Power grid systems facilitate efficient distribution and transmission of electricity. Power grid systems comprise transmission lines, distribution lines, transformers, switchgears, and other equipment that together form an interconnected network for transporting electricity from generation sources to demand centers. Power grid systems play a vital role in ensuring reliable supply of electricity and have enabled utilization of renewable energy resources on a large scale. Growing procurement of renewable energy resources such as solar and wind due to supportive government policies and environmental concerns have accelerated demand for advanced power grid systems to handle power generated from intermittent sources.
The Global Power Grid System Market is estimated to be valued at US$ 11.67 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Power Grid System market are ABB Ltd., Eaton Corporation, General Electric Company, Havells India Ltd.
Growing investments in projects pertaining to renewable energy integration, expansion of transmission and distribution networks, and power infrastructure upgrades in developing economies present lucrative growth opportunities.
Technological advancements such as adoption of battery energy storage systems, superconducting cables, Power Grid System Market Size fault-current limiters, and digitalization of grid infrastructure using solutions such as advance metering infrastructure, distribution management systems, outage management systems are helping modernize aging grid infrastructure and accommodate higher proportions of renewable energy.
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