# Electrification Supercycle Power generation, transmission and distribution grids, storage, grid software and power components. Theme: Electrification (Energy and resources). Page: https://thematiq.io/themes/electrification/electrification-supercycle/ ## Key facts - **The market: $1.5 trillion** Investment in the electricity sector (spending, not market revenue) (IEA, World Energy Investment 2025, 2025) - **The build: 8** parts in the Electrification Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research) - **The companies: 97** companies worth $3.1 trillion, earning on average 78% of their revenue here (Annual reports and exchange data, 2026-10-28) ## What it holds Listed companies that earn their revenue supplying these parts of the Electrification Supercycle bill of materials, each read from its own reports. | Part | 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 | ## 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 | By listing country: United States 58%, China 10%, Germany 10%, Canada 6%, Italy 6%, Japan 3%, United Kingdom 3%, France 2%. ## The market - Investment in the electricity sector (spending, not market revenue): $1.5 trillion (2025), IEA, World Energy Investment 2025 - Investment in grids (transmission and distribution together): $400bn (2025), IEA, World Energy Investment 2025 - Investment in generation assets (about USD 1 trillion): $1 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 - Wind turbine market value: $171bn (2025), Global Market Insights - Wind turbine market value (growth, a year): +7.3% (2025-2034), Global Market Insights - Wind turbine market value: $118bn (2025), Market.us - Wind turbine market value (growth, a year): +8.4% (2025-2035), Market.us - Gas turbine market (whole units): $26bn (2024), Research and Markets (IMARC content) - Gas turbine market (whole units) (growth, a year): +3.1% (2025-2033), Research and Markets (IMARC content) - Gas turbine market: $23bn (2031), Kings Research - Gas turbine market (growth, a year): +2.8% (2024-2031), Kings Research - Power-generation gas turbines only: $6.5bn (2024), Global Market Insights - Power-generation gas turbines only (growth, a year): +5.7% (2025-2034), Global Market Insights - Gas turbine components only: $8.2bn (2024), Global Market Insights - Gas turbine components only (growth, a year): +4.6% (2025-2034), Global Market Insights - Nuclear power overall: $39bn (2024), MarketsandMarkets - Nuclear power overall (growth, a year): +2.9% (2024-2029), MarketsandMarkets - Nuclear power overall: $34bn (2024), TechSci Research - Nuclear power overall (growth, a year): +6.2% (2024-2030), TechSci Research - Nuclear energy overall: $31bn (2024), Kings Research - Nuclear energy overall (growth, a year): +3.0% (2024-2031), Kings Research - HVDC transmission systems: $13bn (2025), IMARC - HVDC transmission systems (growth, a year): +7.1% (2025-2034), IMARC - HVDC transmission systems: $14bn (2025), Straits Research - HVDC transmission systems (growth, a year): +8.5% (2026-2034), Straits Research - HVDC grid market: $16bn (2025), MarketsandMarkets - HVDC grid market (growth, a year): +7.2% (2025-2030), MarketsandMarkets - Power transformers: $22bn (2024), Global Market Insights - Power transformers (growth, a year): +4.0% (2025-2034), Global Market Insights - Power transformers: $30bn (2025), MarketsandMarkets - Power transformers (growth, a year): +6.5% (2025-2030), MarketsandMarkets - Transformers of all types: $64bn (2024), Global Market Insights - Transformers of all types (growth, a year): +6.6% (2024), Global Market Insights - Switchgear: $117bn (2024), IMARC - Switchgear (growth, a year): +4.4% (2025-2033), IMARC - Switchgear: $112bn (2024), Expert Market Research - Switchgear (growth, a year): +6.0% (2025-2034), Expert Market Research - Batteries for power-sector storage (spending): $66bn (2025), IEA, World Energy Investment 2025 - Grid-connected microgrids: $16bn (2024), Global Market Insights - Grid-connected microgrids (growth, a year): +19% (2024-2034), Global Market Insights - Off-grid microgrids (above this figure): $6.4bn (2024), Global Market Insights - Off-grid microgrids (growth, a year): +20% (2025-2034), Global Market Insights - Microgrid controllers only: $5.4bn (2023), MarketsandMarkets - Microgrid controllers only (growth, a year): +23% (2024-2029), MarketsandMarkets - Advanced distribution management systems (proxy for grid software): $3.5bn (2025), MarketsandMarkets - Advanced distribution management systems (proxy for grid software) (growth, a year): +16% (2025-2030), MarketsandMarkets - Advanced distribution management systems (proxy for grid software): $4.2bn (2025), DataM Intelligence - Smart meters (hardware plus related services): $29bn (2025), IMARC - Smart meters (hardware plus related services) (growth, a year): +6.9% (2026-2034), IMARC - Smart meters: $32bn (2026), MarketsandMarkets - Smart meters (growth, a year): +10% (2026-2031), MarketsandMarkets - UPS systems: $8.5bn (2024), IMARC - UPS systems (growth, a year): +4.3% (2025-2033), IMARC - UPS systems (USD 8,235 million): $8.2bn (2024), Credence Research - UPS systems (growth, a year): +4.7% (to 2032), Credence Research - SiC power semiconductors (treated as outlier by the note): $23bn (2024), Straits Research - SiC power semiconductors (treated as outlier by the note) (growth, a year): +42% (to 2033), Straits Research The 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. ### 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 ## What it is not - 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 Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.