Shift towards electric vehicles (EVs) and the electrification of transportation increases electricity demand, creating new opportunities and challenges for the power grid expansion

Market Research Future (MRFR) has published a cooked research report on the “Global Power Grid Market” that contains information from 2018 to 2032. The power grid market is estimated to register a CAGR of 5.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global power grid market— ABB(Switzerland), Siemens(Germany), General Electric(US), Prysmian Group (Italy), Nexans(France), Schneider Electric(France), Mitsubishi Electric(Japan), Eaton(Ireland), Hitachi Energy(Switzerland), Powell Industries(US), Havells(India), LS Elctric(South Korea), Hubbell(India), Toshiba Energy Systems & Solutions Corporation(Japan), Fuji Electric(Japan), Sumitomo Electric(Japan), NKT(Denmark), Hyundai Electric & Energy Systems Co, Ltd(South Korea), Secheron(Switzerland), and Southwire Company(US)

Power Grid Market Highlights

The global power grid market is accounted to register a CAGR of 5.80% during the forecast period and is estimated to reach USD 472.05 billion by 2032.

The global energy grid market is characterised with the aid of dynamic and transformative market dynamics driven by means of a confluence of things. Rapid urbanization, industrialization, and a growing worldwide populace retain to escalate the call for reliable and efficient power infrastructure. The growing integration of renewable power sources, including sun and wind, into the strength grid is a substantial driver, fostering a transition towards purifier electricity answers. Technological advancements, mainly in smart grid technology and strength storage solutions, are reshaping the grid's structure, improving its resilience and responsiveness. Government tasks global, focused on grid modernization, power efficiency, and sustainability, play an essential role in shaping market dynamics. Additionally, the growing want for grid resilience inside the face of herbal disasters and the electrification of transportation further make contributions to the evolution of the global electricity grid market. As the enterprise maintains to navigate via those multifaceted dynamics, collaborations between public and private sectors and ongoing advancements in digitalization are expected to play key roles in defining the destiny landscape of the global electricity grid.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Power Grid Market Trends

Segment Analysis

The global power grid market has been segmented based on Component, Power source, and Application

On the basis of Component, the market is segmented into Cables, Varaible Speed Drives, Transformers, Switchgear, Others. The Varaible Speed Drives segment dominated the market in 2022. Implementation of energy storage systems, like batteries, helps manage intermittent renewable energy supply, improves grid stability, and provides backup during peak demand.

Based on Power source, the global power grid market has been segmented into Oil, Natural Gas, Coal, Hydro Electric, Renewables and Other. The Renewables Based category generated the most income. The rise of distributed energy resources, such as rooftop solar panels and small-scale wind turbines, changes the power generation landscape and necessitates grid adaptability.

Based on Application, the global power grid market has been segmented Generation, Transmission, and Distribution. Distribution are dominating the market 2022. Integration of digital technologies and the Internet of Things (IoT) facilitates real-time monitoring, data analytics, and predictive maintenance, optimizing grid operations.

Regional Analysis

The global power grid market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe power grid market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The power grid market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World power grid market comprises of Middle East, Africa, and Latin America.

The largest market share for power grid was maintained by the North American regional sector. In North America, the power grid region is characterized through a strong emphasis on grid modernization, renewable energy integration, and smart grid technology. The United States, in particular, has been a front-runner in adopting superior grid management structures to beautify reliability and efficiency. The integration of renewable energy sources, spurred by supportive authorities regulations and incentives, is reshaping the power blend. Initiatives just like the North American Electric Reliability Corporation (NERC) consciousness on ensuring grid reliability and protection. The electrification of transportation is gaining traction, with elevated investments in electric powered automobile infrastructure. Collaborations among the private and non-private sectors power innovation, making North America a pivotal place inside the evolution of the worldwide electricity grid.

Moreover, Europe is at the forefront of the global power grid transformation, with a strong commitment to sustainability and renewable strength. The European Union's ambitious goals for carbon neutrality and the combination of a higher percentage of renewables through 2030 are shaping the location's power grid dynamics. The emphasis on interconnectivity among European nations allows pass-border electricity trading and grid optimization. Countries like Germany are leading in the deployment of smart grid technologies, even as Scandinavia showcases advancements in integrating massive-scale hydropower. The European energy marketplace liberalization fosters competition and innovation, encouraging the improvement of purifier and greater resilient energy infrastructure.

Additionally, the Asia Pacific region is witnessing rapid growth and enlargement in its strength grid sector, driven by means of increasing urbanization, industrialization, and a growing populace. Countries like China and India are making vast investments in electricity infrastructure to satisfy growing energy needs. The region is a hub for renewable energy adoption, with China being a global chief in solar and wind installations. Smart grid technology are gaining prominence, particularly in technologically advanced economies like Japan and South Korea. Cross-border energy tasks and initiatives are improving local cooperation, paving the manner for a greater interconnected and efficient strength grid inside the Asia Pacific.

Furthermore, in the rest of the sector, diverse market dynamics form the electricity grid panorama. In areas of Africa, the point of interest is frequently on increasing electricity get entry to and developing reliable grid infrastructure. Some Middle Eastern countries, wealthy in oil and fuel resources, are diversifying their strength blend by means of making an investment in renewables and nuclear energy. Latin American international locations are more and more investing in renewable energy tasks, with hydropower playing a tremendous position. Various demanding situations, along with political instability and monetary elements, affect the tempo and nature of power grid developments in special parts of the world. Collaborative efforts, often facilitated with the aid of worldwide organizations, aim to address those demanding situations and foster sustainable and resilient power grids globally.

Key Findings of the Study

• The global power grid market is expected to reach USD 472.05 billion by 2032, at a CAGR of 5.80% during the forecast period.


• ABB(Switzerland), Siemens(Germany), General Electric(US), Prysmian Group (Italy), Nexans(France), Schneider Electric(France), Mitsubishi Electric(Japan), Eaton(Ireland), Hitachi Energy(Switzerland), Powell Industries(US), Havells(India), LS Elctric(South Korea), Hubbell(India), Toshiba Energy Systems & Solutions Corporation(Japan), Fuji Electric(Japan), Sumitomo Electric(Japan), NKT(Denmark), Hyundai Electric & Energy Systems Co, Ltd(South Korea), Secheron(Switzerland), and Southwire Company(US)


• The power grid becomes more connected, robust cybersecurity measures become crucial to protect against potential cyber threats and ensure the integrity of the grid


• The urgency to address climate change drives investments in cleaner energy solutions, influencing the power grid's evolution towards low-carbon and sustainable practices