![]() ![]() As a result, the shallow water category has witnessed significant adoption and has contributed to the largest share in the power grid system market. Additionally, shallow water areas are often located closer to shore, which reduces the complexity and cost of underwater cable installation. ![]() Shallow water areas typically have water depths that are suitable for offshore wind farms and other renewable energy projects, making them ideal for the installation of offshore grid infrastructure. This is due to its suitability for various applications and ease of installation. The shallow water category accounted for the largest share in 2022. The shallow water segment dominated the market with around 54.7% revenue share in 2022īased on the depth, the global power grid system market is segmented into shallow water and deep-water. However, the power grid system also faces challenges such as aging infrastructure, increasing demand, and transitioning to more sustainable energy sources for a greener future.īrowse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on " Global Power Grid System Market Size, Share, and COVID-19 Impact Analysis, By Components (Cables, Variable Speed Drives, Transformers, Switchgears, and Others), By Application (Captive Generation, Wind Power, and Others), By Depth (Shallow Water and Deepwater), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here It plays a pivotal role in supporting economic growth, improving the quality of life, and enabling technological advancements. The power grid system is a critical component of modern society, powering homes, hospitals, schools, factories, and more. This power is then transmitted over a network of high-voltage transmission lines and substations to distribution networks, which deliver electricity to homes, businesses, and industries. Power plants, ranging from traditional fossil fuel-based to renewable energy sources like solar, wind, and hydro, generate electricity. The power grid system is a sophisticated and intricate infrastructure that enables the generation, transmission, and distribution of electricity on a large scale. New York, United States, (GLOBE NEWSWIRE) - The Global Power Grid System Market Size is to grow from USD 11.34 billion in 2022 to USD 32.78 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. Companies Covered: Siemens AG, ABB Ltd., General Electric Company, Schneider Electric SE, Hitachi Ltd., Mitsubishi Electric Corporation, Eaton Corporation PLC, Cisco Systems, Inc., Honeywell International Inc., Toshiba Corporation, Hyundai Electric & Energy Systems Co., Ltd., Crompton Greaves Limited, Fuji Electric Co., Ltd., Prysmian Group, Alstom SA and among others. The Global Power Grid System Market Size was valued at USD 16.43 Billion in 2022 and the worldwide power grid system market size is expected to reach USD 32.78 Billion by 2032, according to a research report published by Spherical Insights & Consulting. ![]()
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