The global power grid market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period (2024–2031). The market growth is attributed to the rise in the adoption of renewable energy sources globally. As government measures are moving towards achieving carbon neutrality, the power grid market is experiencing a trend in the expansion of infrastructure for renewable power sources. For instance, in March 2024, U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced at the National Rural Electric Cooperative Association’s Power Changeannual meeting, USDA’s clean energy investments in 23 states to reduce pollution and strengthen rural America’s power grid including the first five awards totaling $139.0 million under the Powering Affordable Clean Energy (PACE) program and $2.2 billion in funding for 39 projects to help ensure over 2.0 million people in rural areas have access to reliable electricity.
Browse the full report description of “Power Grid Market Size, Share & Trends Analysis Report by Component (Cables, Variables Speed Drives, Transformers, and Switchgear). by Power Source (Conventional power, Renewable power, Nuclear power, and Hybrid power). and by Application (Generation, Transmission, and Distribution). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/power-grid-market
Moreover, in February 2024, the European Investment Bank (EIB) Board of Directors approved $3.5 billion in new funding to support business investment, corporate R&D, clean energy, transportation, and energy efficiency. Within that amount, $1.7 billion will be allocated to new energy projects that will strengthen electricity distribution networks and increase the production and use of renewable energy. Some of the EIB's largest-ever financial engagements in the energy sector, the energy projects include financing for the construction of a new 132 MW wind farm in Posusje, Bosnia and Herzegovina, and support for a large-scale renewable hydrogen production facility to support the decarbonization of energy-intensive industry in Portugal.
Market Coverage
• The market number available for 2023-2031
• Base year: 2023
• Forecast period: 2024-2031
• Segment Covered-
o By Component
o By Power Source
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape Includes-ABB Ltd., Schneider Electric Industries SAS, Siemens AG, General Electric Co., and Hitachi Energy Ltd., among others.
Key questions addressed by the report
Global Power Grid Market Report Segment
By Component
By Power Source
By Application
Global Power Grid Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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