Power Grid System Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

The global Power grid system market is expected to register a CAGR of around 10% over the period of 2021-2027. Power grids are connected distribution networks that transfer electricity from power plants to consumers. Offshore power grids generate electricity by collecting renewable sources of energy, especially wind energy. Offshore and subsea industries act as parent markets of the subsea power grid system market. Factors such as a rapid increase in capital spending on the subsea, clearly depict the growth of the subsea sector globally. In addition, subsea equipment like boosters, compressors, etc., requires a power supply for multiple subsea exploration processes, and this is provided by subsea power grid systems, to have efficient subsea operations.

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However, a major factor hampering the growth of the global power grid system market is the long-term initial investment. The development of offshore power grid systems is expected to create opportunities for major market players to distribute electricity to various consumers where electricity production prices are comparatively higher escalating the market size of a power grid system.

 According to UnivDatos Market Insights (UMI)’ research report “global Power grid system market”, the market is expected to witness robust growth during the forecast period 2021-2027F. Factors that are attracting the market size of the power grid system are increasing government initiatives for offshore renewable power generation along with pressing urgency to reduce carbon emissions and improve grid reliability and efficiency is expected to propel the demand for subsea power grid systems market. In addition, the shortage of fossil fuel as a source of energy and rapidly expanding global warming are the major factors driving the development of the global power grid market.

In addition, expanding government allocation and private investment market players for power grid systems are other factors driving the growth of the power grid market. However, the shortage of technical professionals in the subsea industry, low cost of onshore electricity generation, and climatic challenges pertaining to operations of offshore wind farms are restraining the subsea power grid system market.

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Based on components, the power grid system market is classified into cables, variable speed drives, transformers, switchgear, and others. The cable segment caters to extensive market share in the power grid system market. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries. Also, subsea power cables are widely used to link shore-based power grids. Hence, accentuating the market size of the power grid system market.

Based on application, the power grid system market is segmented into captive generation, wind power, and others. The captive generation segment acquired a considerable market share in the power grid system market. As captive power generation is a crucial turn in power sourcing for industries, it ensures electricity when the grid is unable to provide a consistent supply.

Based on depth, the power grid system market is bifurcated into shallow water, and deep-water. The deep-water segment caters to a considerable share of the power grid system market and is expected to witness high growth during the forecasted period. The depletion of shallow water reserves (maturing shallow water basins) has made E&P companies shift their focus on deep-water areas.

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Europe to witness extensive growth

For a better understanding of the market adoption of the Power grid system industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Middle East & Africa (UAE, Saudi Arabia, Nigeria, Egypt, South Africa and Rest of MEA), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. Europe is expected to hold a significant market share in the forecast period owing to the strong demand for renewable energy sources and favorable government policies in these regions.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Power grid system market are FMC Technologies Inc, ABB Ltd, Aker Solutions ASA, Cameron International Corp, Siemens, General Electric, Honeywell Elster, Schneider Electric, Wipro, IBM. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Power grid system Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

1.     By Components (Cables, Variable Speed Drives, Transformers, Switchgears, Others)

2.     By Application (Captive Generation, Wind Power, Others)

3.     By Depth (Shallow Water, Deepwater)

4.     By Region (North America, Europe, Middle East & Africa, Asia-Pacific, Rest of the World)

5.     By Company (are FMC Technologies Inc, ABB Ltd, Aker Solutions ASA, Cameron International Corp, Siemens, General Electric, Honeywell Elster, Schneider Electric, Wipro, IBM)

Key questions answered in the study:

1.     What are the current and future trends of the global Power grid system industry?

2.     How the industry has been evolving in terms of components, application, and depth?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global Power grid system industry?

5.     What is the customer orientation, purchase behavior, and expectations from the global Power grid system supplier across various region and countries? 

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL POWER GRID SYSTEM MARKET COVID-19 IMPACT

6 GLOBAL POWER GRID SYSTEM MARKET REVENUE 2019-2027F

7 MARKET INSIGHTS BY COMPONENTS

8 MARKET INSIGHTS BY APPLICATION

9 MARKET INSIGHTS BY DEPTH

10 MARKET INSIGHTS BY REGION

11 POWER GRID SYSTEM MARKET DYNAMICS

12 POWER GRID SYSTEM MARKET OPPORTUNITIES

13 POWER GRID SYSTEM MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY-SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER

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