June 18, 2024
High Voltage Equipment Market

The High Voltage Equipment Market Is Driven By Increasing Renewable Energy Investments

The high voltage equipment market comprises a wide range of products that facilitate distribution and transmission of electricity at high voltages from generating stations to substations or within a power grid. High voltage equipment includes cables, circuit breakers, transformers and other switchgear essential to the functioning of electricity grids and offshore wind farms. With growing investments in renewable energy generation from wind and solar, the demand for high voltage equipment to efficiently distribute this energy is rising tremendously. For instance, high voltage equipment like gas insulated switchgear (GIS) and cables engineered to withstand harsh offshore conditions are increasingly deployed in offshore wind farms.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving investments in high voltage equipment is increasing investments in renewable energy infrastructure across regions. Governments and companies across both developed and developing economies are ramping up investments to achieve decarbonization targets. This, in turn, is generating strong demand for high-end transmission and distribution equipment to efficiently evacuate the power generated from renewable sources like solar and wind farms. As per estimates, a global total of over $635 billion was invested in renewable power generation assets excluding large hydro projects in 2021, which indicates the scale of opportunities emerging for manufacturers of high voltage equipment.

Porter’s Analysis

Threat of new entrants: The high voltage equipment market requires significant investments and compliances with safety standards which make it difficult for new players to enter.

Bargaining power of buyers: The demand for high voltage equipment is consistent from utility companies and governments which reduces their bargaining power.

Bargaining power of suppliers: The market has a large number of component suppliers which balances out their bargaining power.

Threat of new substitutes: There are no close substitutes for high voltage equipment since it serves a distinct purpose in transmission and distribution of bulk electric power.

Competitive rivalry: The market is dominated by large multinational players who compete on the basis of innovation, quality, and integrated solutions.

Key Takeaways

The Global High Voltage Equipment Market Demand is expected to witness high growth over the forecast period. 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.

Regional analysis: The Asia Pacific region is currently the fastest growing market for high voltage equipment. China dominates the Asia Pacific market led by large-scale investments into T&D infrastructure modernization. India is also emerging as a major market driven by government initiatives to expand electricity access.

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. They compete on product innovation and geographical expansion into newer markets.

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