Power Grid Market
Power Grid Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Power Source and Application: Global Opportunity and Industry Forecast (2025-2030)
Report ID:
1111
Industry:
Energy & Power
Published on:
Dec 2025
Power Grid Market Summary
Power Grid Market size was valued at USD 295.6Bn in 2024 and is expected grow to USD 405.0 Bn by 2030, growing at a CAGR of 5.4% during (2025-2030).
Power Grid Industry Trends and Analytical Insights -
Asia Pacific America Power Grid Market was the largest revenue generating region market in year 2024, with market share accounted for 38.7%
In 2024, By Power Source, Conventional Power Component dominated the Power Grid Market, accounted for 56.8% market shares.
Leading Key players for Power Grid Market in 2024 was Siemens AG, ABB Ltd., Schneider Electric SE, Schneider Electric SE and Hitachi Energy Ltd.
Market Size & Forecast
Market Size 2024: USD 295.6 Billion
Projected Market Size 2030: USD 405.0 Billion
CAGR (2024-2030): 5.4 %
Asia Pacific: Dominated market in 2024
Power Grid Market Overview
In 2024, the Global Power Grid Industry was a clear indication of the utilities providing accelerating the infrastructure upgrades and digital transitions in response to the increasing demand for electricity and the pressure for grid reliability. Over 70% of grid assets in developed countries had in use for more than 25 years, which was the reason for the extensive refurbishment and replacement programs. Utilities had increasingly focused on the upgrade of high voltage transmission, digital substations, and advanced switchgear, while smart and automated grid solutions accounted for more than one-third of the new grid related capital expenditure. Grid resilience was a major issue as extreme weather conditions caused an increase in investments in fault detection, self-healing networks, and real-time monitoring both in advanced and developing power Grid Industry.
Asia-Pacific Power Grid Market was the main contributor of global grid expansions in 2024, from a regional point of view, it was accounted for almost 40% of the total new additions, and the top three contributors were China Power Grid Market, India Power Grid Market, and Southeast Asia Power Grid Market. India Power Grid Market, where the country added more than 15,000 circuit kilometers of transmission lines and increased substation capacity to facilitate renewable integration. Approximately 25% of the global activities were in North America Power Grid Market, the main factors behind the regional activities were transmission congestion mitigation, interconnection of utility scale renewables, and grid hardening initiatives. Europe Power Grid Market accounted for nearly 20% of the demand; a significant portion of the market focus was on the cross border interconnectors, offshore wind evacuation networks, and grid digitalization in line with decarbonization targets.
By 2024, the modernization of the grid progressively highlighted the importance of digital readiness and the integration of renewables, as more funds were allocated to smart substations, advanced protection systems, and grid automation. Facilities of corporate operators such as Power Grid Corporation of India were kept on the growth trajectory as the transmission lines were lengthened to more than 176,000 circuit kilometres and the transformational capacities were increased to over 522,000 MVA, thus, exhibited the grew baseline of essential grid infrastructure. These changes reflect a grid reinforcement transition to a blend of traditional and next-generation features aimed at increasing operational reliability and making it possible to accept fluctuating power sources without the need to give up service continuity.
This extensive analysis by Jadhavar Business Intelligence Pvt Ltd provides consumers with a complete and actionable picture of the Global Power Grid Market, including market size, share, trends, and growth estimates from 2024 to 2030. It provides a complete overview of important locations and countries by Component, Power Source, and Application. Clients receive comprehensive market dynamics, business tool analysis (PORTER and PESTLE), a Technology roadmap, and regulatory updates. The study also includes country-specific projections, competitive benchmarking, Company profiles, and M&A activity, all of which aid in strategic planning, market entry analysis, and competitor positioning in Power Grid Industry.
Power Grid Market Dynamics
In 2024, the factors that power the Power Grid Industry were the fast-growing demand for electricity, the problem of grid congestion, and the large-scale use of renewable energy. Global electricity consumption went up by more than 2.5% compared to the previous year, which doubled the pressure on the transmission and distribution networks. The additions to renewable capacity reached over 500 GW globally, which made it necessary to strengthen the grid and make more interconnection investments. In addition, more than 60% of utilities globally had reported that there were capacity bottlenecks at the transmission level, which has the reason for them rushing to make upgrades. An investment was further facilitated by government-supported funding programs and regulatory mandates for grid reliability, sourcing of the electricity and loss reduction in both mature and developing Power Grid Industry.
Power Grid Market experienced significant limitations which were primarily associated with the high cost nature of the initiatives, the risks during the execution of the projects, and the complexity of the regulatory framework. Generally, large-scale transmission and substation projects require investment cycles of more than 7-10 years, thus limiting the flexibility of deployment in the near term. There was volatility in the supply chain for essential components, with the delivery time for transformers and high-voltage switchgear exceeded 12-18 months in several areas. Furthermore, utilities in emerging markets were financially constrained, as more than 30% of distribution companies had reported high levels of obligation, thus hindering the implementation of grid modernization and upgrade programs despite the increasing demand pressure.
Digital transformation and renewable integration, these two factors were responsible for Power Grid Market development in 2024. More than 45% of the newly built substations had equipped with smart grid and automation technologies, thereby greatly improving real-time visibility and operational efficiency. The year-on-year growth for the integration of grid-scale energy storage was over 20%, thus providing load balancing and renewable intermittency management. Alongside this, investments into HVDC transmission corridors had raised especially in Asia and Europe regions where it was facilitated the transfer of power over long distances. The adoption of AI-driven grid analytics and digital substations by utilities has accelerated as well, thus they have achieved up to 30% more rapid fault detection and restoration which in turn has contributed system resilience and reliability was strengthened.
Expert Insight:
The power grid market is entering a structurally transformative phase, where growth is no longer driven merely by capacity expansion but by modernization, resilience, and digital intelligence. Aging grid infrastructure, combined with surging electricity demand and rapid renewable integration, is forcing utilities to prioritize high-voltage transmission upgrades, HVDC corridors, and smart substations, making transmission the most capital-intensive and strategically critical segment. Asia-Pacific’s dominance reflects not just scale but execution speed, supported by state-backed utilities and long-term electrification roadmaps, Competitive advantage is consolidating around players that can deliver end-to-end solutions blending power hardware with digital platforms, as utilities favor turnkey partners that reduce project risk, accelerate deployment, and enable data-driven grid operations positioning grid digitalization and automation as the key differentiators over the next decade
Power Grid Market Segmentation
The Power Grid Market is segmented into by Component, Power Source and Application.
By Power Source
Based on Power Source the Power Grid industry is segmented into Conventional Power, Renewable Power, Nuclear Power and Hybrid Power. Among this Conventional Power dominated the Power Grid Market accounted for 56.8 % of total Power Grid Market shares. This dominance was primarily driven by the usage of coal, gas, and thermal power plants for base-load generation that was heavily continued especially in the Asia-Pacific region, the Middle East, and parts of Africa. The already installed conventional plants had to be kept in good condition through the continuous provision of substations, transmission, and grid stability systems to accommodate the increasing electricity demand. Moreover, conventional power assets are the core of old grid architectures which, therefore, leads to more expenditure on upgrades, maintenance, and reliability reinforcement than the newer renewable-only grid connections.
By Application
Based on Application the Power Grid industry is segmented into Generation, Transmission and Distribution. Among this Transmission dominated the Power Grid Market accounted for 42 % of total Power Grid Market shares. One of the major factors behind this dominance was the extensive development of high voltage and ultra-high voltage networks to facilitate the integration of renewable energy, alleviate grid congestion, and allow the transfer of electricity over long distances from generation hubs to demand centres. The heavy spending on HVDC corridors, cross-border interconnectors, and the upgrading of transmission lines in the Asia-Pacific, North America, and Europe regions greatly increased the amount of capital going into transmission projects, which had higher capital requirements than generation or distribution infrastructure.
Power Grid Market Regional Analysis
Asia Pacific Power Grid Market was the dominated global market in 2024 accounted around 38.7% of the total Power Grid Market Shares. This market dominance was mainly powered by Urbanization, rising electricity consumption, and an aggressive renewable energy rollout mainly fueled the grid expansion and modernization programs. Throughout the year, China Power Grid Market maintained its heavy investment in ultra-high-voltage (UHV) transmission corridors. At the same time, India Power Grid Market accelerated the addition of transmission and substations to help renewable removal and lower network losses. Asia–Pacific's leading role was solidified by firm government support, the spending of state-owned utilities, and well-planned national electrification programs.
North America Power Grid Market was about one-quarter to one-fifth of the market outside Asia–Pacific in 2024. The main factors contributing to the continent's market growth were measures to make the electric grid more resilient, the replacement of the aging local distribution network, and transmission upgrades to relieve congestion and integrate utility-scale renewables. Europe Power Grid Market made up approximately one-fifth of the market and was mainly supported by cross-border interconnectors, offshore wind grid connections, and decarbonization driven network investments. The Middle East & Africa enjoyed steady growth as the region expanded transmission capacity to facilitate industrialization and renewables, whereas Latin America Power Grid Market concentrated on grid reliability and the integration of renewables, primarily in Brazil Power Grid Market, Chile Power Grid Market, and Mexico Power Grid Market.
Power Grid Market Competitive Landscape
In 2024, the Siemens, ABB, Schneider Electric, GE (GE Grid Solutions / GE Vernova), and Hitachi Energy were the top five globally integrated suppliers that led the competitive landscape. Their dominance was essentially due to their comprehensive portfolios, large scale, and close relationships with utilities. These companies were mixing high-voltage hardware (transformers, switchgear, HVDC) with digital platforms (SCADA, ADMS, asset-management software) and lifecycle services to provide turnkey solutions for large transmission and interconnector projects. On top of that, their global manufacturing footprint as well as the established O&M contracts shorten the project cycles and lessen the risks for utility procurement. At the same time, their sustained R&D investments and strategic collaborations keep them leading in grid-digitalization and renewable-evacuation solutions.
Mitsubishi Electric, Eaton, Emerson, Rockwell, Honeywell, Toshiba as well as regional specialists like CG Power, Hyosung, Fuji Electric, NR Electric, LS Electric, TBEA, Powell, SPX FLOW, and Ormat differentiate themselves by specialization, price and was close to the customer. These players had the right strategies to capture the market share through their targeted strengths, Mitsubishi and Fuji on heavy electrical equipment and system integration in Asia. Eaton, Powell and SPX on protection, switchgear and retrofit projects; Rockwell/Emerson on control and automation; and CG/NR/TBEA on competitive transformer and substation manufacturing for emerging markets. As a result, they constitute a layered Power Grid Market, where global integrators were able to win complex, capital-intensive programs while niche and regional suppliers get opportunities to grow through localization, aftermarket services, and competitive pricing.
Power Grid Market Scope:
Power Grid Market Key Players –
ABB Ltd.
General Electric (GE Grid Solutions / GE Vernova)
Hitachi Energy Ltd.
Eaton Corporation plc
Emerson Electric Co.
Rockwell Automation, Inc.
Toshiba Corporation
CG Power and Industrial Solutions Ltd.
Hyosung Heavy Industries
Fuji Electric Co., Ltd.
NR Electric Co., Ltd.
LS Electric Co., Ltd.
Ormat Technologies (grid & power infrastructure segment)
TBEA Co., Ltd.
Powell Industries, Inc.
SPX FLOW (power & utility equipment portfolio)
Power Grid Market Frequently Ask Questions –
1) Who are the major Key players of Power Grid Market?
Ans – The major key players of Power Grid Market Are Siemens AG, ABB Ltd., Schneider Electric SE, General Electric (GE Grid Solutions / GE Vernova) and Hitachi Energy Ltd..
2) Which Region accounted highest share of the Power Grid Market in 2024?
Ans – Asia pacific region accounted highest share of the Power Grid Market.
3) What was the market size of Power Grid Market in 2024?
Ans - In 2024, market size of the Power Grid Market was USD 295.6 Billion.
4) Which Segment is expected to lead the Power Grid Market during forecast period?
Ans – Power Source Segment was the top segment holds the largest share in Power Grid Market.
5) What will be the market size of Power Grid Market in 2030?
Ans - The market size of Power Grid Market in 2030 will be USD 405.0 Billion.