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

Key Developments

• In October 2022, Siemens AG, a global technology company focused on industry and infrastructure, formed a strategic alliance with Eplan, a leading provider of engineering software solutions. As part of this collaboration, Siemens' Electrical Products business unit will join the Eplan Partner Network as a strategic partner. The objective of this partnership is to enhance coordination between the products of both companies, providing optimized solutions for switchgear manufacturers and electrical planners. This agreement was signed by Sebastian Seitz, CEO of Eplan, and Andreas Matthé, CEO of Siemens' Electrical Products, on September 26, 2022.
• In February 2022, ABB Ltd., a leading global technology company, entered into an agreement with OneSubsea, a joint venture between SLB (NYSE: SLB), Aker Solutions, and Subsea7, to support its subsea multiphase compression system for Shell's Ormen Lange field in Norway. As part of this collaboration, ABB supplied specialized onshore variable-speed drives and subsea transformers to power the subsea compressors, enabling the world's first subsea gas field to use subsea compression powered directly from shore.
• In March 2021, Nexans, a global leader in cable manufacturing and connectivity solutions, signed a preferred supplier agreement (PSA) with Empire Offshore Wind LLC to connect the Empire Wind offshore projects to the onshore grid. This collaboration involves turnkey projects that encompass complete design and manufacturing, as well as the installation and protection of over 300 kilometers of export cables, which will deliver renewable energy to more than one million homes in New York State. The Empire Wind projects are being developed by Equinor and BP through their strategic partnership in the U.S.
• In October 2020, GE Renewable Energy announced that its Haliade-X prototype was now operating at a 13 MW power output following optimization. This uprated version can generate 4% more Annual Energy Production (AEP) than the previous 12 MW model.