Power Grid System Market Insights, Growth and Investment Feasibility By 2027

Posted by aartimurkute on September 21st, 2022

Concerns regarding the growing emission of carbon dioxide have led to an increase in renewable energy usage. The favourable government regulations apropos to this has also pushed the consumption of renewable energy sources. These trends are poised to open opportunities for the power grid system market during the forecast years. Other factors such as increased emphasis on energy security, aversion towards conventional nuclear power, and stagnant growth in nuclear power applications are also boosting demand for renewable energy. Going forward, these trends are pushing an increasing number of nations to encourage renewable energy usage across key industries. This scenario is projected to propel growth across the power grid system market in the years to come.

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Opportunities to Flock in Power Grid System Market as Economies Worldwide Embrace Renewables to Slash Greenhouse Gas Emissions

Fossil fuels such as coal, oil and gas, are the major contributors of global climate change and are largely responsible for greenhouse gas emissions. Therefore, to reduce the incessantly growing emissions and avoid the adverse consequences of climate change, the reliance on renewable sources has increased. Climate change has led to droughts, wildfires and hurricanes. This increase in rate of natural calamities is a threat to outdated power grid’s ability to supply power. The rise in cases of power outages is causing economic damage worldwide. These factors have propelled economies around the world towards renewable energy sources, strengthening the power grid sector. Therefore, in the coming years the integration of renewable power sources in the conventional power system will unravel opportunities for the power grid system market.

Increased Demand for Wind Power to Bode Well for Power Grid System Market

The demand for wind power among other renewable energy has increased the most. This is due to the fact that it enables both off-shore and on-shore installation. Moreover, offshore wind installations have numerous benefits such as access to turnkey solutions from various service providers, improved technology, and the choice for best site selection. This has led to several public and private organisations, and offshore operators to reap the benefits of offshore wind generation. The access to new wind turbine technology in offshore locations are also likely to present new opportunities for the power grid system market in subsea during the forecast period.

Regulatory Norms Regarding Carbon Footprint Drive Power Grid System Market in Asia Pacific

The power grid system market in Asia Pacific region is expected to grow owing to rising commercialization, industrialization, and urbanisation. Further, the demand for power grid systems is likely to be driven by strict regulatory norms to mitigate carbon footprint. Additionally, the Asia Pacific region has a large share of the market due to prevailing adoption of technology and increased focus on renewable energy growth. Smart cities development plans in the region are further boosting the regional market growth.

Prominent Market Players

Some of the major players in power grid system market are SSG Cable (China), DEME (Denmark), Nexans (France), Prysmian Group (Italy), TechnipFMC (UK), Hitachi Energy (Switzerland), Siemens Energy (Germany), Schlumberger (US), General Electric (US), Baker Hughes (US), Aker Solutions ASA (Norway), among others.

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