by The high voltage equipment market has witnessed considerable growth over the past few years owing to the rising demand for electricity and growing investments in upgrading T&D infrastructure in developed as well as developing countries. High voltage equipment such as cables, circuit breakers, and transformers are crucial for efficient power transmission and distribution.
They help reduce transmission losses, expand network capacity, and ensure reliable power supply. The global high voltage equipment market is estimated to be valued at US$ 132.96 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the high voltage equipment market are Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus Corporation, and Clinical Genomics Technologies Pty Ltd., among others. The key players are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their position in the market.
The growing investments in transmission infrastructure in developing countries and renewable energy integration provide significant growth opportunities for players in the high voltage equipment market. Additionally, the increasing expenditures on upgrading aging power grids in North America and Europe are fueling the demand for high voltage equipment.
Globally, the Asia Pacific region dominates the high voltage equipment market owing to rapid industrialization and urbanization. China, India, and Southeast Asian countries are expected to drive the regional market during the forecast period. North America and Europe are also substantial markets for high voltage equipment due to grid modernization initiatives.
Market Drivers
The increasing demand for reliable and safe electricity from residential, industrial, and commercial sectors is one of the major drivers of the high voltage equipment market. Strict government norms regarding transmission losses and bulk power supply have compelled transmission utilities to adopt efficient high voltage equipment such as transformers, switchgear, and high voltage cables. This is escalating the demand and propelling the market growth over the forecast period.
PEST Analysis
Political: Regulations regarding safety and emission standards for high voltage equipment are continually changing which affects manufacturers. Countries are also promoting renewable energy which drives demand for related high voltage equipment.
Economic: Global economic growth especially in developing economies is increasing investment in electricity transmission and distribution infrastructure which requires high voltage equipment. Rising energy demand worldwide also impacts the market positively.
Social: With growing population worldwide and rapid urbanization there is rising demand for reliable electricity. This necessitates upgrading of existing infrastructure and investments in new projects utilizing high voltage equipment. Safety of such equipment is also an important social concern.
Technological: Advancements in materials like superconductors allows designing of more efficient high voltage equipment capable of withstanding higher voltages and currents. New insulation and switchgear technologies improve performance of transformers, switchgears and other equipment while reducing costs. Use of condition monitoring devices and IoT also aids operation and maintenance.
In terms of value, the high voltage equipment market is concentrated in Asia Pacific and Europe. Asia Pacific accounts for over 40% share due to large investments underway or planned in countries like China and India to meet electricity needs of growing population and economies. Majority of demand arises from transmission and distribution sector in the region.
North America is the fastest growing regional market for high voltage equipment propelled by grid modernization programs, upgrade of transmission infrastructure, and investments to ensure reliability of power supply. Rising integration of renewable energy also contributes to regional market growth. Initiatives to replace aging equipment accelerate demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
