What it holds
Grid Flexibility and Power Components 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 |
|---|---|
| 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 States68%
- China22%
- Germany4%
- Switzerland4%
- Large cap ($10bn to $200bn)27%
- Mid cap ($2bn to $10bn)34%
- Small cap (under $2bn)39%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Diodes | DIOD.XNAS | $4 billion |
| Itron | ITRI.XNAS | $4 billion |
| Power Integrations | POWI.XNAS | $3 billion |
| Fuelcell Energy | FCEL.XNAS | $990 million |
| Wolfspeed | WOLF.XNYS | $1 billion |
| On Semiconductor | ON.XNAS | $29 billion |
| Alpha & Omega Semiconductor | AOSL.XNAS | $746 million |
| Sunrun | RUN.XNAS | $2 billion |
| Generac Holdings | GNRC.XNYS | $12 billion |
| Bloom Energy | BE.XNYS | $67 billion |
| Eos Energy Enterprises | EOSE.XNAS | $710 million |
| Energy Vault Holdings | NRGV.XNYS | $586 million |
| Fluence Energy | FLNC.XNAS | $1 billion |
| Infineon Technologies AG | IFX.XETRA | $78 billion |
| Sungrow Power Supply | 300274.SHE | $21 billion |
The market
Battery storage additions, expected for 2025 (installations, not dollars)
BloombergNEF, 2025Battery energy storage systems generally
MarketsandMarkets, 2025Grid operations management software
Markwide Research, 2026Grid-scale battery storage only
Market.us, 2025No whole-segment or power-conversion-components estimate was found, and the figures measure different parts of the segment with different definitions, so they should not be added. Microgrid, grid software, UPS and SiC estimates disagree mainly because of scope, and the storage installation figures (GWh, not dollars) cannot be compared directly with the dollar market sizes.
All 35 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Battery energy storage systems generally (growth, a year) | +16% | 2025-2030 | MarketsandMarkets |
| Battery energy storage systems generally | $51bn | 2025 | MarketsandMarkets |
| Advanced distribution management systems (2030 forecast, no base-year size given) | $7.4bn | 2030 | MarketsandMarkets |
| Battery storage additions, expected for 2025 (installations, not dollars) | 247.0 GWh | 2025 | BloombergNEF |
| Data center UPS only | $3.9bn | not stated | GM Insights |
| Data center UPS only | $7.2bn | not stated | Databridge |
| Data center UPS only | 14,000.0 USD million | 2023 | Valuates |
| Distribution management systems | $18bn | 2025 | Dataintelo |
| Energy storage additions worldwide (installations, not dollars) | 175.4 GWh | 2024 | InfoLink |
| Grid congestion management software only | $1.9bn | 2025 | SNS Insider |
| Grid management software | $8.2bn | 2025 | Marketintelo |
| Grid operations management software | $2.9bn | 2025 | Dataintelo |
| Grid operations management software | $4.8bn | 2026 | Markwide Research |
| Grid-connected microgrids only | $16bn | 2024 | GM Insights |
| Grid-scale battery storage only (growth, a year) | +25% | 2025-2035 | Market.us |
| Grid-scale battery storage only | $15bn | 2025 | Market.us |
| Microgrids (growth, a year) | +6.2% | 2025-2033 | Straits Research |
| Microgrids | $36bn | 2024 | Straits Research |
| Microgrids | $90bn | 2024 | Introspective Market Research |
| Microgrids | $51bn | 2025 | Precedence Research |
| Microgrids | 17,845.0 USD million | 2024 | Credence Research |
| SiC power devices | $3.0bn | 2024 | SNS Insider |
| SiC power semiconductors | $2.9bn | 2024 | Market Research Future |
| SiC power semiconductors | $3.6bn | 2024 | TechSci Research |
| SiC power semiconductors (outlier, reason unknown) | $23bn | 2024 | Straits Research |
| Silicon carbide semiconductor devices | $2.1bn | 2024 | GM Insights |
| Smart meters | $27bn | 2024 | IMARC Group |
| Smart meters | 24,009.6 USD million | 2024 | Market Research Future |
| Smart meters | 25,166.0 USD million | 2024 | Credence Research |
| Stationary storage installations (not dollars) | 170.0 GWh | 2024 | BloombergNEF (as reported by Energy-Storage.news) |
| UPS batteries only, not whole UPS systems | $6.6bn | 2024 | Market.us |
| UPS systems | $10bn | 2024 | Precise View Reports |
| UPS systems | $13bn | 2024 | SkyQuest |
| Utility and stationary battery additions, expected in 2024 (installations, not dollars) | 169.0 GWh | 2024 | BloombergNEF |
| Utility-scale smart meters only | $4.0bn | 2023 | GM Insights |
Questions
- What is Grid Flexibility and Power Components?
- Utility storage, microgrids, grid software, UPS and power conversion.
- What does Grid Flexibility and Power Components hold?
- Listed companies that earn their revenue from the parts it takes to build Electrification Supercycle: Energy Storage & Grid Flexibility, Energy and Grid Software, Power Solutions & Components. 24 companies as of 2026-10-28.
- What is not in Grid Flexibility and Power Components?
- Utility battery energy storage systems including their power conversion: Energy Storage & Grid Flexibility, not Power Solutions & Components 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
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/commodities/energy-storage-growth-su · electrek.co/2025/12/12/battery-storage-hits-65-mwh-tipping-p · ember-energy.org/latest-insights/how-cheap-is-battery-storag · iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3c · straitsresearch.com/report/uninterruptible-power-supply-mark · bnef.com/insights/38229 · enlit.world/library/smart-grids-and-digitalisation-more-effo · environmentenergyleader.com/articles/21324-energy-digitaliza · expertmarketresearch.com/reports/microgrid-market · gminsights.com/industry-analysis/microgrid-market · gminsights.com/industry-analysis/power-semiconductor-market · gminsights.com/industry-analysis/ups-market · grandviewresearch.com/industry-analysis/smart-meter-market-r · iea.org/reports/global-energy-review-2026/key-findings · iea.org/reports/world-energy-investment-2026 · imarcgroup.com/microgrid-market · imarcgroup.com/power-semiconductor-market · imarcgroup.com/smart-meters-market-statistics · industrialinfo.com/iirenergy/industry-news/article/iea-globa · industrialinfo.com/news/article/iea-global-energy-capex-to-g
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.
- Utility battery energy storage systems including their power conversion: Energy Storage & Grid Flexibility, not Power Solutions & Components
- 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
- 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
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.