Power Grid market Statistics, Emerging Demands and Forecast to 2030

Power Grid market Report 2024 by Delvens offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The global Power Grid market size was estimated at USD 279.6 billion in 2023 and is projected to reach USD 410 billion in 2030 at a CAGR of 5.6% during the forecast period 2023-2030.

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The power grid constitutes a network of interconnected power producers and consumers that are subject to management by one or more control centers and united by transmission and distribution lines. The reference of "power grid" by most individuals is often directed to the electricity transmission system. The power grid framework encompasses transmission lines and halls, power stations, as well as power distribution channels, all of which are overseen and regulated by power grid operators and service providers. This guarantees that energy reservoirs are utilized in the most sophisticated manner possible, amplifies the potential of the potent force, and augments the efficiency and accountability of power system operations.

The need for stable and reliable transmission and distribution networks has arisen due to the increasing demand for energy. A system capable of handling sudden power shorts and drops is necessary to ensure uninterrupted power supply.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The dearth of fossil fuels as an energy source and the rapidly expanding global warming phenomenon are the primary drivers of the development of the power grid market. In addition, the increasing government allocation and private investment market players for power grid systems are other factors propelling the growth of the power grid market.

Competitive Landscape

• ABB

• Eaton

• Fuji Electric

• General Electric

• Havells

• Hitachi Energy

• Hubbell

• Hyundai Electric & Energy Systems Co., Ltd.

• LS Electric

• Mitsubishi Electric

• Nexans

• NKT

• Powell Industries

• Prysmian Group

• Schneider Electric and More

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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.

Reasons to Acquire:

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

• Gain authentic and granular data access for the Power Grid Market to understand the trends and the factors involved in changing market situations.

• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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In addition to the market data for the Power Grid Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.

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