Upcoming Allied Market Research
Power Grid Market

Power Grid Market

by components (Cables, Variable Speed Drivers, Transformers, Switchgears, Others), and Power Supply (Captive Generation, Wind Power, Tidal Power, Solar Power, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A14864
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Mar 2023 | 1648 Views
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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

  • Global power grid manufacturers have halted their production process due to disrupted supply of equipment and components from suppliers located in Southeast Asian countries and China owing to lockdown due to Covid-19 pandemic.
  • Owing to lockdown due to COVID-19, there is the demand for smart systems is expected in the plant to manage grid operations in order to reduce the human intervention.
  • Those companies who were involved with the power grid has not resumed their work yet due to lack of availability of workforce, it might hamper the growth of power grid market.

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

  • In March 2021, Actis LLP which is a private equity organization decided to invest US$ 850 million to launch two green energy plants in India. While the first plant will focus on setting up grid-connected solar and wind power plants, and the second plant will connect to the commercial and industrial sectors.
  • In December 2020, the loan agreement between the Asian Development Bank (ADB) and the Government of India of US$ 100 million to modernize and upgrade the power distribution system for enhancing the quality and reliability of electricity distribution across Bengaluru, Karnataka.
  • In January 2021, Tata Power got a letter of award (LOA) from Kerala State Electricity Board Limited (KSEBL) to create a 110 MW sun-based project. With this, Tata Power's inexhaustible capacity will increment to 4,032 MW, out of which 2,667 MW is operational and 1365 MW is under execution, including 110 MW won under this LOA. 
  • In December 2020, the establishment stones of India's biggest hybrid sustainable energy park having 30 GW limit was laid in Gujarat at Vighakot town in the district of Kutch. The estimated cost of this undertaking this project is US$ 20.44 billion. 
  • In December 2020, The Asian Development Bank (ADB) and Government of India marked a US$ 132.8 million credit to reinforce and modernize the dispersion networks and improve nature of power provided to households, industries and organizations in Meghalaya. 
  • In December 2019, NTPC reported investment of Rs. 50,000 crore (US$ 7.26 billion) to add 10GW solar energy limit by 2022. 

    Key Benefits of the Report

  • This study presents the analytical depiction of the power grid industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the power grid market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the power grid market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed power grid market analysis based on competitive intensity and how the competition will take shape in coming years

Power Grid Market Report Highlights

Aspects Details
By Components
  • Cables
  • Variable Speed Drivers
  • Transformers
  • Switchgears
  • Others
By Power Supply
  • Captive Generation
  • Wind Power
  • Tidal Power
  • Solar Power
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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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