Electrical Grid Market
Description
The global electrical grid market size was valued at $251.9 billion in 2023, and is projected to reach $413.1 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
An electrical grid, also known as the power grid, is a complex network designed to deliver electricity from producers to consumers. It consists of power stations, transmission lines, substations, and distribution systems. The electrical grid allows for the efficient transmission and distribution of electrical energy across large distances, ensuring that homes, businesses, and industries have reliable access to power. The electrical grid market is a critical sector that involves the generation, transmission, distribution, and management of electricity. It is influenced by technological advancements, infrastructure investments, regulatory frameworks, and the global transition toward renewable energy sources.
Increase in demand for renewable energy integration into electrical grids is driven by a combination of factors, including global efforts to reduce carbon emissions, government incentives promoting sustainable energy solutions, and the need for energy security and diversification. In addition, rise in adoption of electric vehicles and distributed energy resources further accelerates the demand for enhanced grid connectivity and renewable energy integration solutions. These factors collectively drive innovation and investments in the development of resilient, adaptive, and sustainable power systems. This increased investment is particularly focused on emerging market and developing economies (EMDEs) where renewable energy adoption is accelerating rapidly. All these factors are expected to drive the electrical grid market trend during the forecast period.
However, developing and modernizing electrical grids require extensive capital to acquire advanced equipment, construct infrastructure, and implement cutting-edge technologies such as smart grids and renewable energy integration. These projects often involve the installation of high-capacity transformers, power lines, substations, and other critical components, which incur substantial upfront costs. In addition, the expenses related to skilled labor, logistics, and regulatory compliance further increase the financial burden on stakeholders. As a result, many regions, particularly in developing countries, struggle to allocate sufficient resources to upgrade or expand their electrical grid systems. All these factors are expected to hamper electrical grid market growth.
On the other hand, as power grids become more complex with the integration of renewable energy sources, electric vehicles, and distributed energy resources (DERs), there is a surge in need for advanced technologies to optimize grid operations. Digitalization, on the other hand, leverages IoT, big data analytics, and AI to enhance predictive maintenance, load forecasting, and energy distribution. Smart grid technologies, including advanced metering infrastructure (AMI), remote terminal units (RTUs), and distribution management systems (DMS), are gaining traction. These investments reduce operational costs and enable a seamless integration of renewable energy and improve grid resilience. All these factors are expected to offer electric grid investment opportunities during the forecast period. In February 2024, Schneider Electric partnered with Itron to modernize and simplify energy distribution. This collaboration aims to digitalize supply and demand management to maximize grid flexibility, capacity, and efficiency.
Segment Review
The electrical grid market is segmented into power source, application, and region. On the basis of power source, the market is segregated into coal, natural gas, hydro, and others. On the basis of application, the market is classified into power generation, transmission, and distribution. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
On the basis of power source, the natural gas segment accounted for more than one-third of the electrical grid market share in 2023 and is expected to maintain its dominance during the forecast period.
On the basis of application, the power generation segment accounted for more than two-fifths of the electrical grid market share in 2023 and is expected to maintain its dominance during the forecast period.
Region-wise, Asia-Pacific was the highest revenue contributor in the global electrical grid market in 2023.
Competition Analysis
The key players in the electrical grid market include Schneider Electric SE, Siemens AG, Toshiba Corporation, Eaton Corporation, Mitsubishi Electric Corporation, ABB Ltd, NextEra Energy, Inc, General Electric Company, National Grid, and Itron Inc.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electrical grid market analysis from 2023 to 2033 to identify the prevailing electrical grid market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electrical grid market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electrical grid market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Power Source
Natural Gas
Hydro
Others
Coal
By Application
Power Generation
Transmission
Distribution
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Spain
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Schneider Electric SE
Siemens AG
Mitsubishi Electric Corporation
NextEra Energy, Inc
National Grid
ABB Ltd.
Itron Inc.
Eaton Corporation PLC
General Electric Company
Toshiba CorporationThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
An electrical grid, also known as the power grid, is a complex network designed to deliver electricity from producers to consumers. It consists of power stations, transmission lines, substations, and distribution systems. The electrical grid allows for the efficient transmission and distribution of electrical energy across large distances, ensuring that homes, businesses, and industries have reliable access to power. The electrical grid market is a critical sector that involves the generation, transmission, distribution, and management of electricity. It is influenced by technological advancements, infrastructure investments, regulatory frameworks, and the global transition toward renewable energy sources.
Increase in demand for renewable energy integration into electrical grids is driven by a combination of factors, including global efforts to reduce carbon emissions, government incentives promoting sustainable energy solutions, and the need for energy security and diversification. In addition, rise in adoption of electric vehicles and distributed energy resources further accelerates the demand for enhanced grid connectivity and renewable energy integration solutions. These factors collectively drive innovation and investments in the development of resilient, adaptive, and sustainable power systems. This increased investment is particularly focused on emerging market and developing economies (EMDEs) where renewable energy adoption is accelerating rapidly. All these factors are expected to drive the electrical grid market trend during the forecast period.
However, developing and modernizing electrical grids require extensive capital to acquire advanced equipment, construct infrastructure, and implement cutting-edge technologies such as smart grids and renewable energy integration. These projects often involve the installation of high-capacity transformers, power lines, substations, and other critical components, which incur substantial upfront costs. In addition, the expenses related to skilled labor, logistics, and regulatory compliance further increase the financial burden on stakeholders. As a result, many regions, particularly in developing countries, struggle to allocate sufficient resources to upgrade or expand their electrical grid systems. All these factors are expected to hamper electrical grid market growth.
On the other hand, as power grids become more complex with the integration of renewable energy sources, electric vehicles, and distributed energy resources (DERs), there is a surge in need for advanced technologies to optimize grid operations. Digitalization, on the other hand, leverages IoT, big data analytics, and AI to enhance predictive maintenance, load forecasting, and energy distribution. Smart grid technologies, including advanced metering infrastructure (AMI), remote terminal units (RTUs), and distribution management systems (DMS), are gaining traction. These investments reduce operational costs and enable a seamless integration of renewable energy and improve grid resilience. All these factors are expected to offer electric grid investment opportunities during the forecast period. In February 2024, Schneider Electric partnered with Itron to modernize and simplify energy distribution. This collaboration aims to digitalize supply and demand management to maximize grid flexibility, capacity, and efficiency.
Segment Review
The electrical grid market is segmented into power source, application, and region. On the basis of power source, the market is segregated into coal, natural gas, hydro, and others. On the basis of application, the market is classified into power generation, transmission, and distribution. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
On the basis of power source, the natural gas segment accounted for more than one-third of the electrical grid market share in 2023 and is expected to maintain its dominance during the forecast period.
On the basis of application, the power generation segment accounted for more than two-fifths of the electrical grid market share in 2023 and is expected to maintain its dominance during the forecast period.
Region-wise, Asia-Pacific was the highest revenue contributor in the global electrical grid market in 2023.
Competition Analysis
The key players in the electrical grid market include Schneider Electric SE, Siemens AG, Toshiba Corporation, Eaton Corporation, Mitsubishi Electric Corporation, ABB Ltd, NextEra Energy, Inc, General Electric Company, National Grid, and Itron Inc.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electrical grid market analysis from 2023 to 2033 to identify the prevailing electrical grid market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electrical grid market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electrical grid market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Power Source
Natural Gas
Hydro
Others
Coal
By Application
Power Generation
Transmission
Distribution
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Spain
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Schneider Electric SE
Siemens AG
Mitsubishi Electric Corporation
NextEra Energy, Inc
National Grid
ABB Ltd.
Itron Inc.
Eaton Corporation PLC
General Electric Company
Toshiba CorporationThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Table of Contents
289 Pages
- CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- 2.1. CXO perspective
- CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter’s five forces analysis
- 3.3.1. Moderate bargaining power of suppliers
- 3.3.2. Moderate threat of new entrants
- 3.3.3. Moderate threat of substitutes
- 3.3.4. Moderate intensity of rivalry
- 3.3.5. Moderate bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Increasing Interconnection of National and Regional Grids
- 3.4.1.2. Growing Demand for Smart Grid Technologies
- 3.4.2. Restraints
- 3.4.2.1. High Initial Investment and Installation Costs
- 3.4.3. Opportunities
- 3.4.3.1. Rising Investments in Grid Automation and Digitalization
- 3.5. Value Chain Analysis
- 3.6. Regulatory Guidelines
- CHAPTER 4: ELECTRICAL GRID MARKET, BY POWER SOURCE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Coal
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Natural Gas
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Hydro
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- 4.5. Others
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
- CHAPTER 5: ELECTRICAL GRID MARKET, BY APPLICATION
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Power Generation
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Transmission
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Distribution
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- CHAPTER 6: ELECTRICAL GRID MARKET, BY REGION
- 6.1. Overview
- 6.1.1. Market size and forecast By Region
- 6.2. North America
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by Power Source
- 6.2.3. Market size and forecast, by Application
- 6.2.4. Market size and forecast, by country
- 6.2.4.1. U.S.
- 6.2.4.1.1. Market size and forecast, by Power Source
- 6.2.4.1.2. Market size and forecast, by Application
- 6.2.4.2. Canada
- 6.2.4.2.1. Market size and forecast, by Power Source
- 6.2.4.2.2. Market size and forecast, by Application
- 6.2.4.3. Mexico
- 6.2.4.3.1. Market size and forecast, by Power Source
- 6.2.4.3.2. Market size and forecast, by Application
- 6.3. Europe
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by Power Source
- 6.3.3. Market size and forecast, by Application
- 6.3.4. Market size and forecast, by country
- 6.3.4.1. Germany
- 6.3.4.1.1. Market size and forecast, by Power Source
- 6.3.4.1.2. Market size and forecast, by Application
- 6.3.4.2. UK
- 6.3.4.2.1. Market size and forecast, by Power Source
- 6.3.4.2.2. Market size and forecast, by Application
- 6.3.4.3. Spain
- 6.3.4.3.1. Market size and forecast, by Power Source
- 6.3.4.3.2. Market size and forecast, by Application
- 6.3.4.4. Italy
- 6.3.4.4.1. Market size and forecast, by Power Source
- 6.3.4.4.2. Market size and forecast, by Application
- 6.3.4.5. France
- 6.3.4.5.1. Market size and forecast, by Power Source
- 6.3.4.5.2. Market size and forecast, by Application
- 6.3.4.6. Rest of Europe
- 6.3.4.6.1. Market size and forecast, by Power Source
- 6.3.4.6.2. Market size and forecast, by Application
- 6.4. Asia-Pacific
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by Power Source
- 6.4.3. Market size and forecast, by Application
- 6.4.4. Market size and forecast, by country
- 6.4.4.1. China
- 6.4.4.1.1. Market size and forecast, by Power Source
- 6.4.4.1.2. Market size and forecast, by Application
- 6.4.4.2. India
- 6.4.4.2.1. Market size and forecast, by Power Source
- 6.4.4.2.2. Market size and forecast, by Application
- 6.4.4.3. Japan
- 6.4.4.3.1. Market size and forecast, by Power Source
- 6.4.4.3.2. Market size and forecast, by Application
- 6.4.4.4. South Korea
- 6.4.4.4.1. Market size and forecast, by Power Source
- 6.4.4.4.2. Market size and forecast, by Application
- 6.4.4.5. Australia
- 6.4.4.5.1. Market size and forecast, by Power Source
- 6.4.4.5.2. Market size and forecast, by Application
- 6.4.4.6. Rest of Asia-Pacific
- 6.4.4.6.1. Market size and forecast, by Power Source
- 6.4.4.6.2. Market size and forecast, by Application
- 6.5. LAMEA
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by Power Source
- 6.5.3. Market size and forecast, by Application
- 6.5.4. Market size and forecast, by country
- 6.5.4.1. Brazil
- 6.5.4.1.1. Market size and forecast, by Power Source
- 6.5.4.1.2. Market size and forecast, by Application
- 6.5.4.2. Saudi Arabia
- 6.5.4.2.1. Market size and forecast, by Power Source
- 6.5.4.2.2. Market size and forecast, by Application
- 6.5.4.3. South Africa
- 6.5.4.3.1. Market size and forecast, by Power Source
- 6.5.4.3.2. Market size and forecast, by Application
- 6.5.4.4. Rest of LAMEA
- 6.5.4.4.1. Market size and forecast, by Power Source
- 6.5.4.4.2. Market size and forecast, by Application
- CHAPTER 7: COMPETITIVE LANDSCAPE
- 7.1. Introduction
- 7.2. Top winning strategies
- 7.3. Product mapping of top 10 player
- 7.4. Competitive dashboard
- 7.5. Competitive heatmap
- 7.6. Top player positioning, 2023
- CHAPTER 8: COMPANY PROFILES
- 8.1. Schneider Electric SE
- 8.1.1. Company overview
- 8.1.2. Key executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
- 8.2. Siemens AG
- 8.2.1. Company overview
- 8.2.2. Key executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
- 8.2.7. Key strategic moves and developments
- 8.3. Toshiba Corporation
- 8.3.1. Company overview
- 8.3.2. Key executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.4. Eaton Corporation PLC
- 8.4.1. Company overview
- 8.4.2. Key executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.5. Mitsubishi Electric Corporation
- 8.5.1. Company overview
- 8.5.2. Key executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.6. ABB Ltd.
- 8.6.1. Company overview
- 8.6.2. Key executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.7. NextEra Energy, Inc
- 8.7.1. Company overview
- 8.7.2. Key executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.8. General Electric Company
- 8.8.1. Company overview
- 8.8.2. Key executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.9. National Grid
- 8.9.1. Company overview
- 8.9.2. Key executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Business performance
- 8.10. Itron Inc.
- 8.10.1. Company overview
- 8.10.2. Key executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
