The rising offshore oil and gas exploration activities around the world are motivating the growth in the global power grid system market in recent times. The manufacturers and players operating in the landscape of the global power grid system market offer various types of system components, including variable speed drives, switchgears, cables, transformers, connectors, sensors, penetrators, and actuators, among others. Major applications for these systems and solutions in the global power grid system market include captive generation, tidal power, gas and diesel based floating power plants, wind power, and solar power, among others. Based on depth, the products and solutions in the global power grid system market can be classified into two major groups, namely, deep water as well as shallow water.
The presence of favorable government policies that support the production of offshore sustainable as well as renewable power, most prominently the wind energy as well as the rising requirement for urgently reducing the carbon emissions are few of the most dominant drivers for the growth and development within the global power grid system market. Another notable driver for the development of the global power grid system market includes the increasing demand for enhancing the reliability as well as efficiency of the power grid systems across the world.
The rising affordability as well as easy access of wind turbine technologies is also anticipated to provide the manufacturers and players in the global power grid system market with lucrative growth and expansion opportunities in the global power grid system market in coming years. Additionally, the growth in the global power grid system market is also driven by the rising number of deep water oil and gas exploratory activities. This trend is further bolstered by the depletion of onshore reserves of fossil fuels.
The competitive landscape of the global power grid system market is dominated by a large number of major and incumbent players and participants that have a global presence. Some of these key manufacturers and players functional in the global power grid system market include Nexans, General Electric, ABB, Siemens Energy, Prysmian Group, TechnipFMC, and Baker Hughes, among others. Other notable participants and players working in the global power grid system market include Aker Solutions ASA, Oceaneering International, LS Cable & System, Sumitomo Electric Industries, Ltd., Schneider Electric, Intertek Group, Schlumberger, Hitachi Energy, NKT, ZTT, TE Connectivity, and Apar Industries, among others.
The demand within the global power grid system market is particularly high within the regional industries of Asia Pacific as well as Europe. This trend can be attributed to the increasing demand for renewable energy sources from these regions. Another notable factor, influencing the growth in the global power grid system market in these regions is the presence of favorable government policies, motivating the usage of sustainable and renewable sources for energy generation.