Global High Voltage Equipment Market 2023-2030

Global High Voltage Equipment Market 2023-2030

Global High Voltage Equipment Market Size, Share & Trends Analysis Report by Equipment (Switches Power, Transformer, Instrument Transformer, Reactive Power Equipment, Insulator, Control Equipment, Relay Panel, Carrier Cabinet, Communication Equipment, SCADA, Earthing Material, and Battery Set), and by Voltage Level (4 UHV-Ultra High Voltage, EHV (Extra-High Voltage), HVDC (High Voltage Direct Current), and HV (High Voltage) Forecast Period (2023-2030)

The global high-voltage equipment market is anticipated to grow at a CAGR of 6.4% during the forecast period. High-voltage equipment typically includes power transformers, switchgear, control equipment, communication devices, insulators, and so on. When electricity is transmitted over long distances, there are inherent energy losses along the way. High voltage transmission reduces the amount of power lost as electricity flows from one location to another. Further, high-voltage equipment has applications for research purposes in labs, the particle accelerator in nuclear labs, medical devices, and industrial equipment for instance, high-voltage resistors are used for medical equipment such as X-Ray and High voltage potential treatment, PET, CT scans (X-Ray), Roentgen X-Ray (Examination for baggage, Dentist) and others.

The global transition to green energy, the growing penetration of transmission & distribution infrastructure, and the growing need to update the transmission infrastructure are major factors driving the global high-voltage equipment market. According to the Europe 2020 strategy it aims at least 32% of energy consumption to come from renewable resources by 2030. Further, in April 2021, the US government announced a new target for the US to achieve a 50-52 percent reduction in greenhouse gas pollution by 2030. As the economies move closer to green energy transition sectors such as buildings, industry, and transportation need to be upgraded for reducing carbon emissions. Further, deployments of variable renewable energy as well as increasing numbers of electric vehicles, and other energy storage technologies require a strong power infrastructure and additional distribution and transmission capacity which in turn is anticipated to drive the global high voltage equipment market.

Segmental Outlook

The global high-voltage equipment market is segmented based on the equipment and voltage level. Based on the equipment, the market is sub-segmented into switches, power transformer, instrument transformers, reactive power equipment, insulator, control equipment, relay panel, carrier cabinet, communication equipment, SCADA, earthing material, and battery set. Based on the voltage level, the market is sub-segmented into 4 UHV (800 kV and above), EHV (200 kV and above, HVDC (500 kV DC), and HV (66 kV to 200 kV).

The Power transformer Segment is Expected to hold a Significant Share of the Global High Voltage Equipment Market

Transformers come in various shapes and sizes and have applications in the power sector. Mainly, they are used to regulate power from the grid and transfer electrical currents from one circuit to another. Factors such as the growing consumption of electricity, the increasing focus on renewable electric power generation, and the replacement of old transformers with upgraded transformers are some other key drivers of the global power transformer market growth. As the power sector is the key indicator of economic growth, countries are investing in strengthening their power infrastructure and meeting the growing electricity demand. Investments include new power grid projects that integrate electric power generated through renewable sources into the main power grid. Increases in renewable power generation such as hydro, wind, and solar are prominent drivers for the global market of power transformers.

Regional Outlooks

The global high voltage equipment market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement.

Global High Voltage Equipment Market Growth, by Region 2023-2030

Source: OMR Global

The Asia-Pacific Region is Expected to Hold the Considerable Share of the Global High Voltage Equipment Market

According to the IEA, the surges in energy demand is mainly due to rising population and energy demand from developing nations such as China and India in the Asia Pacific region. Global electricity demand has been growing, and, for Asia-Pacific, it is likely to grow at a faster rate. To meet such heavy demand heavy investment is being made to build infrastructure for electricity transmission and distribution. This is the main factor driving the market for heavy-voltage equipment in the region. For instance, in August 2022, Hitachi Energy doubled its production capacity at its plant in Bengaluru, by investing $13.70 million. The new manufacturing facility produces advanced capacitor units, banks, and power electronic compensators for power quality products. The new facility has doubled the existing capacity to produce power quality products from 10,000 to 22,000 MVAR. The increased manufacturing capacity is expected to meet the growing demand for power quality products in India.

Market Players Outlook

The major companies serving the global high voltage equipment market include General Electric Co., ABB Ltd, Crompton Greaves Consumer Electricals Ltd, Hitachi Energy Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaboration, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Hitachi ABB Power Grids signed an agreement to acquire US-based Pioneer Solutions LLC, a provider of front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions. The acquisition has expanded the company’s operations in the energy sector and empower energy market participants with leading digital capabilities to navigate the evolving regulatory environment and renewable energy goals.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global high voltage equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.