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%. 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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The increasing energy demand has resulted in the need for stable and reliable transmission and distribution networks. Uninterrupted power can only be assured through a system capable of handling sudden power shorts and drops. Substations in developed nations are being modernized to ensure an uninterrupted power supply with minimum losses. This is achieved by replacing the old components with modern and more efficient ones. These upgrades are smart and more protective from overcurrent situations. The rising demand for renewable energy sources and the increasing number of power generation plants drive investments in transmission and distribution (T&D) infrastructure, making the T&D system capable of handling long-distance power flow and minimizing energy losses caused by strong currents. Many countries, such as the US, the UK, China, and India, are significantly investing in modernizing their substations and developing a reliable supply network. This drive for the transition and modernization of power grid infrastructure drives the power grid market in the near future.
Application Segmentation
This report segments the power grid industry based on components into three segments: generation, transmission, and distribution. The distribution segment is expected to be the largest segment during the forecast period. Power distribution is a critical component of the power grid infrastructure as it is responsible for delivering electrical energy from the transmission network to homes, businesses, and industries.
Regional Analysis
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 Size 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).
Siemens
Siemens is a German conglomerate offering electrification, automation, and digitalization solutions. The company operates through six business segments: Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services. The company offers power grid solutions through its Smart Infrastructure business segment, which accounted for a share of 24.1% of its total revenue in 2022.
General Electric
General Electric (GE) is a technology and financial services company involved in developing and manufacturing products used in generating, distributing, controlling, and utilizing electricity. The company operates through five business segments: Aviation, Healthcare, Power, Renewable Energy, and Corporate. It offers power grid systems under its Renewable Energy and Power segments, which together accounted for a 38.2% share of the company’s total revenue in 2022.
