Electrical Power System Market - Forecast(2020 - 2025)
Electrical Power System Market Overview
Today’s electric grids are characterized by their size and complexity as well as new technologies and techniques for power transmission, distribution, protection, and measurement. These power systems can operate on high power, medium power, or low power systems. They incorporate conductors, actuators, reactors, SCADA systems, and many more. The efficient design and continuous modernization of plants is a vital to achieve sustainable success in all industries. The global Electrical Power System Market is estimated to grow at a CAGR of XX% during the forecast period 2018–2023.
The increasing demand for electricity from hotels, data centers, offices, and hospitals is anticipated to bring about distributed automation solutions in the commercial and residential industries. Apart from these sectors, the constant rapid development in automation and large investments in energy verticals, such as oil & gas, are also the prime driving factors behind the industry growth. North America has been holding the largest share of the market since 2015 and is projected to continue its dominance during the forecast period 2018–2024. The U.S. market is projected to experience steady growth over the forecast period due to the increased implementation of refurbishment projects and improvements in its existing power infrastructure.
Electrical Power System Market Outlook
The Electric Power System market is segmented into industrial, commercial, and residential, of which the industrial application segment held the maximum share in 2017. This is due to the growing need for installation of distribution automation systems in utilities across the globe to enhance grid efficiency. Apart from utilities, the industries such as marine, oil & gas, construction, and mining are projected to outgrow the distribution system market growth over the forecast period.
The objective of this report is to provide participants with a basic understanding of power systems. The understanding will enable them to make the best decisions across the lifecycle of their plant and equipment. Nowadays, the companies are replacing the old transmission setups with automated distributed power setups, hence driving the demand for the electricity utilities. As per IndustryARC analysis, the countries such as China and India are projected to spur the demand for electricity. In addition, the growing population and increasing commercial and residential buildings are expected to spur the electricity demand.
Electrical Power System Market Growth Drivers
The upcoming technologies are expected to help the power systems businesses in subsiding power outages and increasing the efficiency of the existing power distribution systems. The private distribution utilities & service providers, governments, and equipment manufacturers are trying to integrate their current technologies and develop modern ones at a broader range through R&D. The effective utilization of automation distribution systems will play a major role in the growth of the market.
Electrical Power System Market Challenges
The power sector is facing several problems in all the three basic areas of its functioning, which include generation, transmission, and distribution. The most common problem in the power sector is the unavailability of the distribution segment. There is a technical glitch during the transmission of power, along with the loss of power during the transmission. The financial condition of the distribution companies specific to the states also play an important role in both generation and distribution. Another challenge to look upon is that there are companies facing a major challenge in terms of not having a strong investment background, curtailing their capability to generate and distribute adequate power to the areas.
Electrical Power System Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Electrical Power System Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the subsystem types in the Electric Power System market and their specific applications in different end user verticals.
Electrical Power System Market Report: Industry Coverage
Phase Types of Electrical Power System: Single Phase, Three Phase
Electrical Power System by Operating Voltage: Low Power, Medium Power, High Power
Electrical Power System by Voltage Rating: <130KV, 131 - 200KV, 201 - 745KV, 746kV & Above
Electrical Power System by Subsystem: Electric Power Generation, Electric Power Transmission, Electric Power Distribution
Electrical Power System by Components: Conductors, Electrical Buses, Static VAR Compensator, SCADA Systems, Capacitors, Reactors, Others
Electrical Power System by Application: Industrial Consumer, Commercial Consumer, Residential Consumer
Electrical Power System by End-User: Mining & Minerals, Agriculture, Construction, Power and Energy, Manufacturing, Others
The Electrical Power System Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- The Middle East and Africa: Israel, South Africa, Saudi Arabia
Electrical Power System Market Key Players Perspective
Presently the market is characterized by strong competition with the presence of a few major global players holding a significant market share. For example, GE announced its completion of the acquisition of Alstom’s power and grid businesses. This was GE's largest-ever acquisition till date.
Some of the other key players mentioned in this report are ABB Ltd., Eaton Corporation, General Electric, Itron, Inc., Schneider Electric, SEL, and Siemens AG.
Electrical Power System Market Trends
- Major developments in small generators are being witnessed in recent years. These small generators offer almost the same benefits in terms of cost and efficiency as that of large generators.
- Recently a significant change in the traditional power model generation has been seen in the Gulf Cooperation Council (GCC) region. The integrated smart power system across the GCC region is becoming foreseeable as the industry is witnessing a massive change in the power generation and distribution. The smart grid enables to move certain power usage or have a differential pricing mechanism so that user know when and how much power to utilize.
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