High Voltage Equipment Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

High voltage equipment refers to a category of electrical apparatus designed to handle and control high voltages typically above 1,000 volts. The high voltage equipment is used to efficiently and safely manage the transmission and distribution of electricity over long distances, ensuring that power is delivered reliably to consumers while minimizing losses and maintaining system stability.

Sizing and Forecast

The high voltage equipment market size has grown strongly in recent years. It will grow from $104.02 billion in 2023 to $112.08 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing focus on electricity, increasing automation capabilities, increasing insulation efficiency, the usage of renewable energy systems, and increasing Industrialization.

The high voltage equipment market size is expected to see strong growth in the next few years. It will grow to $152.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the increasing adoption of smart grids, a growing number of initiatives and research activities, increasing demand for electricity, increasing population, and increasing demand for power. Major trends in the forecast period include a modernized electrical grid system, expansion in the Internet of Things (IoT) and smart device applications, integration with renewable energy systems, technological advancements, and launches of new products and services.

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Segmentation & Regional Insights

The high voltage equipment market covered in this report is segmented –

1) By Type: Switchgear, Transformer, Reactive Power Equipment, Relay Panel, Supervisory Control and Data Acquisition (SCADA), Others Types
2) By Voltage Level: UHV-Ultra High Voltage (800 Kv And Above), EHV (200 kV And Above), HVDC (500 kV Dc), HV (66 Kv To 200 Kv)
3) By Application: Power Transmission, Power Distribution, Other Applications
4) By End-User: Power Generation, Oil And Gas, Utilities, Industrial, Other End-Users

Asia Pacific was the largest region in the high voltage equipment market in 2023. The regions covered in the high voltage equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in demand for electricity is expected to propel the growth of the high-voltage equipment market going forward. The electricity demand is due to the increasing global population, growing economies, and the proliferation of electronic devices, appliances, and digital technologies. The high-voltage equipment is crucial for addressing the growing power demand by enabling efficient transmission, increasing capacity, guaranteeing dependability, integrating renewable energy, promoting industrial growth, and improving overall grid resilience. For instance, in August 2024, according to Eurostat, a Luxembourg-based government agency, the EU’s gross electricity production increased from 2,784 TWh in 2020 to 2,907 TWh in 2021. Furthermore, in 2024, according to the Department of Climate Change, Energy, the Environment, and Water, an Australia-based government department, Australia’s total energy generation rose by 2% in 2021–2022 to 272 TWh (978 PJ). Therefore, the increase in demand for electricity is driving the growth of the high-voltage equipment market.

Key Industry Players

Major companies operating in the high voltage equipment market are Hitachi Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Larsen & Toubro Limited, Toshiba Corporation, Eaton Corporation, Alstom SA, TBEA Co. Ltd., Fuji Electric Co. Ltd., WEG S.A., El Sewedy Electric Co., Bharat Heavy Electricals Limited, Meidensha Corporation, NARI Group Corporation, S&C Electric Company, Ormazabal Electric S.A., CG Power and Industrial Solutions Limited, Crompton Greaves Ltd., Arteche, VitzroEM Co. Ltd.

The high voltage equipment market report table of contents includes:

1. Executive Summary
2. High Voltage Equipment Market Characteristics
3. High Voltage Equipment Market Trends And Strategies
4. High Voltage Equipment Market – Macro Economic Scenario
5. Global High Voltage Equipment Market Size and Growth
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32. Global High Voltage Equipment Market Competitive Benchmarking
33. Global High Voltage Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High Voltage Equipment Market
35. High Voltage Equipment Market Future Outlook and Potential Analysis
36. Appendix