March 1, 2024
High Voltage Equipment Market

High Voltage Equipment Market Is Expected To Be Flourished By Growing Demand For Renewable Energy Resources

High voltage equipment such as circuit breakers, transformers, and cables are integral components required for efficient transmission and distribution of electric power across long distances. These equipment enable reliable and effective transmission of power from generation points to utilization points. Circuit breakers act as protection devices that help isolate faulty lines during abnormal operation. Transformers help alter voltage levels to facilitate transmission over long distance and distribution to end users. Cables are used for connecting different electric devices and components as per requirement.

The global high voltage equipment market is estimated to be valued at US$ 132.96 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for renewable energy resources: With focus on increasing share of renewable energy resources such as solar and wind in energy mix, demand for high voltage equipment is expected to surge. Renewable energy sources are located in remote locations and require long distance transmission of power to load centers. This drives need for high voltage circuit breakers, transformers, and cables for effective transmission and distribution.

Focus on modernization of aging power infrastructure: Many countries worldwide are focused on upgrading their aging power infrastructure to ensure reliable power supply. This includes replacement and refurbishment of existing high voltage equipment such as circuit breakers and transformers. For example, the US government has announced plans to invest over USD 500 billion till 2031 to modernize its power grid. Such initiatives aimed at modernizing infrastructure will boost demand for high voltage equipment over the forecast period.

Segment Analysis

The global high voltage equipment market is dominated by the power generation sub-segment. This is because most of the high voltage equipment such as circuit breakers, transformers, and insulators are used in power transmission and distribution networks to generate, transmit, and distribute electricity safely and efficiently. The rapid industrialization and urbanization in developing countries have increased the demand for electricity, which is driving the growth of this sub-segment.

PEST Analysis

Political: Governments across the world are focusing on investing in modernizing and expanding transmission and distribution infrastructure to ensure reliable supply of electricity. They are implementing various policies to increase grid connectivity and promote adoption of renewable energy.
Economic: Rising investments in transmission and distribution networks by utility companies to support growing electricity demand from industrial, commercial, and residential sectors is fueling the growth of the high voltage equipment market. Additionally, increasing investments towards infrastructure development projects are also positively impacting the market.
Social: Rapid urbanization and growing population are resulting in increased demand for electricity. Also, the rising living standards and purchasing power are driving the usage of more electrical appliances and equipment in households. These factors are augmenting the requirement for high voltage equipment.
Technological: Advancements in insulation and digital technologies are enabling manufacturers to develop more efficient, reliable, and safer high voltage equipment. Adoption of technologies like condition monitoring, remote grid management, and digitally controlled devices are also helping optimize grid operations.

Key Takeaways

The Global High Voltage Equipment Market Growth is expected to witness high over the forecast period owing to rapid industrialization and expansion of T&D networks in developing nations. The global high voltage equipment market is estimated to be valued at US$ 132.96 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Regional analysis:
The Asia Pacific region accounts for more than 35% share of the global high voltage equipment market and is estimated to witness exponential growth between 2024-2031. This is attributed to the ongoing investment towards upgrading T&D infrastructure and expanding electrification in populous countries like China and India. The rising energy demands from manufacturing and construction industries along with growing residential sector have necessitated investments in grid reliability in the region.

Key players:
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. Siemens Healthineers AG offers a wide range of high voltage equipment across 100 countries and is one of the dominant players globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it