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Global Power Grid System Market Size, Share, Forecast: By Components: Cables, Variable Speed Drivers, Transformers, Switchgears, Others; By Power Supply: Captive Generation, Wind Power, Tidal Power, Solar Power, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Power Grid System Market Outlook
The global power grid system market size reached a value of approximately USD 10.58 billion in 2023. The market is further projected to grow at a CAGR of 10.10% between 2024 and 2032, reaching a value of USD 25.16 billion by 2032.
Key Trends in the Market
Power grid system is a network of power consumers and providers that are connected by distribution and transmission lines and are operated by one or more control centres. The power grid system is responsible for delivering electricity to businesses and homes from power plants.
- Technological advancements such as the introduction of advanced metering infrastructure and control systems to enable real time monitoring and load management, among other applications is enhancing the power grid system market demand.
- Shifting preference of consumers towards electric vehicles is increasing the demand for electric vehicle charging stations and load management systems, which in turn, is contributing to the increased requirement for power grid systems.
- Growing population is boosting the electricity requirement across the globe. This is propelling the need for modernisation of power grid systems in order to ensure efficient power supply to the residential, industrial, and commercial sectors.
Market Analysis
Based on components, the market is divided into cables, variable speed drivers, transformers, and switchgears, among others. On the basis of power supply, the market is categorised into captive generation, wind power, tidal power, and solar power, among others. By region, the power grid system market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- ABB Ltd
- ltron, Inc.
- Siemens AG.
- General Electric Company
- Honeywell International Inc.
- Schneider Electric SE
- Belden Inc.
- Wipro Limited
- NKT A/S
- Others
Market Share by Components
The variable speed driver segment is anticipated to account for a significant power grid system market share as it is capable of handling a wide range of energy demands and voltages. It caters to the high-power needs of the dry and wet gas compressors and boosters and injector motors along with the devices consuming less power like scrubbing and submarine impellers. Moreover, the reduced power line disturbances, reduced risk, and increased motor longevity with variable speed drives are expected to further enhance the growth of the segment.
Market Share by Region
Europe is expected to hold a significant share of the market over the forecast period owing to the rising demand for renewable energy sources from consumers in the region. The European governments are implementing favourable policies and regulations which is fuelling the demand for power grid systems. The presence of a well-established and modern grid infrastructure and rising investments by the key market players in renewable energy sources, such as solar power and wind power, are further aiding the power grid system market growth in Europe.
Competitive Landscape
ABB Ltd. was founded in 1988 and is headquartered in Zurich, Switzerland. The company focuses on enabling a resource efficient future and works closely with transportation and utility customers, among others.
ltron, Inc. was founded in 1977 and is headquartered in Washington, United States. The company is known for providing products and services for water resource and energy management.
Siemens AG was established in 1847 and has its headquarters located in Munich, Germany. The multinational automation company generates and distributes power and also focuses on the intelligent infrastructure for buildings and distributed energy systems.
Other major market players include General Electric Company, Honeywell International Inc., Schneider Electric SE, Belden Inc., Wipro Limited, and NKT A/S, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Components |
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| Breakup by Power Supply |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Power Grid System Market Analysis
8.1 Key Industry Highlights
8.2 Global Power Grid System Historical Market (2018-2023)
8.3 Global Power Grid System Market Forecast (2024-2032)
8.4 Global Power Grid System Market by Components
8.4.1 Cables
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Variable Speed Drivers
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Transformers
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Switchgears
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Power Grid System Market by Power Supply
8.5.1 Captive Generation
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Wind Power
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Tidal Power
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Solar Power
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Power Grid System Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Power Grid System Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Power Grid System Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Power Grid System Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Power Grid System Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Power Grid System Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirate
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Itron, Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Siemens AG.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 General Electric Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Honeywell International Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Schneider Electric SE
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Belden Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Wipro Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 NKT A/S
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Power Grid System Market: Key Industry Highlights, 2018 and 2032
2. Global Power Grid System Historical Market: Breakup by Components (USD Billion), 2018-2023
3. Global Power Grid System Market Forecast: Breakup by Components (USD Billion), 2024-2032
4. Global Power Grid System Historical Market: Breakup by Power Supply (USD Billion), 2018-2023
5. Global Power Grid System Market Forecast: Breakup by Power Supply (USD Billion), 2024-2032
6. Global Power Grid System Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Power Grid System Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Power Grid System Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Power Grid System Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Power Grid System Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Power Grid System Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Power Grid System Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Power Grid System Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Power Grid System Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Power Grid System Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Power Grid System Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Power Grid System Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Power Grid System Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 10.58 billion in 2023.
The power grid system market is projected to grow at a CAGR of 10.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 25.16 billion by 2032.
The major drivers of the market include modernisation of grid infrastructure and growing requirement for electricity.
The key trends of the market include growing demand for electricity from industrial, commercial, and residential sectors, introduction of advanced metering infrastructure, and increasing popularity of electric vehicles.
The various components of power grid systems are cables, variable speed drivers, transformers, and switchgears, among others.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key market players are ABB Ltd, ltron, Inc., Siemens AG., General Electric Company, Honeywell International Inc., Schneider Electric SE, Belden Inc., Wipro Limited, and NKT A/S, among others.
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