POWER GRID SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

As the power grid system spans across various regions and countries, it has to adhere to different regulatory frameworks. The guidelines around transmission, distribution and connection of renewable power plants vary significantly across jurisdictions. Ensuring compliance to the rules of each location adds an operational challenge for grid operators. They have to navigate an uneven regulatory landscape while seamlessly coordinating transmission across borders. Upgrades to existing infrastructure also require multiple approvals which extends project timelines. This complex regulatory environment hampers innovation in grid technology and integration of clean energy. Maintaining alignment between regulations and the evolving needs of a sustainable power system is a long-term effort that needs active participation from policymakers and regulators.

For instance, in November 2022, GE Renewable Energy, a GE business unit dedicated to sustainable energy solutions, unveiled the HYpact switchgear. This cutting-edge switchgear is versatile, suitable for diverse applications such as mobile (truck-mounted) substations and onshore wind substations. The HYpact switchgear improves the reliability of electrical grids while simultaneously lowering operational expenses for customers and decreasing their environmental footprint.

Opportunity: Integration of renewable energy sources into the power grid

The global commitment towards addressing climate change and transitioning to renewable energy presents a major opportunity for the power grid system market. As the share of solar and wind power increases significantly in the coming decades, grid operators can play a pivotal role in facilitating this shift. Upgrading transmission networks to accommodate two-way power flows from renewable energy plants will be a key priority. Investing in renewable integration solutions like utility-scale battery storage and modern monitoring technologies will help ensure the stability and reliability of national grids. This opens up a large market for grid modernization projects, allowing companies to leverage their expertise. As more interconnectors are built between countries, it will also foster the development of regional power pools. This can in turn promote efficiency, resilience and further renewable energy deployment across wider geographical areas.