Power Grids - Global Strategic Business Report

The global market for Power Grids was estimated at US$289.6 Billion in 2024 and is projected to reach US$375.3 Billion by 2030, growing at a CAGR of 4.4% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Power Grids market.

Global Power Grids Market - Key Trends & Drivers Summarized

How Are Smart Grid Technologies Transforming Traditional Power Infrastructure?

The traditional centralized power grid model is undergoing a profound transformation driven by the deployment of smart grid technologies. At the core of this transition is the integration of digital sensors, automated switching devices, and advanced communication networks that enable real-time monitoring, two-way power flows, and dynamic load balancing. Advanced Metering Infrastructure (AMI), for instance, is replacing conventional meters with digital systems capable of capturing granular consumption data and facilitating demand-response programs.

Supervisory Control and Data Acquisition (SCADA) systems, combined with AI-driven grid analytics, are being used to predict equipment failures, optimize asset utilization, and enhance outage management. Furthermore, the incorporation of Wide Area Monitoring Systems (WAMS) and Phasor Measurement Units (PMUs) allows transmission operators to maintain voltage stability and frequency regulation with greater accuracy. Edge computing and IoT integration are enabling distributed control of substations, transformers, and feeder lines, which reduces response times and enhances grid resilience. These upgrades are necessary not only for operational efficiency but also to support the growing penetration of variable renewable energy sources.

Where Are Grid Applications Expanding Beyond Power Distribution?

Power grids are no longer limited to the distribution of electricity; they are now critical enablers of decarbonization, electrification, and grid-edge innovation. One of the most significant applications is the integration of distributed energy resources (DERs) such as rooftop solar, community wind, and biogas plants. Grid operators are investing in inverter-based resource management systems to coordinate these assets in real-time and ensure stable voltage and frequency levels. Additionally, microgrids are being deployed in remote and disaster-prone areas to provide energy security through local generation and storage, often operating independently from the main grid when needed.

Electric vehicle (EV) integration is another area where power grids are playing a transformative role. Vehicle-to-grid (V2G) technologies are being piloted to enable bidirectional power flows between EV batteries and the grid, offering a decentralized energy storage mechanism. Power grids also serve as the backbone for electrification of public transport and industrial heating-applications that were previously dominated by fossil fuels. The rise of green hydrogen and power-to-X technologies is extending grid functionality into the domain of chemical energy storage, grid balancing, and cross-sector energy coupling. These expanded applications underscore the grid`s evolving role as a dynamic energy exchange platform.

How Are Policy, Consumer Behavior, and ESG Demands Driving Grid Modernization?

Government mandates for carbon neutrality and net-zero emissions are pushing utilities and transmission operators to fast-track the modernization of aging grid infrastructure. National policies such as the EU Green Deal, India's Revamped Distribution Sector Scheme (RDSS), and the U.S. Infrastructure Investment and Jobs Act (IIJA) are funneling billions into smart grid deployment, renewable integration, and rural electrification. Regulatory mechanisms like performance-based rate setting and time-of-use pricing are incentivizing utilities to invest in grid automation and customer-centric energy services.

On the consumer side, growing adoption of rooftop solar, battery storage, and home energy management systems is transforming passive energy consumers into active grid participants or 'prosumers.' These trends are prompting utilities to adopt decentralized management strategies and digital engagement platforms. The ESG (Environmental, Social, Governance) imperatives of corporations and investors are further reinforcing the need for grids to integrate climate resilience, reduce transmission losses, and support electrification in underserved communities. Transparent reporting, emissions accounting, and stakeholder engagement are becoming central metrics in utility performance, reshaping investment priorities and project design.

What Is Driving the Growth of the Global Power Grids Market Across Regions?

The growth in the global power grids market is driven by several factors, including the rapid expansion of renewable energy capacity, electrification of transportation, digitalization of grid operations, and investment in infrastructure resilience. As solar, wind, and hydro installations proliferate globally, the grid must adapt to accommodate intermittent generation patterns and localized power injections. This necessitates significant upgrades in substations, interconnectors, and control systems, especially in regions like Asia-Pacific and the Middle East, where energy demand is rising steeply.

Urbanization and industrialization are creating new load centers that require high-capacity transmission infrastructure and low-loss distribution networks. Developed economies are focusing on undergrounding lines, grid hardening, and advanced cybersecurity solutions to protect critical infrastructure from climate-related and digital threats. Developing nations are investing in grid expansion to achieve universal access and economic development. Meanwhile, the rising demand for data centers, electrified logistics, and smart buildings is intensifying the need for reliable, flexible, and scalable grid systems.

Strategic partnerships among utilities, technology firms, and governments are catalyzing innovation in areas such as grid-edge computing, AI-based demand forecasting, and blockchain-enabled energy trading. Public-private investment models, green bonds, and energy-as-a-service (EaaS) frameworks are also unlocking capital for large-scale grid projects. Collectively, these factors are driving sustained growth in the power grids market, establishing it as a foundational pillar of the global clean energy transition.

Scope Of Study:

The report analyzes the Power Grids market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments: Component (Power Grid Cables, Power Grid Switchgear, Power Grid Transformers, Power Grid Variable Speed Drives, Other Components); Application (Distribution Application, Generation Application, Transmission Application)

Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Power Grid Cables segment, which is expected to reach US$128.4 Billion by 2030 with a CAGR of a 5.9%. The Power Grid Switchgear segment is also set to grow at 3.3% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $78.9 Billion in 2024, and China, forecasted to grow at an impressive 8.3% CAGR to reach $78.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Power Grids Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Power Grids Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Power Grids Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as ABB Ltd., Alstom SA, CG Power & Industrial Solutions Ltd., Dominion Energy, Eaton Corporation plc and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 34 companies featured in this Power Grids market report include:

• ABB Ltd.
• Alstom SA
• CG Power & Industrial Solutions Ltd.
• Dominion Energy
• Eaton Corporation plc
• GE Vernova (General Electric)
• Hitachi Energy
• Hyundai Electric & Energy Systems
• Iberdrola
• Itron
• Mitsubishi Electric Corporation
• Nexans
• NKT Group
• Prysmian Group
• Schneider Electric SE
• Siemens AG
• Siemens Energy
• S&C Electric Company
• State Grid Corporation of China (SGCC)
• Terna S.p.A.
• TransGrid
• Vattenfall

This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include:

• Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs.
• Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015.
• Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends.
• Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape.
• Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players.
• Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities.
• Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage.