Global Power Grid System Market Report 2022: Major Players Include Aker Solutions ASA, Oceaneering International, LS Cable & System and Sumitomo Electric Industries
Global Power Grid System Market
Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Power Grid System Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global power grid system market.
The global power grid system market is expected to grow from $7.69 billion in 2021 to $8.52 billion in 2022 at a compound annual growth rate (CAGR) of 10.86%. The power grid system market is expected to grow to $12.89 billion in 2026 at a compound annual growth rate (CAGR) of 10.90%.
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Major players in the power grid system market are Aker Solutions ASA, Oceaneering International, LS Cable & System, Sumitomo Electric Industries, Schneider Electric, Intertek Group, Schlumberger, Hitachi Energy, NKT, ZTT, TE Connectivity, Apar Industries, Honeywell Elster, Hubbell and DR Cable Systems.
The power grid system market consists of sales of the power grid systems by entities (organizations, sole traders, and partnerships) that refer to a physical system that delivers electricity from the place where it is generated to the site where it is used. The power grid offers on-demand electricity and it consists of generating stations (power plants), transmission system and distribution system.
The main types of power supply in the power grid system market are captive generation, wind power, and other power supplies. A captive generating plant is a power plant established by any individual, cooperative society, or association of individuals (including businesses) to generate electricity primarily for their own use. The components of power grid systems are cables, variable speed drives, transformers, and switchgear. These are applied on seabed and land.
Europe was the largest region in the power grid system market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in power grid system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the use of subsea power cables is expected to propel the growth of the power grid system market. The rising usage of subsea power cables leads to an increase in demand for electricity as most of the processes and machines in manufacturing processes are electric energy-intensive.
For instance, in 2021, there were approximately 436 submarine cables in service around the world. The total number of cables is constantly changing as new cables enter service and older cables are decommissioned. In 2021, there are over 1.3 million kilometers of submarine cables in service globally. Some cables are quite short, such as the 131-kilometer CeltixConnect cable between Ireland and the UK. Therefore, demand for power grid systems will rise as the prevalence of increasing use of subsea power cables rises.
Technological advancements is a key trend in the power grid systems market. Various technological improvements like large capacity sodium-sulfur batteries, hydrogen storage, and the development of solid electrolytes are helping to make batteries advanced.
For instance, in September 2021, Engineers at the University of California in collaboration with LG Energy Solutions created a solid-state or solid electrolyte battery. This battery merges two battery sub-fields into a single battery. It can be used in many applications like grid storage and electric vehicles. Initial tests indicate that the new battery is safe, long-lasting, and energy-dense.
The countries covered in the power grid system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
No. of Pages
2022 - 2026
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2026
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Power Grid System Market Characteristics
3. Power Grid System Market Trends And Strategies
4. Impact Of COVID-19 On Power Grid System
5. Power Grid System Market Size And Growth
5.1. Global Power Grid System Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Power Grid System Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Power Grid System Market Segmentation
6.1. Global Power Grid System Market, Segmentation By Power Supply, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Other Power Supplies
6.2. Global Power Grid System Market, Segmentation By Components, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Variable Speed Drives
6.3. Global Power Grid System Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Power Grid System Market Regional And Country Analysis
7.1. Global Power Grid System Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Power Grid System Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/vbo4bb-grid-system?w=12
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