The global high voltage equipment market is primarily driven by the growing need for bulk power transmission and an increase in capacity constraints in urban areas. High voltage equipment helps in energy efficient transmission and distribution of electricity. Products such as gas insulated switchgear, circuit breakers, transformers, and cables are extensively used in utilities and industries.
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 opportunities in the market include growing investments towards development and upgradation of transmission infrastructure in developing nations. Advancements in composite insulators and vacuum dielectric technology are further enhancing the efficiency and safety of high voltage equipment.
Technological advancements such as synthetic insulation materials that can operate at ultra-high voltages with improved dielectric, mechanical and thermal properties are supporting adoption of high voltage equipment. Adoption of intelligent electronic devices (IEDs) and digital substations based on IEC 61850 standard is also boosting the market growth.
Market Drivers
The main market driver is growing investments in modernization of aging power infrastructure. Rapid industrialization and infrastructure growth are driving demand for bulk power transmission over longer distances. Increasing adoption of renewable sources of energy worldwide is augmenting the need for grid stability equipment like reactors and cables. This is propelling the high voltage equipment market revenues globally.
Current challenges in High Voltage Equipment Market
The high voltage equipment market is facing challenges due to rising safety issues and ecological concerns related to high voltage equipment. Strict regulations related to power transmission safety and green initiatives are limiting the growth prospects of conventional high voltage equipment manufacturers. Furthermore, the initial investment required for setting up high voltage substations and transmission lines is quite high, restricting new entrants. Advancement in technology is necessitating upgrade of the existing infrastructure, increasing the overall cost for utilities.
SWOT Analysis
Strength: Heavy investments by governments and major players in T&D infrastructure expansion in developing economies. Weakness: High investment costs require long payback periods. Rapid changes in technologies may lead to early obsolescence. Opportunity: Growing focus on renewable energy will drive demand for efficient power transmission equipment. Threats: Stringent government regulations regarding safety and emissions. Potential disruptions due to technological advances in distributed power generation and storage systems.
Geographical regions of concentration
North America holds the largest share of the global high voltage equipment market, both in terms of value and volume. This is attributed to ongoing grid modernization projects and investments in transmission infrastructure in the US. China and India are also prominent markets in Asia Pacific due to massive investments underway to strengthen their power networks to support rapid industrialization.
Fastest growing region
Asia Pacific region is expected to witness the highest growth in the high voltage equipment market during the forecast period. The demand is driven by electricity generation and distribution projects in developing countries such as India, China, Indonesia and Vietnam to meet the rising energy needs of their burgeoning economies and populations. Government initiatives to enhance access to electricity across rural areas will further boost the regional market.
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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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