The global power grid market is poised for strong growth as utilities accelerate the digitalisation of electric networks, with the market expected to surpass $19 billion by 2029, according to The Business Research Company (TBRC).
The company said the power grid system market, which forms part of the broader electrical and electronics industry, is projected to account for nearly 0.4% of total market value by the end of the forecast period.
Asia Pacific is expected to emerge as the largest regional market by 2029, reaching $6.93 billion and recording a 14% CAGR. This growth can be attributed to the increasing adoption of advanced metering infrastructure (AMI) and the rise of smart grids and microgrids.
Within the region, China is expected to be the largest market, with the power grid segment projected to reach $3.871 billion by 2029, growing at a 13% CAGR.
“The most significant growth opportunities are anticipated in the integrated power grid system land infrastructure market, the wind power grid system market, and the smart power grid system market,” the company said.
“Collectively, these segments are projected to contribute over $12b in market value by 2029, driven by rapid modernisation of power transmission networks, increasing integration of renewable energy sources, and rising demand for intelligent grid control systems to ensure stability and efficiency,” it added.
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TBRC added that the market’s expansion highlights a broader shift toward digitally connected, resilient energy infrastructure. These systems enable real-time power balancing, optimised energy distribution, and enhanced grid reliability, supporting the global transition to smarter, more sustainable energy ecosystems.
