Increasing demand for power grid system form the residential, commercial, and industrial sector is major factor expected to drive growth of the global power grid system market over the forecast period.
The global power grid system market report has been segmented on the basis of product type, application, and region.
On the basis of product type, the global power grid system market has been segmented into cables, variable speed drives, transformers, and switchgears. The transformers segment is projected to account for significant share in terms of revenue in the global power grid system market. The transformers segment revenue is also anticipated to register highest CAGR over the forecast.
On the basis of power supply, the global power grid system market has been segmented into captive generation, wind power, and others (tidal power and solar power). The captive generation segment is estimated to account for major share in the global power grid system market in terms of revenue. Power grid system are used for wide range of applications in the commercial, residential, and industrial sectors.
On the basis of region, the global power grid system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Europe market is estimated to dominate with significant revenue share in the global power grid system market in 2017. Asia Pacific market is anticipated to register highest CAGR in terms of revenue in next 10 years, owing to increasing demand from industrial and commercial sectors in countries in this region. In addition, subsea power grids system is gaining importance as oil field operators are heading towards deep and ultra-deep waters for hunt of oil and gas.
Key players operating in the global market include ABB Ltd., Aker Solutions, Bandak Group AS, Cameron International Corporation, Dril-Quip, Inc., Expro International Group Holdings Limited, FMC Technologies, Inc., General Electric Company, DR Cable Systems (Holdings) Ltd., and Nexans S.A.