The global Power Grid Market is projected to reach USD 367.4 billion in 2028 from USD 282.1 billion in 2023 at a CAGR of 5.4% according to a new report by MarketsandMarkets™. The power grid delivers on-demand electricity from power plants to homes and businesses nationwide. It ensures the optimum use of energy resources, provides greater power supply capacity, and makes power system operations more economical and reliable. Its vast network includes energy utility companies and suppliers delivering electricity to residential or commercial users. The generating stations are interconnected to reduce the reserve generation capacity, known as a spinning reserve, in each area.
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The Transformers is expected to grow at the second highest CAGR during the forecast period.
Based on components, the Power Grid Market has been split into cables, variable speed drives, transformers, switchgear, and others. Transformers is expected to grow at the second highest CAGR during the forecast period. Transformers are used extensively in the power transmission system to step up the voltage of power generated at power plants, making transporting power over long distances easier and more efficient. Transformers also play a critical role in maintaining the stability and reliability of the power grid. They can be used to isolate faults in the grid and prevent power outages from affecting large areas.
The natural gas is expected to be the second largest segment during the forecast period.
This report segments the Power Grid Market based on power sources into six segments: Oil, natural gas, coal, hydroelectric, renewables, and others. The natural gas segment is expected to be the second-largest segment during the forecast period. Abudancy and clean substitution of fossil fuels are expected to drive the segment.
Asia Pacific is expected to be the largest region in the Power Grid Market
Asia Pacific is expected to be the largest Power Grid Market during the forecast period. Several countries in the Asia Pacific are planning pilot projects or carrying out full-scale development of commercial-scale wind energy farms to amplify wind energy deployments in the region. This has increased investments toward pilot projects, feasibility studies, and new installations in the Asia Pacific, especially in China and India. These factors are expected to fuel the growth of the Power Grid Market in the region.
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Key Market Players: Some of the major players in the Power Grid Market are Hitachi Energy (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), and Mitsubishi Electric (Japan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
