POWER GRID SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global power grid system market has been witnessing significant growth in recent years driven by the increasing demand for clean and sustainable energy. Power grids play a vital role in efficiently transmitting electricity from generation units such as power plants to industrial, commercial and residential end-users through transmission and distribution networks. With growing focus on renewable sources of energy like solar and wind, power grids are undergoing major technological upgrades to accommodate intermittent power supplies and enhance their capacity to transmit electricity over long distances. The market players are investing heavily in developments of smart grid technology, energy storage solutions, grid-scale batteries and grid automation systems to make power grids more efficient, resilient and reliable.
Market Dynamics:
The major growth drivers for the global power grid system market include rapid urbanization and industrialization in developing nations, rising energy demand worldwide, technological advancements in transmission infrastructure, integration of renewable energy and need for modernization of aging power grids. However, high initial investment requirements and difficulties associated with land acquisition for new transmission lines pose significant challenges for the market. The opportunities lie in increasing investments toward development of super-grids that can transmit bulk power across national borders, growing focus on micro-grids to energize off-grid and rural communities, and integration of grid connectivity with electric vehicles to enable Vehicle-to-Grid (V2G) functionality.
Key features of the study:
- This report provides in-depth analysis of the global power grid system market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global power grid system market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ABB Ltd., Eaton Corporation, General Electric Company, Havells India Ltd., Hitachi Energy, Hyundai Electric & Energy Systems Co., Ltd., LS Electric, Mitsubishi Electric Corporation, National Grid plc, Nexans, Prysmian Group, Powell Industries, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global power grid system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global power grid system market.
Detailed Segmentation-
Detailed Segmentation-
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