Power Grid System Market is estimated to Witness High Growth Owing to Growing Need for Reliable and Uninterrupted Power Supply

 

Power Grid System Market

Power grid systems play a vital role in transmission and distribution of electricity from power generation sources to residential and industrial consumers. Power grid systems consist of transmission lines, distribution lines, transformers, protection devices and control center to monitor power flow. Power grid systems help in ensuring reliable and uninterrupted power supply to consumers. With growing industrialization and urbanization, the demand for power has increased significantly across the globe. This has necessitated the need for upgradation and expansion of existing power grid infrastructure. The global power generation capacity addition is estimated to double by 2050 as per International Energy Agency. This growing need for reliable and uninterrupted power supply is estimated to drive the growth of global power grid system market over the forecast period.

The Global Power Grid System Market is estimated to be valued at US$ 11.67 Bn in 2024 and is expected to exhibit a CAGR of 11.4% over the forecast period 2024 to 2031.


Key Takeaways
Key players operating in the power grid system market are ABB Ltd., Eaton Corporation, General Electric Company, Havells India Ltd., Hitachi Energy, Hyundai Electric & Energy Systems Co., Ltd., LS Electric, Mitsubishi Electric Corporation, National Grid plc, Nexans, Prysmian Group, Powell Industries, Schneider Electric SE, Siemens AG, and Toshiba Energy Systems & Solutions Corporation.

Growing investments towards modernization of aging power grid infrastructure along with expansion of transmission and distribution networks present significant growth opportunities in the market. Government initiatives towards development of smart grid technology is also expected to drive the adoption of advanced power grid systems.

Major players are focusing on expansion in developing regions of Asia Pacific, Middle East, and Africa to tap the growth opportunities owing to increasing investments in power sector of these regions. Partnerships and collaborations with distribution utilities and EPC contractors is also a key focus area for major players for business expansion.

Market Drivers
The need for modernization and upgradation of aging power infrastructure in developed regions such as North America and Europe is the key driver for Power Grid System Market Demand. According to studies, over 60% of transmission lines in the United States are over 25 years old. Growing investments towards smart grid technologies aimed at improving grid efficiency and enabling integration of renewable energy is also expected to drive the demand for advanced power grid systems over the forecast period. Significant investments planned under China's 13th five-year plan for modernizing its transmission network presents new opportunities for growth of power grid system market in the country.

PEST Analysis
Political: Power Grid system regulations are focusing on reliable grid connectivity and renewable energy integration. Governments across regions are framing favorable policies to modernize aging infrastructure and attract private investments.

Economic: Global economic growth and increasing power demand from industries and households are driving investments in T&D infrastructure upgrades. Growing investments towards smart grid technologies will boost market revenues.

Social: Focus on electrification of remote areas, demand from electric vehicles and smart cities are bringing social and lifestyle changes which require robust and resilient grid network. Sustainable energy usage is gaining widespread acceptance.

Technological: Advancements in IoT, sensors, cloud, AI and blockchain are allowing two-way power flow and distributed energy resources management. Adoption of digital substations, distribution automation and fiber optic cables are improving reliability, efficiency and resilience of grid networks.

Geographical regions where market in terms of value is concentrated:

Asia Pacific region holds the largest market share currently attributed to increased investments in renewable energy integration and grid modernization projects underway in China, India along with other Southeast Asian countries. North America and Europe are also major revenue generators with focus on smart grids rollout supported by policy reforms and availability of advanced technologies.

Fastest growing region for the Power Grid System Market:

The Asia Pacific region is slated to witness the highest growth over the forecast period owing to rising electricity demand from a burgeoning middle class, rapid industrialization and ongoing investments in modernizing aging infrastructure in critical markets such as China and India. Favorable government initiatives and regulations supporting grid infrastructure developments will further support the regional market expansion.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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