by The high voltage equipment market comprises equipment such as switch gear, transformers, reactors, and others which operate at high voltages. High voltage equipment helps in the efficient transmission and distribution of electricity across long distances without significant losses. They are mainly used in utilities and industries for operating equipment above 1,000 volts. The increasing renewable energy adoption and smart grid infrastructure development are propelling the demand for high voltage equipment.
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 2030.
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 growing investments by governments and private players in developing renewable energy projects across the globe are opening ample opportunities for market players. With North America and Europe experiencing rising deployments of offshore wind power projects in recent years, key players are focusing on expanding their presence in these regions. Growing investments in grid infrastructure modernization and integration of renewable sources with existing grids are driving the demand for high voltage equipment globally.
Market Drivers
The increasing renewable energy capacity additions, mainly from solar and wind, are one of the key drivers for The High Voltage Equipment Market. Renewable energy requires long distance transmission from generation points to load centers and high voltage equipment helps in efficient bulk power transmission over long distances. Thus, the increasing focus of governments and companies on developing renewable energy capacity to meet carbon emission reduction targets will continue fueling market growth over the forecast period.
PEST Analysis
Political: The high voltage equipment market is subjected to various government regulations regarding safety, quality, and environment protection across regions. Manufacturers have to comply with these regulations to penetrate new markets.
Economic: Changes in global GDP, infrastructure investments by governments, rising investments towards modernization of transmission and distribution networks positively influence demand for high voltage equipment.
Social: As population grows, need for electricity increases which accelerates investments in T&D networks. This fuels demand for high-end, efficient equipment for conveyance of massive power over long distances.
Technological: Adoption of advanced technologies like HVDC, FACTS, and superconducting cables enables bulk power transfer over long distances without capacity concerns. Switchgears integrated with automation & digital technologies also gain traction.
Around 60% of market revenue comes from Asia Pacific region led by China, India and Japan. Rising investments towards modernization and expansion of aging grid infrastructures along with growing industrialization and urbanization has been the key driver.
Europe is the second largest regional market owing to ongoing grid modernization projects particularly in countries like Germany, UK and France. Presence of major manufacturers and emphasis on sustainable energy generation also supports regional growth.
The high voltage equipment market in North America is concentrated in the United States, which is the third largest regional market globally. Factors such as upgradation of aging transmission assets, integration of renewable energy sources and expansion of interstate transmission capacities will continue driving demand over the forecast period.
