Product Code: PM3137
The global power grid market size is expected to reach USD 414.91 Billion by 2032, according to a new study by Polaris Market Research. The report "Power Grid Market Share, Size, Trends, Industry Analysis Report, By Components (Cables, Variable Speed Drivers, Transformers, Switchgear, Others), By Power Source, By Application, By Region, Segments & Forecast, 2019 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The surging demand for energy needs from residential and industrial sectors, the shift towards renewable energy sources, and the adoption of new technologies are the major driving factors for the market in the forecast period. Technological advances are also driving the power grid market by developing new renewable energy technologies, such as more efficient solar panels and wind turbines, as well as advances in energy storage and smart grid technologies.
Power grids, also known as electric grids, are complex networks of power generation, transmission, and distribution systems that provide electricity to homes, businesses, and other organizations. The main objective of power grids is to ensure that the electricity supply is reliable, affordable, and accessible to end-users.
One of the limiting factors for the Power Grid is higher installation costs of transmission systems. The installation cost of transmission systems can be very high, particularly for long-distance transmission lines that must traverse difficult terrain or cross bodies of water.
Another limiting factor for the market is the need for more infrastructure. The lack of infrastructure can also challenge adopting new technologies, such as renewable energy sources and smart grid technologies. With efficient infrastructure, utilities can connect these areas to the main power grid, leaving many people without access to electricity.
Report Highlights
- As per research, the power grid market is being majorly driven by a combination of factors related to increasing demand for electricity, the need to modernize aging infrastructure, the growing adoption of renewable energy sources, government initiatives, and the need for grid resilience.
- The Cables segment is anticipated to dominate the market in the forecast period. The growth of the cables segment is being driven by various factors, including the increasing demand for electricity, the need to upgrade aging infrastructure, and the growing adoption of renewable energy sources. The rising demand for electricity, particularly in emerging economies, is another driving factor for the market.
- The Distribution segment is projected to constitute major share in the forecast period. The key factors driving the segment in the projected period including demand for electricity and the need for upgraded infrastructure, continue to increase, and new technologies enables more efficient and sustainable electricity distribution.
- The renewable Power segment is projected to witness a fastest CAGR in the forecast period owing to increasing demand for clean and renewable energy sources, cost-effectiveness, energy security, and government support.
- The transmission segment of the power grid market is expected to experience significant growth in the coming years due to increasing demand for electricity, the need to integrate renewable energy sources, and the replacement of aging infrastructure, among other factors.
- The Asia Pacific power grid market, is expected to experience significant growth in the coming years due to increasing demand for electricity, the need to modernize aging infrastructure, and the growing adoption of renewable energy sources. In addition to these factors, government initiatives, such as funding programs to support the modernization and expansion of the power grid, also contribute to the growth of the Asia Pacific power grid market.
Polaris Market Research has segmented the Power Grid Market report based on component, power source, application, and region:
Power Grid Market, Component Outlook (Revenue - USD Billion, 2019 - 2032)
- Cables
- Variables Speed drives
- Transformers
- Switchgear
- Others
Power Grid Market, Power Source Outlook (Revenue - USD Billion, 2019 - 2032)
- Conventional Power
- Renewable Power
- Nuclear Power
- Hybrid Power
Power Grid Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Generation
- Transmission
- Distribution
Power Grid Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Power Grid Market Insights
- 4.1. Power Grid Market - Power Source Snapshot
- 4.2. Power Grid Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Electrification of industrial processes and fleets
- 4.2.1.2. Rapid urbanization and digitalization
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High installation cost
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Power Grid Market Power Source Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Power Grid Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Power Grid Market, by Component, 2019-2032 (USD Billion)
- 5.3. Cables
- 5.3.1. Global Power Grid Market, by Cables, by Region, 2019-2032 (USD Billion)
- 5.4. Variables Speed drives
- 5.4.1. Global Power Grid Market, by Variables Speed drives, by Region, 2019-2032 (USD Billion)
- 5.5. Transformers
- 5.5.1. Global Power Grid Market, by Transformers, by Region, 2019-2032 (USD Billion)
- 5.6. Switchgear
- 5.6.1. Global Power Grid Market, by Switchgear, by Region, 2019-2032 (USD Billion)
- 5.7. Others
- 5.7.1. Global Power Grid Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Power Grid Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Power Grid Market, by Application, 2019-2032 (USD Billion)
- 6.3. Generation
- 6.3.1. Global Power Grid Market, by Generation, by Region, 2019-2032 (USD Billion)
- 6.4. Transmission
- 6.4.1. Global Power Grid Market, by Transmission, by Region, 2019-2032 (USD Billion)
- 6.5. Distribution
- 6.5.1. Global Power Grid Market, by Distribution, by Region, 2019-2032 (USD Billion)
7. Global Power Grid Market, by Power Source
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 7.3. Conventional Power
- 7.3.1. Global Power Grid Market, by Conventional Power, By Region, 2019-2032 (USD Billion)
- 7.4. Renewable Power
- 7.4.1. Global Power Grid Market, by Renewable Power, By Region, 2019-2032 (USD Billion)
- 7.5. Nuclear Power
- 7.5.1. Global Power Grid Market, by Nuclear Power, By Region, 2019-2032 (USD Billion)
- 7.6. Hybrid Power
- 7.6.1. Global Power Grid Market, by Hybrid Power, By Region, 2019-2032 (USD Billion)
8. Global Power Grid Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Power Grid Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Power Grid Market - North America
- 8.3.1. North America: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.3.2. North America: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.3.3. North America: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.3.4. Power Grid Market - U.S.
- 8.3.4.1. U.S.: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.3.5. Power Grid Market - Canada
- 8.3.5.1. Canada: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4. Power Grid Market - Europe
- 8.4.1. Europe: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.3. Europe: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.4. Power Grid Market - UK
- 8.4.4.1. UK: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.5. Power Grid Market - France
- 8.4.5.1. France: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.5.3. France: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.6. Power Grid Market - Germany
- 8.4.6.1. Germany: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.7. Power Grid Market - Italy
- 8.4.7.1. Italy: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.8. Power Grid Market - Spain
- 8.4.8.1. Spain: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.9. Power Grid Market - Netherlands
- 8.4.9.1. Netherlands: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.4.10. Power Grid Market - Russia
- 8.4.10.1. Russia: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5. Power Grid Market - Asia Pacific
- 8.5.1. Asia Pacific: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.4. Power Grid Market - China
- 8.5.4.1. China: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.4.3. China: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.5. Power Grid Market - India
- 8.5.5.1. India: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.5.3. India: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.6. Power Grid Market - Malaysia
- 8.5.6.1. Malaysia: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.7. Power Grid Market - Japan
- 8.5.7.1. Japan: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.8. Power Grid Market - Indonesia
- 8.5.8.1. Indonesia: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.5.9. Power Grid Market - South Korea
- 8.5.9.1. South Korea: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.6. Power Grid Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.6.4. Power Grid Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.6.5. Power Grid Market - UAE
- 8.6.5.1. UAE: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.6.6. Power Grid Market - Israel
- 8.6.6.1. Israel: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.6.7. Power Grid Market - South Africa
- 8.6.7.1. South Africa: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.7. Power Grid Market - Latin America
- 8.7.1. Latin America: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.7.4. Power Grid Market - Mexico
- 8.7.4.1. Mexico: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.7.5. Power Grid Market - Brazil
- 8.7.5.1. Brazil: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Power Grid Market, by Application, 2019-2032 (USD Billion)
- 8.7.6. Power Grid Market - Argentina
- 8.7.6.1. Argentina: Power Grid Market, by Component, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Power Grid Market, by Power Source, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Power Grid Market, by Application, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. ABB
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. General Electric
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Schneider Electric
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Mitsubishi Electric
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Siemens
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Hitachi Energy
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Eaton
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Havells
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Hubbell
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Fuji Electric
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Sumitomo Electric
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Hyundai Electric & Energy Systems Co.
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Toshiba Energy Systems & Solutions
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Southwire Company
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development