Global high voltage equipment market was valued at US$ 92,671.3 Mn in 2018, and is expected to exhibit a CAGR of 7.4% over the forecast period to reach US$ 175,696.7 Mn in 2027. In terms of volume, high voltage equipment market was pegged at 1,126,697.0 thousand units in 2018, and is expected to reach 1,746,574.4 thousand units in 2027, exhibiting a CAGR of 5.0% over the forecast period. Asia Pacific accounted for 37.1% revenue share in the global high voltage equipment market in 2018. Increasing demand for high voltage equipment in power transmission and distribution is driving growth of the high voltage equipment market, according to High Voltage Equipment Market Report, by Equipment Type (Circuit Breaker, Disconnector, Insulator, Switchgear, Surge Arrester, Battery Set, Capacitors and Filters, Control Equipment, Switches, and Others), by Voltage Level (HV-Up to 200kV Voltage, EHV-200 to 800kV Voltage, HVDC-500kV Voltage, and UHV-800kV & Above), and by Region (North America, Europe, Asia Pacific, Latin America, South Africa, and Rest of World), published by Coherent Market Insights.
High voltage equipment market study analyzes switchgear, switches, surge arrester, battery sets, disconnector, circuit breaker, insulator, capacitor & filters control equipment, and other equipment prospects. According to Coherent Market Insights, others segment, which includes transformers and other equipment accounted for the largest share in 2018, followed by switchgear segment.
Pressure of high performance on transmission systems has resulted in longer lines, higher voltages and currents, demand for higher voltage rate, and more effective equipment by end users. Energy losses are prevented by increasing the voltage above 800 kV with Ultra-High Voltage (UHV) transmission lines. Therefore, key players in the market are focused on developing ultra-high voltage equipment for power transmission to longer distances. UHV helps in achieving efficiency and lowering transmission costs, which is expected to fuel growth of this segment. Several manufacturers such as General Electrical and Fuji Electric Co., Ltd. are developing efficient and cost effective equipment by lowering transmission cost, which are based on UHV technology and are more reliable with respect to enhanced performance. Increasing demand for ultra-high voltage equipment is expected to create significant growth opportunity for market players in the high voltage equipment market.
However, high voltage equipment are expensive. For instance, average price of circuit breakers is US$ 5000 to US$ 6000. The materials used for manufacturing high voltage equipment include copper, steel, and aluminum. The cost of high voltage equipment is directly proportional to raw materials prices, which keep on fluctuating. High voltage equipment require copper in large volume and the price of copper fluctuates on the basis of the demand for scrap and the rate of production. Economic conditions also play a significant role in price fluctuations of raw materials. For instance, in March 2019, copper prices fluctuated as the U.S was expected to impose duties on Chinese imports. Moreover, the cost for installation and transportation of high voltage equipment is high. Furthermore, prior to installation of high voltage equipment, it is necessary to install protective instruments such as pressure relay, oil level monitor devices, and winding thermometers as these components are very delicate and expensive. This in turn increases the cost of installation of high voltage equipment, which hampers the market growth.
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