Power Grid System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

The global power grid system market is poised for significant growth as concerns regarding the emission of carbon dioxide and the need for renewable energy sources continue to escalate. Favorable government regulations, coupled with increased emphasis on energy security and a shift away from conventional nuclear power, are driving the adoption of renewable energy. Additionally, the stagnant growth in nuclear power applications has further boosted the demand for renewable energy solutions. These trends are encouraging nations worldwide to promote renewable energy usage across various industries, creating opportunities for the power grid system market in the coming years.

Opportunities Abound as Economies Embrace Renewables to Reduce Greenhouse Gas Emissions

The reliance on fossil fuels such as coal, oil, and gas has contributed significantly to global climate change and greenhouse gas emissions. To mitigate the adverse consequences of climate change and reduce emissions, there is an increasing focus on renewable energy sources. The rise in climate-related natural disasters, including droughts, wildfires, and hurricanes, poses a threat to outdated power grids' ability to supply electricity. The growing instances of power outages worldwide are causing economic damage. As a result, economies across the globe are shifting towards renewable energy sources and strengthening their power grid systems. This transition presents significant opportunities for the power grid system market as renewable power sources are integrated into conventional power systems.

Increased Demand for Wind Power Drives Market Growth

Among renewable energy sources, wind power has witnessed the highest demand due to its versatility and ability to be installed both onshore and offshore. Offshore wind installations offer numerous benefits, including turnkey solutions from service providers, advanced technology, and optimal site selection. Public and private organizations, as well as offshore operators, are increasingly embracing offshore wind generation. The access to new wind turbine technology in offshore locations is expected to create new opportunities for the power grid system market, particularly in the subsea segment, during the forecast period.

Asia Pacific Market Driven by Regulatory Norms and Renewable Energy Growth

The power grid system market in the Asia Pacific region is expected to experience significant growth due to the region's rapid commercialization, industrialization, and urbanization. Strict regulatory norms aimed at reducing carbon footprint are driving the demand for power grid systems in the region. Moreover, Asia Pacific leads in technology adoption and focuses on renewable energy growth. The development plans for smart cities in the region further contribute to the regional market's expansion.

Prominent Market Players

Key players in the power grid system market include SSG Cable (China), DEME (Denmark), Nexans (France), Prysmian Group (Italy), TechnipFMC (UK), Hitachi Energy (Switzerland), Siemens Energy (Germany), Schlumberger (US), General Electric (US), Baker Hughes (US), Aker Solutions ASA (Norway), and others.