The Power Grid System Global Market Report 2023, provides comprehensive information on the power grid system market across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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As per The Business Research Company’s Power Grid System Global Market Report 2023, the market size grew from $8.66 billion in 2022 to $9.76 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of the power grid system market is expected to grow to $15.66 billion in 2027 at a CAGR of 12.6%.

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Technological advancements is a key trend in the power grid systems market. Various technological improvements like large capacity sodium-sulfur batteries, hydrogen storage, and the development of solid electrolytes are helping to make batteries advanced. For instance, in September 2021, Engineers at the University of California in collaboration with LG Energy Solutions created a solid-state or solid electrolyte battery. This battery merges two battery sub-fields into a single battery. It can be used in many applications like grid storage and electric vehicles. Initial tests indicate that the new battery is safe, long-lasting, and energy-dense.

The power grid system market is segmented:
1) By Power Supply: Captive Generation, Wind Power, Other Power Supplies
2) By Components: Cables, Variable Speed Drives, Transformers, Switchgears
3) By Application: Seabed, Land

Europe was the largest region in the power grid system market in 2022.

The table of contents in TBRC’s power grid system market report includes:
1. Executive Summary
2. Power Grid System Market Characteristics
3. Power Grid System Market Trends And Strategies
4. Power Grid System Market – Macro Economic Scenario
5. Power Grid System Market Size And Growth
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26. Africa Power Grid System Market
27. Power Grid System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Power Grid System Market
29. Power Grid System Market Future Outlook and Potential Analysis
30. Appendix

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