What it holds
Grid Infrastructure 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 |
|---|---|
| Transmission Infrastructure | HVDC systems, transformers, transmission construction, regulated transmission |
| Distribution Infrastructure | switchgear, transmission distribution equipment, regulated distribution |
How it breaks down
- United States65%
- Canada7%
- France7%
- Italy6%
- China6%
- Other9%
- Large cap ($10bn to $200bn)91%
- Mid cap ($2bn to $10bn)9%
- Small cap (under $2bn)0%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Edison International | EIX.XNYS | $23 billion |
| National Grid | NG.LSE | $86 billion |
| American Electric Power | AEP.XNAS | $70 billion |
| Eversource Energy | ES.XNYS | $25 billion |
| Xcel Energy | XEL.XNAS | $48 billion |
| Firstenergy | FE.XNYS | $27 billion |
| Consolidated Edison | ED.XNYS | $42 billion |
| Quanta Services | PWR.XNYS | $91 billion |
| Exelon | EXC.XNAS | $46 billion |
| Duke Energy | DUK.XNYS | $96 billion |
| Schneider Electric Se | SU.PA | $159 billion |
| Pg&E | PCG.XNYS | $35 billion |
| Prysmian S.P.A. | PRY.MI | $34 billion |
| Hydro One | H.TO | $23 billion |
| Tbea | 600089.SHG | $13 billion |
The market
Grid investment spending on power grids, transmission and distribution (investment, not an equipment market)
IEA, World Energy Investment 2025, 2024Growth in grid investment, 2024 vs 2023 (a year)
IEA, World Energy Investment 2025, 2024Global transmission investment (grew 10% in 2023)
IEA, Building the Future Transmission Grid, 2023T&D equipment market, forecast USD 552.46 billion by 2032
ResearchAndMarkets (second report), 2025The whole-segment estimates differ mainly because the IEA figure measures investment spending while the vendor reports measure equipment markets, and Straits is about 45% below the two ResearchAndMarkets reports for 2025. Component figures are narrower products and vary with each vendor's market definition, so they are not directly comparable with the segment totals.
All 22 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Grid investment spending on power grids, transmission and distribution (investment, not an equipment market) | $390bn | 2024 | IEA, World Energy Investment 2025 |
| Growth in grid investment, 2024 vs 2023 (a year) | +9.0% | 2024 | IEA, World Energy Investment 2025 |
| T&D equipment market CAGR (growth, a year) | +7.4% | 2025–2032 | ResearchAndMarkets (second report) |
| T&D equipment market CAGR (growth, a year) | +6.6% | 2026–2034 | Straits Research |
| T&D equipment market CAGR to 2032 (growth, a year) | +7.7% | 2025–2032 | ResearchAndMarkets |
| T&D equipment market, forecast USD 327.28 billion by 2034 | $184bn | 2025 | Straits Research |
| T&D equipment market, forecast USD 552.46 billion by 2032 | $336bn | 2025 | ResearchAndMarkets (second report) |
| T&D equipment market, forecast USD 560.88 billion by 2032 | $335bn | 2025 | ResearchAndMarkets |
| All switchgear across end uses, not limited to utility grids, forecast USD 162.9 billion by 2032 | $100bn | 2024 | P&S Market Research |
| All transformer types, not only power transformers | $64bn | 2024 | Global Market Insights |
| Commercial switchgear only | $19bn | 2024 | Global Market Insights |
| Global transmission investment (grew 10% in 2023) | $140bn | 2023 | IEA, Building the Future Transmission Grid |
| High-voltage cables, forecast USD 33.63 billion by 2033 | $20bn | 2024 | Straits Research |
| High-voltage cables, forecast USD 70.8 billion by 2034 | $27bn | 2024 | Global Market Insights |
| HVDC cables only, forecast USD 59.9 billion by 2034 | $9.6bn | 2024 | Global Market Insights |
| HVDC converters only | $3.3bn | 2024 | Global Market Insights |
| HVDC transmission systems, forecast USD 36.8 billion by 2034 | $15bn | 2024 | Market.us |
| HVDC transmission, forecast USD 21.17 billion by 2032 | $13bn | 2024 | Data Bridge |
| Industrial switchgear only | $31bn | 2024 | Global Market Insights |
| Power transformers, forecast USD 33 billion by 2034 | $22bn | 2024 | Global Market Insights |
| Power transformers, forecast USD 41.62 billion by 2030 | $30bn | 2025 | MarketsandMarkets |
| Power transformers, forecast USD 52.74 billion by 2034 | $28bn | 2024 | Polaris |
Questions
- What is Grid Infrastructure?
- Transmission and distribution: HVDC, transformers, switchgear, cable and grid construction.
- What does Grid Infrastructure hold?
- Listed companies that earn their revenue from the parts it takes to build Electrification Supercycle: Transmission Infrastructure, Distribution Infrastructure. 36 companies as of 2026-10-28.
- What is not in Grid Infrastructure?
- Large power transformers: Transmission Infrastructure, not Distribution Infrastructure; pad-mount and pole-mount Distribution Infrastructure transformers: Distribution Infrastructure, not Transmission Infrastructure 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 HVDC converter systems: Transmission Infrastructure, not Power Solutions & Components; standalone SiC and power semiconductors supplied to them: Power Solutions & Components
- How large is the Grid Infrastructure market?
- About 335.8 USD billion (2025), the middle of independent estimates that agree (for example ResearchAndMarkets (second report)).
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- · iea.blob.core.windows.net/assets/1c136349-1c31-4201-9ed7-1a7 · iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3c · translate.google.com/translate?u=https%3A%2F%2Fwww.iea.org%2 · eei.org/-/media/Project/EEI/Documents/Issues-and-Policy/Fina · enlit.world/library/global-grids-investment-starting-to-pick · iea.org/reports/building-the-future-transmission-grid/execut · iea.org/reports/unlocking-smart-grid-opportunities-in-emergi · iea.org/reports/world-energy-investment-2026 · industrialinfo.com/iirenergy/industry-news/article/iea-globa
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
- 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
- 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
- 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.