Wilmington, Delaware, April 17, 2024 (GLOBE NEWSWIRE) — The growing adoption of renewable energy sources and the increasing investments in clean energy technologies are expected to drive the global power grid market’s growth during the forecast period. The Asia-Pacific region is projected to witness prominent growth by 2032.
Allied Market Research has recently published a report, titled, “Power Grid Market By Component (Power Generation, Transmission Lines, Distribution Networks, Consumer Use), By Energy Source (Solar, Wind, Natural Gas, Coal, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global power grid market generated $241.6 billion in 2022, and is anticipated to generate $413.9 billion by 2032, rising at a CAGR of 5.6% from 2023 to 2032.
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Prime Determinants of Growth
The growing popularity of renewable energy integration, rising demand for clean energy technologies, and the rapid urbanization & industrial growth in emerging economies are the factors expected to drive the growth of the global power grid market in the forecast period from 2023 to 2032. However, the high initial cost and complex regulatory frameworks may hamper market growth in the coming future. On the contrary, the technological advancements in smart grids and the rising investments in clean energy technologies are expected to offer remunerative opportunities for the expansion of the power grid market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $241.6 billion |
| Market Size in 2032 | $413.9 billion |
| CAGR | 5.6% |
| No. of Pages in Report | 320 |
| Segments covered | Component, Energy Source, and Region |
| Drivers | Rising adoption of renewable energy sources Rapid urbanization and industrial growth in emerging economies Growing popularity of decentralized energy generation |
| Opportunities | Technological advancements and integration of automation, robotics, and AI Growing investments in grid modernization projects |
| Restraints | High transmission losses and dependence on specific energy sources |
COVID-19 Scenario
- The COVID-19 pandemic outbreak had a significant impact on the global power grid market’s growth due to the supply chain disruptions, travel restrictions, and financial uncertainties led to a reduction in investments in renewable energy projects, as well as in their installation and commissioning.
- Besides, energy demand fluctuations were primarily shaped by various factors, including the pandemic’s severity across different regions, governmental responses, shifts in energy consumption patterns, and others.
- Industrial shut downs, decreased commercial activities, and the rise of remote work resulted in decreased electricity demand in certain sectors. However, there was an increase in residential demand, especially for home offices.
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Component: Power Generation Sub-segment to be the Most Dominant by 2032
The power generation sub-segment accounted for the largest global power grid market share of 31.2% in 2022 and is expected to grow at the highest CAGR of 6.2% during the forecast period from 2023 to 2032. This is majorly because power generation helps in meeting the rising energy demands of industries, societies, and economies. Besides, power generation supports economic activities by providing the required energy for industries, commercial enterprises, manufacturing, and services. Moreover, the availability of diverse energy sources, such as solar, wind, and others is boosting the popularity of power generation.
Energy Source: Natural Gas Sub-segment to Experience Prominent Growth by 2032
The natural gas sub-segment accounted for the largest market share of 35.5% in 2022 and is expected to continue to maintain its prominent growth during the forecast period. This is mainly due to the rising popularity of natural gas as an energy source due to its reliability, versatility, and ease of availability. Besides, the existing infrastructure for natural gas extraction, distribution, and transportation makes it a convenient option for power generation. This ensures a stable and continuous energy supply. Moreover, natural gas helps in reducing the carbon footprint during electricity generation through power grid.
Region: Asia-Pacific Market to Flourish Immensely During the Forecast Period
The power grid market in the Asia-Pacific region accounted for…
Read More: Power Grid Market to Reach $413.9 Billion Globally by 2032