Global Power Grid System Market is expected to foresee significant growth. Europe to lead the growth!

The global Power grid system market is expected to grow at a CAGR of around 10 % over the period of 2021-2027. The power grid system market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are attracting the market size of the power grid system are increasing government initiatives for offshore renewable power generation along with pressing urgency to reduce carbon emissions and improve grid reliability and efficiency is expected to propel the demand for subsea power grid systems market. In addition, the shortage of fossil fuel as a source of energy and rapidly expanding global warming are the major factors driving the development of the global power grid market.

In addition, expanding government allocation and private investment market players for power grid systems are other factors driving the growth of the power grid market. However, the shortage of technical professionals in the subsea industry, low cost of onshore electricity generation, and climatic challenges pertaining to operations of offshore wind farms are restraining the subsea power grid system market.

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Based on the component, the power grid system market is classified into cables, variable speed drives, transformers, switchgear, and others. The cable segment caters to an extensive share of the power grid system market. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries. Also, subsea power cables are widely used to link shore-based power grids. Hence, accentuating the market size of the power grid system market.

Based on application, the power grid system market is segmented into captive generation, wind power, and others. The captive generation segment acquired a considerable market share in the power grid system market. As captive power generation is a crucial turn in power sourcing for industries, it ensures electricity when the grid is unable to provide a consistent supply.

Based on depth, the power grid system market is bifurcated into shallow water, and deep-water. The deep-water segment caters to a considerable share of the power grid system market and is expected to witness high growth during the forecasted period. The depletion of shallow water reserves (maturing shallow water basins) has made E&P companies shift their focus on deep-water areas.

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For a better understanding of the market adoption of the Power grid system industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Middle East & Africa (UAE, Saudi Arabia, Nigeria, Egypt, South Africa and Rest of MEA); Asia-Pacific (China, India, Australia, Japan, Rest of APAC); Rest of the World. Europe is expected to hold a significant market share in the forecast period owing to the strong demand for renewable energy sources and favorable government policies in these regions.

Some of the major players operating in the power grid system market include FMC Technologies Inc, ABB Ltd, Aker Solutions ASA, Cameron International Corp, Siemens, General Electric, Honeywell Elster, Schneider Electric, Wipro, IBM.

Global Power grid system Market Segmentation

Market Insight, by Components

• Cables
• Variable Speed Drives
• Transformers
• Switchgears
• Others

Market Insight, by Application

• Captive Generation
• Wind Power
• Others

Market Insight, by Depth

• Shallow Water
• Deepwater

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • France
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Nigeria
  • Egypt
  • South Africa
  • Rest of MEA
• Rest of the World

Top Company Profiles

• FMC Technologies Inc
• ABB Ltd• Aker Solutions ASA• Cameron International Corp• Siemens• General Electric• Honeywell Elster• Schneider Electric• Wipro• IBM