Home Press Releases Power Grid Market worth $367.4 Billion by 2028

Power Grid Market worth $367.4 Billion by 2028

by Press Room


 


(EMAILWIRE.COM, March 27, 2023 ) The global Power Grid Market is projected to reach USD 367.4 billion in 2028 from USD 282.1 billion in 2023 at a CAGR of 5.4% according to a new report by MarketsandMarkets™. The power grid delivers on-demand electricity from power plants to homes and businesses nationwide. It ensures the optimum use of energy resources, provides greater power supply capacity, and makes power system operations more economical and reliable. Its vast network includes energy utility companies and suppliers delivering electricity to residential or commercial users. The generating stations are interconnected to reduce the reserve generation capacity, known as a spinning reserve, in each area.

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Browse in-depth TOC on “Power Grid Market”
162 – Tables
57 – Figures
180 – Pages

The Transformers, by component, is expected to grow at the second highest CAGR during the forecast period.

Based on components, the Power Grid Market has been split into cables, variable speed drives, transformers, switchgear, and others. Transformers is expected to grow at the second highest CAGR during the forecast period. Transformers are used extensively in the power transmission system to step up the voltage of power generated at power plants, making transporting power over long distances easier and more efficient. Transformers also play a critical role in maintaining the stability and reliability of the power grid. They can be used to isolate faults in the grid and prevent power outages from affecting large areas.

The natural Gas segment, by power source, is expected to be the second largest segment during the forecast period

This report segments the Power Grid Market based on power sources into six segments: Oil, natural gas, coal, hydroelectric, renewables, and others. The natural gas segment is expected to be the second-largest segment during the forecast period. Abudancy and clean substitution of fossil fuels are expected to drive the segment.

Asia Pacific is expected to be the largest region in the Power Grid Market

Asia Pacific is expected to be the largest Power Grid Market during the forecast period. Several countries in the Asia Pacific are planning pilot projects or carrying out full-scale development of commercial-scale wind energy farms to amplify wind energy deployments in the region. This has increased investments toward pilot projects, feasibility studies, and new installations in the Asia Pacific, especially in China and India. These factors are expected to fuel the growth of the Power Grid Market in the region.

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Key Market Players:

Some of the major players in the Power Grid Market are Hitachi Energy (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), and Mitsubishi Electric (Japan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com
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