Wilmington, Delaware, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Electrical Grid Market by Power Source (Coal, Natural Gas, Hydro, and Others) and Application (Power Generation, Transmission, and Distribution): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "electrical grid market" was valued at $251.9 billion in 2023, and is estimated to reach $413.1 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
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Prime determinants of growth
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. As countries transition away from fossil fuels, there is a growing need to accommodate intermittent renewable energy sources such as wind and solar power within existing grid infrastructures. This necessitates advancements in smart grid technologies, energy storage systems, and grid modernization efforts to ensure efficient energy distribution and reliability. 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. All these factors are expected to drive the demand for electrical grids during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $251.9 billion |
| Market Size in 2033 | $413.1 billion |
| CAGR | 5.10% |
| No. of Pages in Report | 289 |
| Segments Covered | Power Source, Application, and Region |
| Drivers | Integration with smart grid and energy storage systems. |
| Advancements in manufacturing techniques | |
| Opportunity | Growing demand for renewable energy solutions. |
| Restraint | Stability issues in perovskite materials. |
The natural gas segment held the highest market share in 2023.
By 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. Natural gas substantial contribution highlights the continued reliance on natural gas as a primary energy source for electricity generation. Natural gas remains a popular choice for its ability to provide a stable and efficient supply of power while emitting fewer greenhouse gases compared to traditional fossil fuels such as coal.
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The power generation segment held the highest market share in 2023.
By 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. Power generation dominance reflects the critical role of power generation in meeting the ever-increasing global demand for electricity, fueled by industrial growth, urbanization, and the electrification of various sectors.
Asia-Pacific is expected to grow faster throughout the forecast period
By region, the Asia-Pacific region 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. This significant share highlights the region’s rapid economic growth, urbanization, and increasing energy demands. Countries such as China, India, and Japan have been major contributors to this growth, driven by large-scale infrastructure projects, industrialization, and population growth. The rising need to provide electricity access to remote and underserved areas, combined with ongoing grid expansion and modernization initiatives, has further fueled the demand for electrical grid infrastructure in the region.
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Leading Market Players: -
- Schneider Electric SE
- Siemens AG
- Toshiba Corporation
- Eaton Corporation
- Mitsubishi Electric Corporation
- ABB Ltd
- NextEra Energy, Inc
- General Electric Company
- National Grid
- Itron Inc
The report provides a detailed analysis of these key players in the global electrical grid market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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