How big is the electrical grid market?

The global electrical grid market size was estimated at USD 268.27 billion in 2023 and is expected to reach USD 282.48 billion in 2024.

What is the electrical grid market growth?

The global electrical grid market is expected to grow at a compound annual growth rate of 5.6% from 2024 to 2030 to reach USD 390.97 billion by 2030.

Which segment accounted for the largest electrical grid market share?

By application, generation dominated the market with a revenue share of over 39.0% in 2023.

Who are the key players in electrical grid market?

Some of the key vendors of the global electrical grid market are ABB Limited, Hitachi Energy, Toshiba Corporation, Siemens AG, Sumitomo Electric, Fuji Electric, General Electric, Schneider Electric SE, Havells and Eaton

What are the factors driving the electrical grid market?

The key factor driving the growth of the global electrical grid market is rising urbanization supported by need to provide electricity for population in urban and rural areas