What it holds
Electrification Supercycle follows the money through the Electrification bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Fossil Fuel Generation | fossil power generation, gas turbines |
| Nuclear Power Generation | nuclear power generation, nuclear reactors components, nuclear fuel cycle |
| Renewable Power Generation | renewable power producers, solar equipment, wind equipment |
| Transmission Infrastructure | HVDC systems, transformers, transmission construction, regulated transmission |
| Distribution Infrastructure | switchgear, transmission distribution equipment, regulated distribution |
| Energy Storage & Grid Flexibility | utility battery storage, energy storage integration, microgrids, distributed generation |
| Energy and Grid Software | grid management software, smart metering |
| Power Solutions & Components | UPS systems, power conversion components, sic power semis |
How it breaks down
- United States58%
- China10%
- Germany10%
- Canada6%
- Italy6%
- Other10%
- Mega cap (over $200bn)4%
- Large cap ($10bn to $200bn)73%
- Mid cap ($2bn to $10bn)14%
- Small cap (under $2bn)9%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Nextera Energy | NEE.XNYS | $169 billion |
| Siemens Energy AG | ENR.XETRA | $128 billion |
| Nordex SE | NDX1.XETRA | $10 billion |
| Enel - Spa | ENEL.MI | $109 billion |
| GE Vernova | GEV.XNYS | $232 billion |
| Brookfield Renewable Partners L.P. | BEP-UN.TO | $8 billion |
| Tongwei | 600438.SHG | $8 billion |
| Xcel Energy | XEL.XNAS | $48 billion |
| First Solar | FSLR.XNAS | $19 billion |
| Duke Energy | DUK.XNYS | $96 billion |
| Canadian Solar | CSIQ.XNAS | $650 million |
| Sungrow Power Supply | 300274.SHE | $21 billion |
| American Electric Power | AEP.XNAS | $70 billion |
| National Grid | NG.LSE | $86 billion |
| Southern | SO.XNYS | $103 billion |
The market
Investment in the electricity sector (spending, not market revenue)
IEA, World Energy Investment 2025, 2025Gas turbine market (whole units)
Research and Markets (IMARC content), 2024Transformers of all types
Global Market Insights, 2024Smart meters
MarketsandMarkets, 2026The only whole-segment figures are IEA investment totals, which measure spending rather than market revenue, so they are not directly comparable with the vendor market-size estimates. Vendor figures differ widely because of scope, base year and definition, and most come from generic report vendors rather than companies or trade bodies.
All 58 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Investment in the electricity sector (spending, not market revenue) | $1.5 trillion | 2025 | IEA, World Energy Investment 2025 |
| Clean-energy spend including renewables, nuclear, grids, storage, low-emissions fuels, efficiency and electrification | $2.2 trillion | 2025 | IEA, World Energy Investment 2025 |
| Transformers of all types (growth, a year) | +6.6% | 2024 | Global Market Insights |
| Transformers of all types | $64bn | 2024 | Global Market Insights |
| Advanced distribution management systems (proxy for grid software) (growth, a year) | +16% | 2025-2030 | MarketsandMarkets |
| Advanced distribution management systems (proxy for grid software) | $3.5bn | 2025 | MarketsandMarkets |
| Advanced distribution management systems (proxy for grid software) | $4.2bn | 2025 | DataM Intelligence |
| Batteries for power-sector storage (spending) | $66bn | 2025 | IEA, World Energy Investment 2025 |
| Gas turbine components only (growth, a year) | +4.6% | 2025-2034 | Global Market Insights |
| Gas turbine components only | $8.2bn | 2024 | Global Market Insights |
| Gas turbine market (growth, a year) | +2.8% | 2024-2031 | Kings Research |
| Gas turbine market | $23bn | 2031 | Kings Research |
| Gas turbine market (whole units) (growth, a year) | +3.1% | 2025-2033 | Research and Markets (IMARC content) |
| Gas turbine market (whole units) | $26bn | 2024 | Research and Markets (IMARC content) |
| Grid-connected microgrids (growth, a year) | +19% | 2024-2034 | Global Market Insights |
| Grid-connected microgrids | $16bn | 2024 | Global Market Insights |
| HVDC grid market (growth, a year) | +7.2% | 2025-2030 | MarketsandMarkets |
| HVDC grid market | $16bn | 2025 | MarketsandMarkets |
| HVDC transmission systems (growth, a year) | +7.1% | 2025-2034 | IMARC |
| HVDC transmission systems (growth, a year) | +8.5% | 2026-2034 | Straits Research |
| HVDC transmission systems | $13bn | 2025 | IMARC |
| HVDC transmission systems | $14bn | 2025 | Straits Research |
| Investment in generation assets (about USD 1 trillion) | $1 trillion | 2025 | IEA, World Energy Investment 2025 |
| Investment in grids (transmission and distribution together) | $400bn | 2025 | IEA, World Energy Investment 2025 |
| Microgrid controllers only (growth, a year) | +23% | 2024-2029 | MarketsandMarkets |
| Microgrid controllers only | $5.4bn | 2023 | MarketsandMarkets |
| Nuclear energy overall (growth, a year) | +3.0% | 2024-2031 | Kings Research |
| Nuclear energy overall | $31bn | 2024 | Kings Research |
| Nuclear power overall (growth, a year) | +2.9% | 2024-2029 | MarketsandMarkets |
| Nuclear power overall (growth, a year) | +6.2% | 2024-2030 | TechSci Research |
| Nuclear power overall | $39bn | 2024 | MarketsandMarkets |
| Nuclear power overall | $34bn | 2024 | TechSci Research |
| Off-grid microgrids (growth, a year) | +20% | 2025-2034 | Global Market Insights |
| Off-grid microgrids (above this figure) | $6.4bn | 2024 | Global Market Insights |
| Power transformers (growth, a year) | +4.0% | 2025-2034 | Global Market Insights |
| Power transformers (growth, a year) | +6.5% | 2025-2030 | MarketsandMarkets |
| Power transformers | $22bn | 2024 | Global Market Insights |
| Power transformers | $30bn | 2025 | MarketsandMarkets |
| Power-generation gas turbines only (growth, a year) | +5.7% | 2025-2034 | Global Market Insights |
| Power-generation gas turbines only | $6.5bn | 2024 | Global Market Insights |
| SiC power semiconductors (treated as outlier by the note) (growth, a year) | +42% | to 2033 | Straits Research |
| SiC power semiconductors (treated as outlier by the note) | $23bn | 2024 | Straits Research |
| Smart meters (growth, a year) | +10% | 2026-2031 | MarketsandMarkets |
| Smart meters | $32bn | 2026 | MarketsandMarkets |
| Smart meters (hardware plus related services) (growth, a year) | +6.9% | 2026-2034 | IMARC |
| Smart meters (hardware plus related services) | $29bn | 2025 | IMARC |
| Switchgear (growth, a year) | +4.4% | 2025-2033 | IMARC |
| Switchgear (growth, a year) | +6.0% | 2025-2034 | Expert Market Research |
| Switchgear | $117bn | 2024 | IMARC |
| Switchgear | $112bn | 2024 | Expert Market Research |
| UPS systems (growth, a year) | +4.3% | 2025-2033 | IMARC |
| UPS systems (growth, a year) | +4.7% | to 2032 | Credence Research |
| UPS systems | $8.5bn | 2024 | IMARC |
| UPS systems (USD 8,235 million) | $8.2bn | 2024 | Credence Research |
| Wind turbine market value (growth, a year) | +7.3% | 2025-2034 | Global Market Insights |
| Wind turbine market value (growth, a year) | +8.4% | 2025-2035 | Market.us |
| Wind turbine market value | $171bn | 2025 | Global Market Insights |
| Wind turbine market value | $118bn | 2025 | Market.us |
Questions
- What is Electrification Supercycle?
- Power generation, transmission and distribution grids, storage, grid software and power components.
- What does Electrification Supercycle hold?
- Listed companies that earn their revenue from the parts it takes to build Electrification Supercycle: Fossil Fuel Generation, Nuclear Power Generation, Renewable Power Generation, Transmission Infrastructure, Distribution Infrastructure, Energy Storage & Grid Flexibility. 97 companies as of 2026-10-28.
- What is not in Electrification Supercycle?
- Large power transformers: Transmission Infrastructure, not Distribution Infrastructure; pad-mount and pole-mount Distribution Infrastructure transformers: Distribution Infrastructure, not Transmission Infrastructure Utility battery energy storage systems including their power conversion: Energy Storage & Grid Flexibility, not Power Solutions & Components High-voltage cable and conductor for Transmission Infrastructure lines and HVDC links: Transmission Infrastructure, not Distribution Infrastructure; medium and low voltage cable: Distribution Infrastructure, not Transmission Infrastructure
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: about.bnef.com/insights/clean-energy/bloombergnef-finds-glob · about.bnef.com/insights/clean-energy/global-grid-investment- · about.bnef.com/insights/commodities/energy-storage-growth-su · cryptobriefing.com/iea-us-coal-gas-power-spending-50b/ · electrek.co/2025/12/12/battery-storage-hits-65-mwh-tipping-p · ember-energy.org/latest-insights/how-cheap-is-battery-storag · globalenergymonitor.org/article/press-releases/report-global · globalenergymonitor.org/report/betting-big-on-data-centers-u · globalenergymonitor.org/sites/default/files/2026-05/GEM-Boom · iea.blob.core.windows.net/assets/1c136349-1c31-4201-9ed7-1a7 · iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3c · rmi.org/resources/five-takeaways-from-ieas-report-on-world-e · straitsresearch.com/report/uninterruptible-power-supply-mark · translate.google.com/translate?u=https%3A%2F%2Fwww.iea.org%2 · axios.com/2026/08/26/global-energy-monitor-us-natural-gas-pr · bnef.com/insights/38229 · cfainstitute.org/insights/articles/new-tech-driving-nuclear- · eei.org/-/media/Project/EEI/Documents/Issues-and-Policy/Fina · enlit.world/library/global-grids-investment-starting-to-pick · enlit.world/library/smart-grids-and-digitalisation-more-effo
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Large power transformers: Transmission Infrastructure, not Distribution Infrastructure; pad-mount and pole-mount Distribution Infrastructure transformers: Distribution Infrastructure, not Transmission Infrastructure
- Utility battery energy storage systems including their power conversion: Energy Storage & Grid Flexibility, not Power Solutions & Components
- High-voltage cable and conductor for Transmission Infrastructure lines and HVDC links: Transmission Infrastructure, not Distribution Infrastructure; medium and low voltage cable: Distribution Infrastructure, not Transmission Infrastructure
- Gas turbines and reciprocating gas gensets: Fossil Fuel Generation, not Energy Storage & Grid Flexibility; only behind-the-meter systems sold as a microgrid package: Energy Storage & Grid Flexibility
- Solar panels, inverters and wind turbines: Renewable Power Generation, not Energy Storage & Grid Flexibility; distributed generation holds only non-renewable onsite generation and integrated systems
- Solar and wind inverters and converters: Renewable Power Generation, not Power Solutions & Components; UPS, data center power supplies and discrete semiconductors: Power Solutions & Components
- HVDC converter systems: Transmission Infrastructure, not Power Solutions & Components; standalone SiC and power semiconductors supplied to them: Power Solutions & Components
- Smart meters and AMI: Energy and Grid Software, not Distribution Infrastructure
- Nuclear island and steam turbine equipment for nuclear plants: Nuclear Power Generation, not Fossil Fuel Generation; gas turbines: Fossil Fuel Generation
- Standalone control and energy management software: Energy and Grid Software, not Energy Storage & Grid Flexibility; microgrids sold as complete physical systems: Energy Storage & Grid Flexibility
- Switchgear of all voltage classes: Distribution Infrastructure, not Transmission Infrastructure, unless sold as part of an HVDC or substation EPC package
- Line and substation construction contractors: Transmission Infrastructure, not Distribution Infrastructure, unless majority of revenue is Distribution Infrastructure work
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.