New Delhi, July 15 -- The transmission and distribution (T&D) industry has quietly emerged as one of the hottest infrastructure themes. Within it, high-growth niches like high voltage direct current (HVDC)-which enables long-distance electricity transmission with minimal losses-and flexible alternating current transmission systems (FACTS), designed to enhance grid stability and efficiency, are gaining rapid traction.

The domestic market for these segments is expected to grow at an annual rate of 60-65%, expanding from $1.4 billion in 2024 to $9 billion by 2028. Separately, the high-voltage power and power quality market is projected to grow at 18% annually over the same period.

Amid this surge in demand for advanced grid infrastructure,...