# Grid Infrastructure Transmission and distribution: HVDC, transformers, switchgear, cable and grid construction. Theme: Electrification (Energy and resources). Page: https://thematiq.io/themes/electrification/grid-infrastructure/ ## Key facts - **The market: $336bn** T&D equipment market, forecast USD 552.46 billion by 2032 (ResearchAndMarkets (second report), 2025) - **Growth: +7.7%** T&D equipment market CAGR to 2032 (growth, a year) (ResearchAndMarkets, 2025–2032) - **The build: 2** of the 8 parts in the Electrification Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research) - **The companies: 36** companies worth $1.3 trillion, earning on average 59% 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 | |---|---| | Transmission Infrastructure | HVDC systems, transformers, transmission construction, regulated transmission | | Distribution Infrastructure | switchgear, transmission distribution equipment, regulated distribution | ## 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 | By listing country: United States 65%, Canada 7%, France 7%, Italy 6%, China 6%, United Kingdom 5%, Denmark 2%, Spain 1%. ## The market - 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, forecast USD 560.88 billion by 2032: $335bn (2025), ResearchAndMarkets - T&D equipment market CAGR to 2032 (growth, a year): +7.7% (2025–2032), ResearchAndMarkets - T&D equipment market, forecast USD 552.46 billion by 2032: $336bn (2025), ResearchAndMarkets (second report) - T&D equipment market CAGR (growth, a year): +7.4% (2025–2032), ResearchAndMarkets (second report) - T&D equipment market, forecast USD 327.28 billion by 2034: $184bn (2025), Straits Research - T&D equipment market CAGR (growth, a year): +6.6% (2026–2034), Straits Research - Global transmission investment (grew 10% in 2023): $140bn (2023), IEA, Building the Future Transmission Grid - 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 - HVDC converters only: $3.3bn (2024), Global Market Insights - HVDC cables only, forecast USD 59.9 billion by 2034: $9.6bn (2024), Global Market Insights - Power transformers, forecast USD 33 billion by 2034: $22bn (2024), Global Market Insights - Power transformers, forecast USD 52.74 billion by 2034: $28bn (2024), Polaris - Power transformers, forecast USD 41.62 billion by 2030: $30bn (2025), MarketsandMarkets - All transformer types, not only power transformers: $64bn (2024), Global Market Insights - High-voltage cables, forecast USD 70.8 billion by 2034: $27bn (2024), Global Market Insights - High-voltage cables, forecast USD 33.63 billion by 2033: $20bn (2024), Straits Research - All switchgear across end uses, not limited to utility grids, forecast USD 162.9 billion by 2032: $100bn (2024), P&S Market Research - Industrial switchgear only: $31bn (2024), Global Market Insights - Commercial switchgear only: $19bn (2024), Global Market Insights The 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. ### 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)). ## 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 - 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 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.