Grid capex is set to surpass $650 billion in 2026 — double the level seen in 2020. Yet the equipment for these projects is still running two to three years behind schedule in some markets.

The supply chain is responding, but capacity additions are uneven, workforce constraints continue, and the effects on pricing and lead times are uncertain. Procurement teams who assume the worst is behind them and pull back on sourcing diversification may be exposed if new capacity is slow to come online or structural demand outpaces supply.

This condensed Grid Equipment Market Outlook draws on Rystad Energy's Equipment Solution to track pricing, lead times and trade flows across power transformers, switchgear, cables and the OEM supply base behind them.

With this report, procurement and project teams will be able to benchmark lead times and pricing against current market conditions, assess where OEM capacity is expanding and what that means for regional sourcing options, and identify where supply chain risk remains before it affects project delivery.