The projected revenue for the global power grid market will be approximately USD 281.0 billion in 2023, with an anticipated growth to USD 409.6 billion by 2030. This represents a compound annual growth rate (CAGR) of 5.6% over the period from 2024 to 2030.
This growth of the industry can be credited to the fast electrification, industrialization, and urbanization in developing nations, changing climate and human activity patterns, and a host of other reasons.
Moreover, voltage variations on an hourly basis are experienced with varied sources of power being manipulated to fulfill the needs at the minimum cost. The improvements in orthodox power grid systems have directed the growth of smart grids, which offer better dependability and a more constant electrical power supply.
In 2023, based on components, the cables category dominated the industry, with 40%. This growth of the category can be credited to the fact that cables play a vital role in the supply of power from power plants to customers.
The produced electricity is supplied to a number of places with the aid of high-voltage wires. Furthermore, the fitting of supply lines varies according to the need. For example, for long-distance transmission, overhead lines are utilized, mainly to decrease the energy losses because of resistance. Likewise, underground power lines are utilized to supply power across extremely populated areas, underwater, or in any place where overhead power lines cannot be utilized.
The heavy dependency on this material is because of the count of benefits provided by it, the biggest among which are affordability over other sources, like nuclear power and oil; a stable distribution, and energy security.
During the projection period, the APAC region is projected to showcase the highest development rate of 6.0%. This is mainly because of the increasing count of government steps for the acceptance of renewable power sources and the growing industrialization and also urbanization rates in the region, which are directing to a high need for power. Moreover, a count of nations in the region are substantial IT hubs, which further surges the need for power at data centers and telecom exchanges.
