Posted 2/23/2024, 2:30:00 PM
Power Grid Updates to Reach $471B by 2034, Renewables and Asia-Pacific Growth Accelerating Modernization
- Global power grid market projected to reach $471 billion by 2034 with a 4.6% CAGR, driven by renewable energy adoption and grid modernization trends
- Decentralized power generation creating demand for advanced grid management technologies to handle distributed energy integration
- Asia Pacific leading regional growth due to rapid industrialization, urbanization and government renewable energy initiatives
- Key players competing fiercely, focused on joint ventures, technology innovations and international expansion to gain market share
- Cables, variable speed drives, transformers expected to see over 4% CAGR component growth through 2034 amid rising electricity consumption