PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074840
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074840
Power Grid System Market Forecasts to 2028 - Global Analysis By Depth (Deepwater, Shallow Water), Component (Transformers, Switchgears, Cables), Application, and By Geography
According to Stratistics MRC, the Global Power Grid System Market is accounted for $8.26 billion in 2021 and is expected to reach $18.48 billion by 2028 growing at a CAGR of 12.2% during the forecast period. Power grid systems in subsea play an important role in the offshore power supply network. The subsea power grid comprises numerous components such as cables, transformers, variable speed drives, switchgear, and others used for various applications.
Market Dynamics:
Driver:
Increased deepwater oil and gas exploration activities
Advancements in technologies used in deepwater exploration and production activities, depleting onshore fossil fuel reserves, and the commercial feasibility of offshore projects are the factors encouraging E&P operators for deepwater exploration. Moreover, discoveries of offshore oil deposits in many countries signify the future oil production opportunities in offshore fields, thereby creating power grid requirements to transport electricity and supply power to subsea and offshore production facilities.
Restraint:
High operational and technological risks
The high initial investment for commissioning a subsea power grid system and the maintenance costs are very high, restricting new players from entering the market. The cost of installing subsea components depends on factors such as the nature of the seabed, the depth of the site, the number of landings, as well as voltage needs. There are only a handful of players that hold a major share of the global market. The investment required for new subsea power grid systems is significantly higher than upgrading the existing systems.
Opportunity:
Easy access of wind turbine technology
As demand for energy is rising, major countries and companies across the globe are turning toward the adoption of renewable energy as it can provide clean energy. The adoption of offshore wind energy with advanced technology attracted countries and companies for high investment. With the advancement in wind turbine capacity, many countries introduced wind turbines. The new turbines will enhance the productivity of offshore wind farms by generating more power.
Threat:
Low cost of onshore electricity generation
The cost of electricity generation from onshore wind power plants, geothermal and hydropower plants, and biomass power plants is equivalent to or lower than the cost of power generation. Furthermore, the cost of electricity produced by land-based wind turbines and solar PVs has gone down, and it is more economical to generate electricity using solar and wind energy. Additionally, the cost of producing electricity from conventional resources, including coal, gas, and diesel, is quite lower than the power generation within offshore oil and gas production plants. All these factors are likely to negatively impact the offshore market and, subsequently, the power grid system market in subsea.
The cables segment is expected to be the largest during the forecast period
The cables segment is estimated to have a lucrative growth as the adoption of subsea power cables is driven by the HV power transmission and offshore oil & gas industries. Subsea power cables are extensively used to link shore-based power grids. These cables carry power from one country to another, as well as from one offshore platform to another, and transfer power from offshore renewable energy generation plants.
The wind power segment is expected to have the highest CAGR during the forecast period
The wind power segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increase in the use of subsea power cables in long-distance HV power transmission applications, countries planning to invest significantly to expand and develop their regional offshore wind energy industry.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period due to the strong demand for renewable energy sources and favorable government policies in these regions. The growth of the power grid system market subsea is supported by the European Wind Initiative (EWI), a wind energy R&D program developed to take the wind industry to the next level in Europe.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to significant development in offshore fields, increasing demand from the commercial, residential, and industrial sectors in countries, strong demand for renewable energy sources and favorable government policies in these regions.
Key players in the market
Some of the key players profiled in the Power Grid System Market include LS Cable & System, NKT, Sumitomo Electric Industries, Ltd., Aker Solutions ASA, Teledyne Marine, Schlumberger, Prysmian Group, Oceaneering International, SSG Cable, Nexans, TE Connectivity, Intertek, Hitachi Energy, General Electric, DEME, Baker Hughes, TechnipFMC, ABB, and Siemens Energy.
Key Developments:
In Feb 2022, Prysmian Group announced that is moving ahead with its project for a new submarine power cable plant in the United States. Prysmian Group and CDC Commercial Development Company announces the signing of the contract for the purchase by Prysmian of the site identified in Brayton Point (Massachusetts). The final acquisition of the site is subject to securing state permits for the construction of the new plant.
In Feb 2022, ABB signed an agreement with OneSubsea to support its subsea multiphase compression system for Shell's Ormen Lange field. According to this agreement, ABB is expected to supply variable-speed drives and subsea transformers to power subsea compressors.
Depths Covered:
- Deepwater
- Shallow Water
Components Covered:
- Variable Speed Drives
- Transformers
- Switchgears
- Cables
- Other Components
Applications Covered:
- Wind Power
- Captive Generation
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Power Grid System Market, By Depth
- 5.1 Introduction
- 5.2 Deepwater
- 5.3 Shallow Water
6 Global Power Grid System Market, By Component
- 6.1 Introduction
- 6.2 Variable Speed Drives
- 6.3 Transformers
- 6.4 Switchgears
- 6.5 Cables
- 6.6 Other Components
- 6.6.1 Actuators
- 6.6.2 Connectors
- 6.6.3 Penetrators
- 6.6.4 Sensors
7 Global Power Grid System Market, By Application
- 7.1 Introduction
- 7.2 Wind Power
- 7.3 Captive Generation
- 7.4 Other Applications
- 7.4.1 Diesel & Gas based Floating Power Plants
- 7.4.2 Solar Power
- 7.4.3 Tidal Power
8 Global Power Grid System Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 LS Cable & System
- 10.2 NKT
- 10.3 Sumitomo Electric Industries, Ltd.
- 10.4 Aker Solutions ASA
- 10.5 Teledyne Marine
- 10.6 Schlumberger
- 10.7 Prysmian Group
- 10.8 Oceaneering International
- 10.9 SSG Cable
- 10.10 Nexans
- 10.11 TE Connectivity
- 10.12 Intertek
- 10.13 Hitachi Energy
- 10.14 General Electric
- 10.15 DEME
- 10.16 Baker Hughes
- 10.17 TechnipFMC
- 10.18 ABB
- 10.19 Siemens Energy
List of Tables
- Table 1 Global Power Grid System Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 3 Global Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 4 Global Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 5 Global Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 6 Global Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 7 Global Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 8 Global Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 9 Global Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 10 Global Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 11 Global Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 12 Global Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 13 Global Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 14 Global Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 15 Global Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 16 Global Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 17 Global Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 18 Global Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 19 Global Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 20 Global Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 21 Global Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
- Table 22 North America Power Grid System Market Outlook, By Country (2020-2028) ($MN)
- Table 23 North America Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 24 North America Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 25 North America Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 26 North America Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 27 North America Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 28 North America Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 29 North America Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 30 North America Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 31 North America Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 32 North America Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 33 North America Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 34 North America Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 35 North America Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 36 North America Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 37 North America Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 38 North America Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 39 North America Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 40 North America Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 41 North America Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 42 North America Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
- Table 43 Europe Power Grid System Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Europe Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 45 Europe Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 46 Europe Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 47 Europe Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 48 Europe Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 49 Europe Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 50 Europe Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 51 Europe Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 52 Europe Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 53 Europe Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 54 Europe Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 55 Europe Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 56 Europe Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 57 Europe Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 58 Europe Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 59 Europe Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 60 Europe Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 61 Europe Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 62 Europe Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 63 Europe Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
- Table 64 Asia Pacific Power Grid System Market Outlook, By Country (2020-2028) ($MN)
- Table 65 Asia Pacific Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 66 Asia Pacific Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 67 Asia Pacific Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 68 Asia Pacific Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 69 Asia Pacific Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 70 Asia Pacific Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 71 Asia Pacific Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 72 Asia Pacific Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 73 Asia Pacific Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 74 Asia Pacific Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 75 Asia Pacific Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 76 Asia Pacific Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 77 Asia Pacific Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 78 Asia Pacific Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 79 Asia Pacific Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 80 Asia Pacific Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 81 Asia Pacific Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 82 Asia Pacific Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 83 Asia Pacific Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 84 Asia Pacific Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
- Table 85 South America Power Grid System Market Outlook, By Country (2020-2028) ($MN)
- Table 86 South America Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 87 South America Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 88 South America Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 89 South America Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 90 South America Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 91 South America Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 92 South America Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 93 South America Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 94 South America Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 95 South America Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 96 South America Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 97 South America Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 98 South America Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 99 South America Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 100 South America Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 101 South America Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 102 South America Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 103 South America Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 104 South America Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 105 South America Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
- Table 106 Middle East & Africa Power Grid System Market Outlook, By Country (2020-2028) ($MN)
- Table 107 Middle East & Africa Power Grid System Market Outlook, By Depth (2020-2028) ($MN)
- Table 108 Middle East & Africa Power Grid System Market Outlook, By Deepwater (2020-2028) ($MN)
- Table 109 Middle East & Africa Power Grid System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 110 Middle East & Africa Power Grid System Market Outlook, By Component (2020-2028) ($MN)
- Table 111 Middle East & Africa Power Grid System Market Outlook, By Variable Speed Drives (2020-2028) ($MN)
- Table 112 Middle East & Africa Power Grid System Market Outlook, By Transformers (2020-2028) ($MN)
- Table 113 Middle East & Africa Power Grid System Market Outlook, By Switchgears (2020-2028) ($MN)
- Table 114 Middle East & Africa Power Grid System Market Outlook, By Cables (2020-2028) ($MN)
- Table 115 Middle East & Africa Power Grid System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 116 Middle East & Africa Power Grid System Market Outlook, By Actuators (2020-2028) ($MN)
- Table 117 Middle East & Africa Power Grid System Market Outlook, By Connectors (2020-2028) ($MN)
- Table 118 Middle East & Africa Power Grid System Market Outlook, By Penetrators (2020-2028) ($MN)
- Table 119 Middle East & Africa Power Grid System Market Outlook, By Sensors (2020-2028) ($MN)
- Table 120 Middle East & Africa Power Grid System Market Outlook, By Application (2020-2028) ($MN)
- Table 121 Middle East & Africa Power Grid System Market Outlook, By Wind Power (2020-2028) ($MN)
- Table 122 Middle East & Africa Power Grid System Market Outlook, By Captive Generation (2020-2028) ($MN)
- Table 123 Middle East & Africa Power Grid System Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 124 Middle East & Africa Power Grid System Market Outlook, By Diesel & Gas based Floating Power Plants (2020-2028) ($MN)
- Table 125 Middle East & Africa Power Grid System Market Outlook, By Solar Power (2020-2028) ($MN)
- Table 126 Middle East & Africa Power Grid System Market Outlook, By Tidal Power (2020-2028) ($MN)
