Power Grid Market worth $367.4 Billion by 2028

The global Power Grid Market is expected to grow from an estimated USD 282.1 billion in 2023 to USD 367.4 billion by 2028, 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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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.

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

The Power Grid Market components 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.

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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.

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.

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