Global Power Grid System Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2027

Global Power Grid System Market Overview :

“The global Power Grid System Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global power grid system market report has been segmented on the basis of components, power supply, and region.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Power grids are connected distribution networks which transfer electricity from power plants to consumers. Offshore power grids generate electricity by collecting renewable sources of energy, especially wind energy. Offshore and subsea industries act as parent market of subsea power grids system market. Its demand and growth is highly influenced by parent market.

The capital spending of the subsea has rapidly increased, which clearly depicts growth of subsea sector globally. In addition, subsea equipment like boosters, compressors, etc., requires power supply for multiple subsea exploration processes, which is provided by subsea power grid systems to have efficient subsea operations.

Depleting fossil fuel sources of energy and rapidly increasing global warming are major factors driving growth of the global power grid system market. In addition, increasing governments investments and private investments market players for power grid systems are other major factors driving growth of the global power grid system market. Increasing adoption of smart grid networks and Internet of things (IoT) are helping in reducing electricity losses and offer efficient grid networks. This factor is further projected to propel growth of the global power grids system market to a certain extent.

However, major factor hampering growth of the global power grid system market is long term initial investment. Development of offshore power grid systems are expected create opportunities for major market players to distribute electricity to various consumers where electricity production prices are comparatively higher.

Europe power grid system market is estimated to account for major share in terms of revenue in the global power grid system market. This growth can be attributed to favorable government policies and Europe’s 2020 target to reduce CO2 emission. Asia Pacific power grid system market is also projected to witness fastest growth in terms of revenue over the next 10 years, owing to increasing demand from the commercial, residential, and industrial industries in countries in the region. Moreover, the market in Africa is also expected to witness significant development in offshore fields during the forecast period.

Global Power Grid System Market Segmentation:

Segmentation by components:

• Cables
• Variable Speed Drives
• Transformers
• Switchgears

Segmentation by power supply:

• Captive Generation
• Wind Power
• Others (tidal power and solar power)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa