According to the research report, the global power grid market was valued at USD 271.43 billion in 2022 and is expected to reach USD 414.91 billion by 2032, to grow at a CAGR of 4.37% during the forecast period.
Market Overview:
The power grid market is a cornerstone of modern infrastructure, enabling the transmission and distribution of electricity across regions. With the increasing demand for reliable, efficient, and sustainable energy, power grids are undergoing significant transformations to integrate renewable energy sources, advanced technologies, and energy storage systems. From traditional centralized grids to emerging smart grid solutions, the market caters to a wide range of applications, including residential, commercial, and industrial sectors.
The evolution of the power grid market is characterized by the deployment of intelligent systems, automation, and digital technologies aimed at enhancing grid reliability, reducing energy losses, and facilitating real-time monitoring and management. This transformation supports the global energy transition, aligning with sustainability goals and increasing energy demand.
Key Trends:
The power grid market is witnessing several key trends, including:
- Smart Grid Deployment: Advanced grids with real-time data collection and analysis capabilities are being implemented to optimize energy distribution and improve efficiency.
- Energy Storage Integration: Batteries and other energy storage solutions are increasingly being used to stabilize grids and manage renewable energy intermittency.
- Decentralized Energy Systems: Microgrids and distributed energy resources (DERs) are gaining popularity for localized energy generation and consumption.
- Digitalization and Automation: Technologies like IoT, AI, and blockchain are enabling predictive maintenance, efficient energy trading, and improved grid management.
- Focus on Sustainability: The development of green grids, incorporating low-carbon technologies and materials, is becoming a priority for reducing the environmental impact of power grids.
Major Key Players:
- Schneider Electric
- Mitsubishi Electric
- Siemens
- Hitachi Energy
- Eaton
- Havells
- Hubbell
- Fuji Electric
- Sumitomo Electric
- Hyundai Electric & Energy Systems Co.
- Toshiba Energy Systems & Solutions
- Southwire Company
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/power-grid-market
Recent Developments:
- Collaboration Between Hitachi Energy and Schneider Electric
In June 2022, Hitachi Energy and Schneider Electric announced a non-exclusive partnership aimed at delivering enhanced customer value and accelerating the energy transition. Through this collaboration, Schneider Electric has gained access to Hitachi Energy’s high-voltage portfolio, while Hitachi Energy benefits from Schneider Electric’s medium-voltage offerings, creating a comprehensive solution for energy management. - Mitsubishi Electric’s Acquisition of Smarter Grid Solutions
In August 2021, Mitsubishi Electric Corporation acquired Smarter Grid Solutions (SGS), a UK-based provider of distributed energy resource software. This acquisition is designed to strengthen Mitsubishi Electric’s capabilities in managing renewable energy sources, enhancing power utilities across Europe and North America, and supporting the integration of distributed energy resources.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Power Grid Market, Component Outlook (Revenue – USD Billion, 2019-2032)
- Cables
- Variables Speed drives
- Transformers
- Switchgear
- Others
Power Grid Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Generation
- Transmission
- Distribution
Power Grid Market, Power Source Outlook (Revenue – USD Billion, 2019-2032)
- Conventional Power
- Renewable Power
- Nuclear Power
- Hybrid Power
The future of the power grid market is poised for significant advancements as the industry continues to adapt to evolving energy demands and environmental imperatives. Smart grids, enhanced by digital technologies, are expected to dominate the market, offering greater efficiency and flexibility. The integration of renewable energy, energy storage systems, and decentralized energy solutions will drive innovation and infrastructure development.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
Telecom Millimeter Wave Market Analysis
Laser Rangefinder Market Opportunities