Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications such as captive generation, offshore wind power, and other applications. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems. Easy access of wind turbine technology to offshore locations are expected to offer lucrative opportunities for the power grid system market in subsea during the forecast period.
MARKET SCOPE
The "Global Wind power grid system Market Analysis to 2028" is a specialized and in-depth study of the Wind power grid system market with a special focus on the global market trend analysis. The report aims to provide an overview of Wind power grid system market with detailed market segmentation by component, depth, and geography. The global Wind power grid system market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Wind power grid system market players and offers key trends and opportunities in the Wind power grid system market.
MARKET SEGMENTATION
-The global Wind power grid system market is segmented on the basis of component, depth.
-On the basis of component, the market is segmented as cables, variables speed drives, transformers, and switchgears.
-On the basis of depth the market is segmented into shallow depth, and deep-water.
Drivers
-Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves.
-Easy access of wind turbine technology to offshore locations.
-High operational and technological risks.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Wind power grid system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i. e. , drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Wind power grid system market in these regions.
IMPACT OF COVID-19 ON WIND POWER GRID SYSTEM MARKET
COVID-19 has unleashed a devastating blow to the global economy and the energy sector, disrupting supply chains while choking off demand. The COVID-19 pandemic has not only affected the healthcare sector worldwide but also impacted the global economy. It has had a substantial economic impact on various industrial sectors, such as manufacturing, power generation, renewables, nuclear, and oil & gas.
In August 2021, the US, Canada, and countries of Western Europe experienced relief from the pandemic. This progress was achieved by the continuous rollout of vaccines in these countries. Nevertheless, although vaccines have proved highly effective at preventing this severe disease in the West European countries, countries including the UK, Israel, and the US have been experiencing shortcomings in the ability of the vaccine to prevent infection from the new variants. The outbreak and widespread of the COVID-19 pandemic have adversely affected power plant-related investments and construction globally. Also, the demand for subsea power grid systems has been reduced. Governments across the world have been compelled to reduce business activities to minimize the spread of COVID-19. Companies across different regions had to shut down their manufacturing facilities and services as partial or full lockdowns have been imposed in different countries to contain the spread of the virus. This resulted in increased procurement costs of raw materials owing to the shortage of raw material supply, which led to delays in order fulfillment. Thus, the pandemic has an adverse impact on the power grid system market in subsea in the short term.
MARKET PLAYERS
The report covers key developments in the Wind power grid system market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Wind power grid system market market are anticipated to lucrative growth opportunities in the future with the rising demand for Wind power grid system market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Wind power grid system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-ABB
-Cargotec
-Cavotec SA
-Danfoss
-ESL POWER SYSTEMS, INC.
-Langley Holdings plc
-Ratio Electric B. V.
-Siemens
-Schneider Electric
-Wabtec Corporation