The global power infrastructure market is anticipated to grow at a considerable CAGR of 8.04% during the forecast period (2024–2031). The demand for power infrastructure has been growing steadily in recent years, driven by a combination of factors including population growth, urbanization, industrialization, and the increasing demand for electricity in both developed and developing countries.
Additionally, the widespread adoption of electric vehicles is increasing demand for electricity, which in turn is driving investment in power infrastructure. According to the International Energy Agency (IEA), the global electric car fleet surpassed 10 million in 2020, up from just 17,000 in 2010. Similarly, the US Department of Energy (DOE) reported that in 2020, electric vehicle sales in the US reached 296,000, representing a 33% increase from 2019. As more people switch to electric vehicles, there is a need for additional charging infrastructure to support them. This includes public and home charging stations, which require upgrades to residential electrical systems. This increased demand for electricity and associated infrastructure is driving investment in the power sector, including the development of new power generation and distribution infrastructure.
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Besides, various new power infrastructures and investments in the market by market players such as Prism Power Group, Schneider Electric, Siemens Energy, and others is also assisting the market’s growth. For instance, in 2020, the Vietnam National Oil and Gas Group (PetroVietnam) launched a 24 MW wind power plant in Quang Tri province, Vietnam. The plant consists of 10 turbines and is expected to generate 80 million kWh of electricity per year. Additionally, in 2021, the Australian Renewable Energy Agency (ARENA) launched a AUD 70 million ($50 million) initiative to support the development of large-scale battery storage projects in Australia. The initiative is expected to help increase the reliability of the Australian electricity grid and support the integration of renewable energy sources.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Muskaan Power Infrastructure Ltd., Prism Power Group, Schneider Electric, Siemens Energy, Toshiba Energy Systems & Solutions Corp., and others.
Key questions addressed in the report
- What is the market growth rate?
- Which segment and region dominated the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Power Infrastructure Market Report Segment
By Type
- Transformers
- Switchgear
- Substations
By Application
- Industrial Power
- Commercial Power
- Residential Power
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