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.
New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Grid System Global Market Report 2022" - https://www.reportlinker.com/p06319271/?utm_source=GNW
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%.
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 power grid system market research report is one of a series of new reports that provides power grid system market statistics, including power grid system industry global market size, regional shares, competitors with a power grid system market share, detailed power grid system market segments, market trends and opportunities, and any further data you may need to thrive in the power grid system industry. This power grid system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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.
In July 2020, Hitachi, a Japanese multinational conglomerate corporation, acquired ABB Power Grids from Swiss-Swedish engineering company, ABB for $7.8 billion. This acquisition is expected to create a new business for tackling the renewable energy frontier of the industry. ABB, Switzerland-based power grid business includes microgrid controls, ADMS, SCADA, and enterprise digital solutions.
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.
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