Report Code: A14864 | Pages: NA | Mar 2023 | 1648 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Power Grid Market
Request Now !Power grid is associated with connected distribution networks that move electricity from power plants to consumers. Offshore power grids produce electricity by gathering renewable source of energy, particularly wind energy. Offshore and subsea industries act as parent markets of the subsea power grid system market. Its demand and development are highly affected by the parent market. The capital expenditure of the subsea has rapidly expanded, which portrays the development of the subsea sector globally. Also, subsea equipment like booster, compressor, blowers, and other, requires a power supply for numerous subsea investigation process, and this is provided by subsea power grid systems, to have effective subsea activities. Power is among the most basic segment of infrastructure, plays an important role for the economic development and essential for welfare of countries. The presence and improvement of adequate infrastructure are fundamental for the supported development of the Indian economy. India’s power sector is a diversified system in the world. Power generation process is executed by the sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind, solar, and agricultural and domestic waste. Demand for electricity has increased rapidly and is expected to further rise. To cope up the increasing demand for electricity, development in this sector with greater efficiency is required.
COVID-19 Impact analysis
Top Impacting Factors
Due to 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. Expanding selection of latest technologically advance system in the organizations and the Internet of things (IoT) are helping to reduce power misfortunes and offer proficient grid system. This factor is additionally projected to move towards the growth of the global power grid market to a certain extend. However, main consideration hampering the growth of the market is the huge initial investment. The advancement of offshore power grid system is expected to set out open doors for significant market players to distribute electricity to different customers where electricity production costs are higher comparatively.
Market Trends
Key Benefits of the Report
Power Grid Market Report Highlights
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Key Market Players | FMC Technologies Inc, ABB Ltd, Aker Solutions ASA, Cameron International Corp, Itron, ABB, Siemens, General Electric, Honeywell Elster, Schneider Electric, Belden, Hubbell, Landis+Gyr, Fujitsu General, Oracle, Cisco, Wipro, IBM |
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