Power Grid System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

The global power grid system market is poised for significant growth as concerns regarding the emission of carbon dioxide and the need for renewable energy sources continue to escalate. Favorable government regulations, coupled with increased emphasis on energy security and a shift away from conventional nuclear power, are driving the adoption of renewable energy. Additionally, the stagnant growth in nuclear power applications has further boosted the demand for renewable energy solutions. These trends are encouraging nations worldwide to promote renewable energy usage across various industries, creating opportunities for the power grid system market in the coming years.

Opportunities Abound as Economies Embrace Renewables to Reduce Greenhouse Gas Emissions

The reliance on fossil fuels such as coal, oil, and gas has contributed significantly to global climate change and greenhouse gas emissions. To mitigate the adverse consequences of climate change and reduce emissions, there is an increasing focus on renewable energy sources. The rise in climate-related natural disasters, including droughts, wildfires, and hurricanes, poses a threat to outdated power grids' ability to supply electricity. The growing instances of power outages worldwide are causing economic damage. As a result, economies across the globe are shifting towards renewable energy sources and strengthening their power grid systems. This transition presents significant opportunities for the power grid system market as renewable power sources are integrated into conventional power systems.

Increased Demand for Wind Power Drives Market Growth

Among renewable energy sources, wind power has witnessed the highest demand due to its versatility and ability to be installed both onshore and offshore. Offshore wind installations offer numerous benefits, including turnkey solutions from service providers, advanced technology, and optimal site selection. Public and private organizations, as well as offshore operators, are increasingly embracing offshore wind generation. The access to new wind turbine technology in offshore locations is expected to create new opportunities for the power grid system market, particularly in the subsea segment, during the forecast period.

Asia Pacific Market Driven by Regulatory Norms and Renewable Energy Growth

The power grid system market in the Asia Pacific region is expected to experience significant growth due to the region's rapid commercialization, industrialization, and urbanization. Strict regulatory norms aimed at reducing carbon footprint are driving the demand for power grid systems in the region. Moreover, Asia Pacific leads in technology adoption and focuses on renewable energy growth. The development plans for smart cities in the region further contribute to the regional market's expansion.

Prominent Market Players

Key players in the power grid system market include: SSG Cable (China), DEME (Denmark), Nexans (France), Prysmian Group (Italy), TechnipFMC (UK), Hitachi Energy (Switzerland), Siemens Energy (Germany), Schlumberger (US), General Electric (US), Baker Hughes (US), Aker Solutions ASA (Norway), and others.

1. Executive Summary

1.1. Global Power Grid System Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
  - 2.2.1.1. Driver A
  - 2.2.1.2. Driver B
  - 2.2.1.3. Driver C
- 2.2.2. Restraints
  - 2.2.2.1. Restraint 1
  - 2.2.2.2. Restraint 2
- 2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
- 2.5.1. Pre-covid and Post-covid Scenario
- 2.5.2. Supply Impact
- 2.5.3. Demand Impact
2.6. Technology Landscape
2.7. Economic Analysis
2.8. PESTLE

3. Global Power Grid System Market Outlook, 2018 - 2030

3.1. Global Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 3.1.1. Key Highlights
  - 3.1.1.1. Cables
  - 3.1.1.2. Variable Speed Drives
  - 3.1.1.3. Transformers
  - 3.1.1.4. Switchgears
  - 3.1.1.5. Misc. (Connectors, etc.)
3.2. Global Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 3.2.1. Key Highlights
  - 3.2.1.1. Shallow
  - 3.2.1.2. Deepwater
3.3. Global Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 3.3.1. Key Highlights
  - 3.3.1.1. Captive Generation
  - 3.3.1.2. Wind Power
  - 3.3.1.3. Misc. (Tidal Power, etc.)
- 3.3.2. BPS Analysis/Market Attractiveness Analysis
3.4. Global Power Grid System Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
- 3.4.1. Key Highlights
  - 3.4.1.1. North America
  - 3.4.1.2. Europe
  - 3.4.1.3. Asia Pacific
  - 3.4.1.4. Latin America
  - 3.4.1.5. Middle East & Africa
- 3.4.2. BPS Analysis/Market Attractiveness Analysis

4. North America Power Grid System Market Outlook, 2018 - 2030

4.1. North America Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Cables
  - 4.1.1.2. Variable Speed Drives
  - 4.1.1.3. Transformers
  - 4.1.1.4. Switchgears
  - 4.1.1.5. Misc. (Connectors, etc.)
4.2. North America Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Shallow
  - 4.2.1.2. Deepwater
4.3. North America Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. Captive Generation
  - 4.3.1.2. Wind Power
  - 4.3.1.3. Misc. (Tidal Power, etc.)
4.4. North America Power Grid System Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 4.4.1. Key Highlights
  - 4.4.1.1. U.S.
  - 4.4.1.2. Canada
- 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Power Grid System Market Outlook, 2018 - 2030

5.1. Europe Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Cables
  - 5.1.1.2. Variable Speed Drives
  - 5.1.1.3. Transformers
  - 5.1.1.4. Switchgears
  - 5.1.1.5. Misc. (Connectors, etc.)
5.2. Europe Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Shallow
  - 5.2.1.2. Deepwater
5.3. Europe Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Captive Generation
  - 5.3.1.2. Wind Power
  - 5.3.1.3. Misc. (Tidal Power, etc.)
5.4. Europe Power Grid System Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 5.4.1. Key Highlights
  - 5.4.1.1. Germany
  - 5.4.1.2. France
  - 5.4.1.3. U.K.
  - 5.4.1.4. Italy
  - 5.4.1.5. Spain
  - 5.4.1.6. Russia
  - 5.4.1.7. Rest of Europe
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Power Grid System Market Outlook, 2018 - 2030

6.1. Asia Pacific Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Cables
  - 6.1.1.2. Variable Speed Drives
  - 6.1.1.3. Transformers
  - 6.1.1.4. Switchgears
  - 6.1.1.5. Misc. (Connectors, etc.)
6.2. Asia Pacific Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Shallow
  - 6.2.1.2. Deepwater
6.3. Asia Pacific Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. Captive Generation
  - 6.3.1.2. Wind Power
  - 6.3.1.3. Misc. (Tidal Power, etc.)
6.4. Asia Pacific Power Grid System Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 6.4.1. Key Highlights
  - 6.4.1.1. China
  - 6.4.1.2. Japan
  - 6.4.1.3. South Korea
  - 6.4.1.4. India
  - 6.4.1.5. Southeast Asia
  - 6.4.1.6. Rest of Asia Pacific
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Power Grid System Market Outlook, 2018 - 2030

7.1. Latin America Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Cables
  - 7.1.1.2. Variable Speed Drives
  - 7.1.1.3. Transformers
  - 7.1.1.4. Switchgears
  - 7.1.1.5. Misc. (Connectors, etc.)
7.2. Latin America Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Shallow
  - 7.2.1.2. Deepwater
7.3. Latin America Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Captive Generation
  - 7.3.1.2. Wind Power
  - 7.3.1.3. Misc. (Tidal Power, etc.)
7.4. Latin America Power Grid System Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 7.4.1. Key Highlights
  - 7.4.1.1. Brazil
  - 7.4.1.2. Mexico
  - 7.4.1.3. Rest of Latin America
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Power Grid System Market Outlook, 2018 - 2030

8.1. Middle East & Africa Power Grid System Market Outlook, by Component, Value (US$ Mn), 2018 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Cables
  - 8.1.1.2. Variable Speed Drives
  - 8.1.1.3. Transformers
  - 8.1.1.4. Switchgears
  - 8.1.1.5. Misc. (Connectors, etc.)
8.2. Middle East & Africa Power Grid System Market Outlook, by Depth, Value (US$ Mn), 2018 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Shallow
  - 8.2.1.2. Deepwater
8.3. Middle East & Africa Power Grid System Market Outlook, by Application Type, Value (US$ Mn), 2018 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. Captive Generation
  - 8.3.1.2. Wind Power
  - 8.3.1.3. Misc. (Tidal Power, etc.)
8.4. Middle East & Africa Power Grid System Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 8.4.1. Key Highlights
  - 8.4.1.1. GCC
  - 8.4.1.2. South Africa
  - 8.4.1.3. Rest of Middle East & Africa
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Company Market Share Analysis, 2022
9.2. Competitive Dashboard
9.3. Company Profiles
- 9.3.1. ABB
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Product Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. General Electric
- 9.3.3. Siemens AG
- 9.3.4. Baker Hughes
- 9.3.5. Prysmian Group
- 9.3.6. Nexans
- 9.3.7. Schlumberger
- 9.3.8. Aker Solutions ASA
- 9.3.9. Hitachi Energy
- 9.3.10. DEME
- 9.3.11. SSG Cable
- 9.3.12. LS Cable & System (South Korea),
- 9.3.13. ZTT
- 9.3.14. Sumitomo Electric Industries, Ltd.
- 9.3.15. J+S Subsea
- 9.3.16. Schneider Electric
- 9.3.17. Furukawa Electric Co., Ltd.

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations