The global power grid market is projected to reach USD 367.4 billion by 2028 from an estimated USD 282.1 billion in 2023, at a CAGR of 5.4% during the forecast period. Factors such as the electrification of industrial processes and fleets, and investments in upgrading and expanding transmission and distribution infrastructure are driving the growth of the power grids market.
The power grid market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network. Hitachi Energy (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), and Mitsubishi Electric (Japan) are the market leaders in the global power grid market. These companies use strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their market share.
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Siemens is a German conglomerate offering electrification, automation, and digitalization solutions. The company operates through six business segments: Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services. The company offers power grid solutions through its Smart Infrastructure business segment, which accounted for a share of 24.1% of its total revenue in 2022.
The Smart Infrastructure segment offers products and systems for intelligent grid control, low- and medium-voltage electrification and control, building automation, fire safety and security, and building energy efficiency. Siemens has a presence in Europe, North America, the Middle East, South America, Africa, and Asia Pacific. The company operates in more than 100 countries globally and has a strong network of regional offices, warehouses, research and development facilities, and sales offices. The company has 16 corporate technology facilities that optimize its business processes for research and development, production, and quality assurance globally.
General Electric (GE) is a technology and financial services company involved in developing and manufacturing products used in generating, distributing, controlling, and utilizing electricity. The company operates through five business segments: Aviation, Healthcare, Power, Renewable Energy, and Corporate. It offers power grid systems under its Renewable Energy and Power segments, which together accounted for a 38.2% share of the company’s total revenue in 2022.
The Renewable Energy segment offers products, services, and technologies for onshore and offshore wind, blade manufacturing, grid equipment, hydro solutions, storage solutions, hybrid renewables, and digital services. The Renewable Energy segment is further segmented into three categories: Onshore Wind; Grid Solutions Equipment and Services; and Hydro, Offshore Wind, and Hybrid Solutions. The Grid Solutions Equipment and Services segment offers a comprehensive portfolio of grid equipment, hardware, protection and control, automation, and digital services.
General Electric operates in 175 countries across North America, Latin America, Europe, Asia, the Middle East & Africa, and Australia. General Electric has research and development centers with more than 300,000 square feet of laboratory facilities and collaboration spaces in the US and India.
Hitachi Energy is a multinational technology that offers long-distance commercial HVDC technology, microgrid and energy storage solutions, and other power systems and related services. Hitachi ABB Power Grids changed its name to Hitachi Energy in October 2021. Hitachi holds an 80.1% stake in the Hitachi ABB Power Grids joint venture, while ABB holds the remaining 19.9% stake, as announced last year. ABB also holds a pre-defined option to exit the retained shareholding three years after closing—or by 2023. The company offers various products and systems, such as cable accessories, communication networks, cooling systems, energy storage solutions, generator circuit breakers, high-voltage switchgear and breakers, HVDC systems, SCADA systems, and control systems, substation automation, transformers, among others. Hitachi Energy provides HVDC cables for offshore interconnecting grids, offshore wind connections, and power from shore applications. The company also manufactures subsea transformers that help reduce the high voltage levels used by pumps, motors, and compressors.
Hitachi Energy has an extensive network of manufacturing plants and sales offices in nearly 53 countries across the Americas, Asia Pacific, Africa, Europe, Africa, and the Middle East.
Power Grid Market by Component (Cables, Variable speed drives, Transformers, Switchgear), Power source (Oil, Natural gas, Coal, Renewables), Application (Generation, Transmission, Distribution) and Region - Global Forecast to 2028
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