Power Grid Market growth is driven by aging infrastructure replacement, rising electricity demand, technological advancements, and the integration of renewable energy sources during the forecast period.
According to a report by TechSci Research, titled “Power Grid Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029,” the global power grid market was valued at USD 263.27 billion in 2023 and is projected to experience robust growth with a compound annual growth rate (CAGR) of 5.22% through 2029. A major factor contributing to this growth is the need to replace outdated power infrastructure. Many grids, especially in developed nations, were built decades ago and have either reached or surpassed their expected lifespan.
As a result, these aging systems are vulnerable to failures, inefficiencies, and higher maintenance costs, all of which threaten the reliability and safety of power supply. Modernizing these grids is essential to meet current and future energy demands, while also enabling the integration of new technologies and renewable energy sources. Upgrades often involve replacing old transmission lines, transformers, and substations with more efficient equipment, along with incorporating smart grid technologies for enhanced monitoring and control.
Governments and utilities are prioritizing infrastructure renewal to reduce outages, boost energy efficiency, and strengthen grid resilience against natural disasters and cyber threats. This transition not only addresses infrastructure issues but also supports broader sustainability and energy security goals, which drives growth in the power grid market.
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Application Segment Insights:
In 2023, the transmission segment held the largest market share. Transmission plays a vital role in delivering electricity efficiently and reliably from generation sources to consumers. This segment encompasses high-voltage transmission lines, substations, and related equipment, which are crucial for transporting electricity over long distances from power plants to distribution networks. One of the key reasons for transmission’s dominance is the need to minimize energy losses during long-distance electricity transfer.
High-voltage transmission systems significantly reduce energy loss and improve overall efficiency compared to lower-voltage systems. As global electricity demand increases, particularly in emerging markets experiencing rapid urbanization and industrial expansion, the need for robust transmission infrastructure becomes even more critical.
The growing integration of renewable energy sources, such as wind and solar, into the grid has further emphasized the importance of transmission networks. Since many renewable generation sites are located far from urban centers with high demand, expanding and modernizing transmission infrastructure is essential for connecting these remote sources to high-demand areas. This ensures efficient delivery of renewable energy and strengthens grid reliability.
Technological advancements in transmission, such as high-voltage direct current (HVDC) systems and advanced superconducting cables, are also contributing to growth in this segment. These technologies offer significant advantages in terms of efficiency, capacity, and transmission distance compared to traditional alternating current (AC) systems. As utilities and governments continue to invest in these advanced solutions, the transmission segment is expected to experience substantial growth.
Major companies operating in the Global Power Grid Market are:
- Siemens AG
- General Electric Company
- Schneider Electric SE
- ABB Limited
- Mitsubishi Electric Corporation
- Eaton Corporation Plc
- Toshiba Corporation
- Honeywell International Inc.
- Cisco Systems, Inc.
- Emerson Electric Co.
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“The Global Power Grid Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global power grid market presents substantial opportunities driven by the need for infrastructure modernization, the integration of renewable energy sources, and advancements in smart grid technologies. With increasing electricity demand, especially in emerging economies, and growing emphasis on sustainable energy solutions, investments in grid expansion and upgrades are crucial.
The deployment of IoT, AI, and blockchain in grid management offers enhanced efficiency, reliability, and security. Government incentives and policies aimed at reducing carbon emissions further propel market growth, making the power grid sector a pivotal area for strategic investment and innovation”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Power Grid Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (Cables, Switchgear, Transformers, Variable-Speed Drives), By Power Source (Oil, Natural Gas, Hydro Electric, Renewables, Coal), By Application (Generation, Transmission, Distribution) By Region & Competition, 2019-2029F”, has evaluated the future growth potential of Global Power Grid Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Power Grid Market.
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