governments are implementing favourable policies and regulations which is fuelling the demand for power grid systems. The presence of a well-established and modern grid infrastructure and rising investments by the key market players in renewable energy sources, such as solar power and wind power, are further aiding the power grid system market growth in Europe.

Competitive Landscape

ABB Ltd. was founded in 1988 and is headquartered in Zurich, Switzerland. The company focuses on enabling a resource efficient future and works closely with transportation and utility customers, among others.

ltron, Inc. was founded in 1977 and is headquartered in Washington, United States. The company is known for providing products and services for water resource and energy management.

Siemens AG was established in 1847 and has its headquarters located in Munich, Germany. The multinational automation company generates and distributes power and also focuses on the intelligent infrastructure for buildings and distributed energy systems.

Other major market players include General Electric Company, Honeywell International Inc., Schneider Electric SE, Belden Inc., Wipro Limited, and NKT A/S, among others.

Key Highlights of the Report