Power grid system market to hit $19b by 2029 as digitalisation accelerates

Asia Pacific will lead the market with a fourteen per cent CAGR.

The power grid system market is expected to surpass $19b in 2029, according to The Business Research Company (TBRC).

In its new analysis, the company said that within the broader electrical and electronics industry, the power grid system market is estimated to account for nearly 0.4% of the total market value.

Per region, Asia Pacific will be the largest market in 2029, valued at $6.983b and a compound annual growth rate (CAGR) of 14%. The rapid growth can be attributed to the increasing deployment of advanced metering infrastructure (AMI) and the rising deployment of smart grids and microgrids.

Furthermore, China will be the largest country in the power grid system market in 2029, valued at $3.871b, with a CAGR of 13%. The rapid growth can be attributed to the increasing deployment of advanced metering infrastructure (AMI) and the rising development of smart grids and microgrids.

“The most significant growth opportunities are anticipated in the integrated power grid system land infrastructure market, the wind power grid system market, and the smart power grid system market,” the company said.

“Collectively, these segments are projected to contribute over $12b in market value by 2029, driven by rapid modernisation of power transmission networks, increasing integration of renewable energy sources, and rising demand for intelligent grid control systems to ensure stability and efficiency,” it added.

TBRC said this surge reflects the accelerating shift toward digitally connected and resilient energy infrastructures that enable real-time power balancing, optimised energy distribution, and enhanced grid reliability, fuelling transformative growth within the broader smart grid ecosystem.