Power Grid Market to Grow with a CAGR of 5.22% through 2029
Replacement of Aging Infrastructure, Increasing electricity demand, Technological Advancements in Grid Infrastructure and integration of renewable energy sources are likely to drive the market in the forecast period.
According to
TechSci Research report, “Power Grid Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global Power Grid Market was valued at USD 263.27 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.22% through 2029. The need to replace aging power infrastructure is a significant driver of the power grid market. Many existing power grids, especially in developed countries, were constructed several decades ago and are now approaching or have exceeded their intended lifespans. Aging infrastructure is prone to failures, inefficiencies, and increased maintenance costs, posing risks to the reliability and safety of power supply. The modernization of these outdated systems is crucial to meet current and future energy demands and to integrate new technologies and renewable energy sources. Upgrading infrastructure involves replacing old transmission lines, transformers, and substations with modern, more efficient equipment, as well as incorporating smart grid technologies to enhance monitoring and control capabilities. Governments and utilities are increasingly prioritizing investments in infrastructure renewal projects to prevent power outages, improve energy efficiency, and ensure grid resilience against natural disasters and cyber threats. The transition to a modernized power grid not only addresses the challenges of aging infrastructure but also aligns with broader goals of sustainability and energy security, thereby driving significant growth in the power grid market.
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Based on Application,
The Transmission segment held the largest Market share in 2023. Transmission
dominates the global power grid market primarily due to its critical role in
ensuring efficient and reliable electricity delivery from generation sources to
end-users. The transmission segment involves high-voltage transmission lines,
substations, and associated equipment, all essential for transporting
electricity over long distances from power plants to distribution networks and
ultimately to consumers. One key reason
for the dominance of transmission is the necessity to minimize energy loss
during long-distance electricity transfer. High-voltage transmission systems
reduce energy losses and improve efficiency compared to lower-voltage systems.
As the demand for electricity continues to rise globally, especially in
emerging economies experiencing rapid urbanization and industrial growth, the
need for robust and extensive transmission infrastructure becomes increasingly
vital.
The integration
of renewable energy sources, such as wind and solar, into the power grid has
heightened the importance of transmission networks. Renewable energy sources
are often located far from urban centers where the demand is highest.
Therefore, expanding and modernizing transmission infrastructure is essential
to connect these remote generation sites with high-demand areas, facilitating
the efficient delivery of renewable energy and enhancing grid reliability.
Technological
advancements in transmission technologies, such as high-voltage direct current
(HVDC) systems and advanced superconducting cables, also drive growth in this
segment. These technologies offer significant benefits in terms of efficiency,
capacity, and distance over traditional alternating current (AC) systems. As
utilities and governments invest in these advanced solutions, the transmission
component continues to see substantial growth.
Major companies
operating in the Global Power Grid Market are:
- Siemens
AG
- General
Electric Company
- Schneider
Electric SE
- ABB
Limited
- Mitsubishi
Electric Corporation
- Eaton
Corporation Plc
- Toshiba
Corporation
- Honeywell
International Inc.
- Cisco
Systems, Inc.
- Emerson
Electric Co.
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“The Global Power
Grid Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The global power grid market
presents substantial opportunities driven by the need for infrastructure
modernization, the integration of renewable energy sources, and advancements in
smart grid technologies. With increasing electricity demand, especially in
emerging economies, and growing emphasis on sustainable energy solutions,
investments in grid expansion and upgrades are crucial. The deployment of IoT,
AI, and blockchain in grid management offers enhanced efficiency, reliability,
and security. Government incentives and policies aimed at
reducing carbon emissions further propel market growth, making the power grid
sector a pivotal area for strategic investment and innovation”, said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based management
consulting firm.
“Power Grid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (Cables, Switchgear, Transformers, Variable-Speed Drives), By Power Source (Oil, Natural Gas, Hydro Electric, Renewables, Coal), By Application (Generation, Transmission, Distribution) By Region & Competition, 2019-2029F”,
has evaluated the future growth potential of Global Power Grid Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Power Grid Market.
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