In 2024, the global power grid market size is projected to be US$ 300 billion. The power grid system market is predicted to surpass US$ 471 billion by 2034 and is expected to advance at a CAGR of 4.6% between 2024 and 2034.
The primary drivers anticipated to escalate the electric grid market are the expanding energy requirements of the industrial and residential sectors, the shift toward renewable energy sources, and the adoption of new technologies.
Decentralized power generation, wherein smaller-scale power generation facilities are situated closer to end customers, is an increasingly popular concept. The goal of boosting energy efficiency and reducing transmission and distribution losses, along with the development of renewable energy technologies, is propelling the power grid market trend.
Attributes | Details |
---|---|
Market Value for 2024 | US$ 300 billion |
Market Value for 2034 | US$ 471 billion |
Market CAGR from 2024 to 2034 | 4.6% |
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Attributes | Details |
---|---|
Market Value for 2019 | US$ 224 billion |
Market Value for 2023 | US$ 283.8 billion |
Market CAGR from 2019 to 2023 | 6.1% |
The segmented market analysis of the power grid is included in the following subsection. Based on comprehensive studies, the cables sector leads the component category, and the conventional power segment commands the power source category.
Attributes | Details |
---|---|
Top Component | Cables |
CAGR % 2019 to 2023 | 5.8% |
CAGR % 2024 to End of Forecast (2034) | 4.4% |
Attributes | Details |
---|---|
Top Power Source | Conventional Power |
CAGR % 2019 to 2023 | 5.5% |
CAGR % 2024 to End of Forecast (2034) | 4.1% |
The power grid market is elaborated in the tables, which focus on the leading economies of South Korea, China, the United States, the United Kingdom, and Japan, along with their respective CAGRs. A comprehensive evaluation demonstrates that the United Kingdom has enormous opportunities.
Country | South Korea |
---|---|
HCAGR (2019 to 2023) | 11.7% |
CAGR (2024 to 2034) | 6.4% |
Country | China |
---|---|
HCAGR (2019 to 2023) | 8.2% |
CAGR (2024 to 2034) | 6.1% |
Country | United Kingdom |
---|---|
HCAGR (2019 to 2023) | 9.0% |
CAGR (2024 to 2034) | 5.5% |
Country | United States |
---|---|
HCAGR (2019 to 2023) | 6.8% |
CAGR (2024 to 2034) | 5.0% |
Country | Japan |
---|---|
HCAGR (2019 to 2023) | 3.6% |
CAGR (2024 to 2034) | 3.7% |
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A few prominent power grid manufacturers drive innovation and shape the sector's direction. Renowned for their advanced technology and dependability, ABB, Siemens, and Schneider Electric lead the way. These power grid providers utilize their vast experience and global reach to offer innovative power grid management solutions.
Newcomers to the electric grid market, such as General Electric and Mitsubishi Electric, are making waves with their innovative technology and disrupting long-standing norms. Their quick thinking and inventiveness contribute to the market's intense competition.
Localized expertise and customized solutions are helping regional power grid suppliers like Toshiba and Hyundai Electric & Energy Systems carve out niches in the industry. Their presence fosters a more diverse and healthier competitive environment.
Specialized power grid manufacturers, like Hitachi ABB Power Grids, offer tailored goods and services to address the industry's evolving demands. They focus on specialty markets such as digitalization and grid automation.
Power grid developments and advancements are occurring rapidly, driving sustainability, dependability, and efficiency in the global energy infrastructure as these industry heavyweights compete for market share and technological prowess.
Recent Developments
Company | Details |
---|---|
GE Renewable Energy | HYpact switchgear was introduced by GE Renewable Energy in November 2022. It applies to several situations, including onshore wind substations and mobile substations. It also reduces operational costs and environmental impact for consumers while increasing the predictability of the electrical network. |
Siemens | Siemens and Eplan established a strategic alliance in October 2022 to enhance their cooperation in software solutions for the infrastructure and industrial sectors. As a result of this arrangement, Siemens' Electrical Products business unit joined the Eplan Partner Network as a strategic partner. Improved product coordination between the two businesses is likely to enable switchgear makers and electrical planners to access optimal solutions. |
Petrobras | In January 2022, Petrobras informed TechnipFMC about a subsea EPCI project for the greenfield extension of its Bzios 6 field. The agreement covered pipe end connections, stiff jumpers, flexible and rigid pipes, umbilicals, anchoring devices, and umbilical terminal components. |
Nexans | Nexans was granted a concession under the framework contract by South Fork Winds, a joint venture between rested and Eversource, to manufacture around 110 kilometers of high-voltage offshore cables in January 2022. |
Prysmian Corporation | According to Prysmian Corporation, a cutting-edge submarine coax cable plant is scheduled to open in February 2022 at the Brayton Point location in Massachusetts, United States. The company is going to be able to help consumers in the United States because of the new manufacturing. |
The market is estimated to secure a valuation of US$ 300 billion in 2024.
The market is projected to reach US$ 471 billion by 2034.
Through 2034, the market is forecasted to expand at a 4.6% CAGR.
From 2019 to 2023, the market recorded a 6.1% CAGR.
The cables sector is anticipated to develop at a CAGR of 4.4% from 2024 to 2034.
The conventional power sector is likely to accelerate at a CAGR of 4.1% through 2034.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2024 to 2034
5.3.1. Cables
5.3.2. Variables Speed drives
5.3.3. Transformers
5.3.4. Switchgear
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Component, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Component, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Power Source
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Power Source, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Power Source, 2024 to 2034
6.3.1. Conventional Power
6.3.2. Renewable Power
6.3.3. Nuclear Power
6.3.4. Hybrid Power
6.4. Y-o-Y Growth Trend Analysis By Power Source, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Power Source, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2024 to 2034
7.3.1. Generation
7.3.2. Transmission
7.3.3. Distribution
7.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Power Source
9.2.4. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Power Source
9.3.4. By Application
9.4. Key Takeaways
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Power Source
10.2.4. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Power Source
10.3.4. By Application
10.4. Key Takeaways
11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Component
11.2.3. By Power Source
11.2.4. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Power Source
11.3.4. By Application
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Component
12.2.3. By Power Source
12.2.4. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Power Source
12.3.4. By Application
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Component
13.2.3. By Power Source
13.2.4. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Power Source
13.3.4. By Application
13.4. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Component
14.2.3. By Power Source
14.2.4. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Power Source
14.3.4. By Application
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Component
15.2.3. By Power Source
15.2.4. By Application
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Power Source
15.3.4. By Application
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2023
16.1.2.1. By Component
16.1.2.2. By Power Source
16.1.2.3. By Application
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2023
16.2.2.1. By Component
16.2.2.2. By Power Source
16.2.2.3. By Application
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2023
16.3.2.1. By Component
16.3.2.2. By Power Source
16.3.2.3. By Application
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2023
16.4.2.1. By Component
16.4.2.2. By Power Source
16.4.2.3. By Application
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2023
16.5.2.1. By Component
16.5.2.2. By Power Source
16.5.2.3. By Application
16.6. UK
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2023
16.6.2.1. By Component
16.6.2.2. By Power Source
16.6.2.3. By Application
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2023
16.7.2.1. By Component
16.7.2.2. By Power Source
16.7.2.3. By Application
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2023
16.8.2.1. By Component
16.8.2.2. By Power Source
16.8.2.3. By Application
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2023
16.9.2.1. By Component
16.9.2.2. By Power Source
16.9.2.3. By Application
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2023
16.10.2.1. By Component
16.10.2.2. By Power Source
16.10.2.3. By Application
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2023
16.11.2.1. By Component
16.11.2.2. By Power Source
16.11.2.3. By Application
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2023
16.12.2.1. By Component
16.12.2.2. By Power Source
16.12.2.3. By Application
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2023
16.13.2.1. By Component
16.13.2.2. By Power Source
16.13.2.3. By Application
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2023
16.14.2.1. By Component
16.14.2.2. By Power Source
16.14.2.3. By Application
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2023
16.15.2.1. By Component
16.15.2.2. By Power Source
16.15.2.3. By Application
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2023
16.16.2.1. By Component
16.16.2.2. By Power Source
16.16.2.3. By Application
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2023
16.17.2.1. By Component
16.17.2.2. By Power Source
16.17.2.3. By Application
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2023
16.18.2.1. By Component
16.18.2.2. By Power Source
16.18.2.3. By Application
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2023
16.19.2.1. By Component
16.19.2.2. By Power Source
16.19.2.3. By Application
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2023
16.20.2.1. By Component
16.20.2.2. By Power Source
16.20.2.3. By Application
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2023
16.21.2.1. By Component
16.21.2.2. By Power Source
16.21.2.3. By Application
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2023
16.22.2.1. By Component
16.22.2.2. By Power Source
16.22.2.3. By Application
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2023
16.23.2.1. By Component
16.23.2.2. By Power Source
16.23.2.3. By Application
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Power Source
17.3.4. By Application
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. ABB
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. General Electric
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Schneider Electric
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Mitsubishi Electric
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Siemens
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Hitachi Energy
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Eaton
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Havells
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Hubbell
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Fuji Electric
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. Sumitomo Electric
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
18.1.12. Hyundai Electric & Energy Systems Co.
18.1.12.1. Overview
18.1.12.2. Product Portfolio
18.1.12.3. Profitability by Market Segments
18.1.12.4. Sales Footprint
18.1.12.5. Strategy Overview
18.1.12.5.1. Marketing Strategy
18.1.13. Toshiba Energy Systems & Solutions
18.1.13.1. Overview
18.1.13.2. Product Portfolio
18.1.13.3. Profitability by Market Segments
18.1.13.4. Sales Footprint
18.1.13.5. Strategy Overview
18.1.13.5.1. Marketing Strategy
18.1.14. Southwire Company
18.1.14.1. Overview
18.1.14.2. Product Portfolio
18.1.14.3. Profitability by Market Segments
18.1.14.4. Sales Footprint
18.1.14.5. Strategy Overview
18.1.14.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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