NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The high voltage equipment market is expected to be valued at US$ 126.1 Billion in 2024. The market is expected to progress at a healthy rate over the forecast period, with a CAGR of 7.8%. By 2034, the value of the market is forecasted to inflate to US$ 268.0 Billion.
As with other power generation and distribution equipment, much of the demand for high voltage equipment comes from the need for power distribution. As the demand for electricity increases day by day, the application of high voltage equipment is also rising. With a focus on supplying power to remote areas, high voltage equipment has an even bigger role to play in power distribution.
Apart from power distribution, there are other applications of high voltage equipment that are contributing to the market’s growth. The use of high voltage equipment in the medical sector for X-rays is aiding in the market’s development. Usage of this equipment in the military sector is also boosting the profile of the high voltage equipment market.
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With new sources of energy being developed at an increasing pace, high voltage equipment is proving useful for the distribution of such energy. The equipment is also being utilized for research purposes. Thus, the scientific application of the equipment is driving market demand.
“With sustainability concerns on the rise, renewable energy is an area of focus for both private and public players. High voltage equipment facilitate the distribution of renewable energy to commercial buildings and residences. Thus, the use of high voltage equipment for renewable energy distribution represents a compelling opportunity for investors,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the High Voltage Equipment Market
- The high voltage equipment industry is anticipated to be valued at US$ 126.1 billion in 2024.
- Circuit breakers are the most common type of equipment in the market. From 2024 to 2034, circuit breakers are forecasted to progress at a CAGR of 7.5%.
- HV-Up to 200kV voltage leads in the voltage level segment. For the forecast period, HV-Up to 200kV voltage is predicted to progress at a CAGR of 7.3%.
- China is one of the most promising countries in the high voltage equipment market. The CAGR for the market in China over the forecast period is anticipated to be 9.7%.
- Japan and South Korea are other Asian countries poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for markets in Japan and South Korea is set to be 9.0% and 5.3%, respectively.
- The high voltage equipment industry is expected to register a CAGR of 7.6% in the United States over the forecast period.
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Key Companies in the High Voltage Equipment Market:
- ABB Ltd.
- Siemens AG
- Larsen & Toubro Limited
- General Electric Company
- Honeywell International, Inc.
- Rockwell Automation, Inc.
- Emerson Electric Co.
- Mitsubishi Electric
Recent Developments in the High Voltage Equipment Market
- In January 2024, LS Electrical signed an agreement to provide US$90 million worth of power equipment to a renewable energy site in the United States.
- In May 2023, Toshiba launched the TCR1HF series of LDO regulators.
Key Segmentation
By Equipment Type:
- Circuit Breaker
- Disconnector
- Insulator
- Switchgear
- Surge Arrester
- Battery Set
- Capacitors and Filters
- Control Equipment
- Switches
- Others
By Voltage Level:
- HV-Up to 200kV Voltage
- EHV-200 to 800kV Voltage
- HVDC-500kV Voltage
- UHV-800kV & Above
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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