Published Date : 17 Feb 2023
The global power grid system market size was estimated at USD 9.98 billion by 2022 and it is expected to surpass around USD 17.5 billion by 2030 with a noteworthy CAGR of 7.28% between 2022 and 2030.
The recent expansion of the global electric grid systems is being driven by the increasing offshore petroleum and natural gas development operations taking place all over the world. Speed control motors, switches, cabling, transformer, penetrators, connections, detectors, and actuators, among many other types of components, are offered by producers and competitors in the worldwide power grid equipment market.
Captive production, tidal energy, gas, and diesel-powered floating power stations, solar power, wind power, and other forms of renewable energy are some of the application areas for such systems and technologies in the worldwide electric grid equipment market. The worldwide electric grid system market's goods and services may be divided into two main divisions depending on depth: deep water and freshwater habitats.
In terms of income, the smart meter equipment segment is dominating the worldwide smart energy industry in 2020. This is a result of smart meters being adopted more widely around the world. Smart meters guarantee a regular, efficient, and dependable power source that promotes market expansion.
The cutting-edge metering technology lowers operational costs, guarantees data security, detects network errors, and does many other things. The implementation of an AMI is connected with a broad variety of advantages, which is a major factor in this company's development.
An important factor promoting the expansion of the distribution sector globally is transportation and distribution losses. During the forecast timeframe, it is predicted that the consumption category will expand the fastest. The primary drivers of this market category are the short reaction time for outages, better energy efficiency, and effective resource usage. Additionally, the company's development is accelerated by the growing use of ICT technology in intelligent grid systems.
Power Grid System Market Report Scope
|Market Size in 2023||USD 10.7 Billion|
|Projected Forecast Value in 2030||USD 17.5 Billion|
|Growth Rate||7.28% from 2022 to 2030|
|Europe Region Revenue Share In 2021||42%|
|Forecast Period||2022 To 2030|
|Segments Covered||By Components, By Application and By Depth|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Regional sectors in the Asia Pacific and Europe have especially high consumption within the worldwide power grid equipment market. This development can be linked to these regions' rising desire for renewable energy sources. The existence of supportive government regulations that encourage the use of renewable and sustainable sources of electricity generation is also another noteworthy element impacting the growth of the worldwide electric grid equipment market in such countries.
Exceptional technology advancements, the depletion of fossil fuel resources on land, and the viability of offshore operations are encouraging deepwater exploration and development operators to do so. Operators had reported deep water discoveries within the Gulf of Mexico throughout the preceding 12 months, according to an article in the Oil and Energy Journal from February 2022.
A power grid must be built to transfer energy and provide electricity to subsurface and offshore manufacturing facilities because of the discovery of offshore petroleum deposit accounts, such as those found in the Kutch Valley in India, the Liza ground in Guyana, and the Tupi offshore oil pipeline in Brazil suggests the possibility of additional offshore petroleum products.
New businesses are unable to enter the market due to the large initial expenditure required to establish a subsea electric grid network and the large maintenance expenses connected with it. The cost of constructing subsea parts, such as transformers, cables, and switchgear, also relies on the type of seafloor, the site's depth, the number of arrivals, and the required voltage. r.
In addition to having high entry hurdles, the subsea electric grid network industry is also plagued by fierce rivalry, lengthy delays, as well as other issues that make it challenging for small and medium-sized businesses to compete. A small number of competitors control a substantial portion of the worldwide market.
Unlike conventional offshore turbines, which have long towers drilled into the seafloor and fixed into place in shallow seas 60–160 feet thick, floating windmills have access to enormous, isolated seawater bodies up to a half-mile in depth where the strongest, most dependable winds are blowing.
Drifting generators can be placed over the skyline, out of sight of coastal inhabitants, in Europe, where the concentration of offshore and relatively close windmills in places like the United Kingdom, Germany, and Norway has caused strong opposition to future installations.
Additionally, 80% of all maritime waterways on Earth are found in the ocean, beyond the reach of conventional offshore generators, leaving the potential for floating arrays. Such progress has been made over the last five years. It is expected that the fields would expand in size to demonstrate to governments and major investors that they are feasible and viable.
Even without financial assistance and with falling oil prices, the cost of producing electricity from offshore wind energy plants, geothermal and hydroelectric facilities, and biomass energy facilities is on par with or less expensive than producing electricity from facilities powered by gas, coal, and internal combustion engines.
Additionally, the cost of power produced by solar and wind energy has reduced, making them more economical to produce than other renewable energy sources in the world. Additionally, the price of producing power in oil and gas facilities that produce on the ocean is substantially greater than the price of producing energy from traditional energy sources like gas, coal, and petroleum. All of these factors will likely have a detrimental impact on the offshore business, and consequently, the subsea electric grid marketplace worldwide.
Major Key Players:
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