Coherent Market Insights

High Voltage Equipment Market To Surpass US$ 188.46 Bn By 2030

High Voltage Equipment Market To Surpass US$ 188.46 Bn By 2030 - Coherent Market Insights

Publish In: Jun 08, 2023

The High Voltage Equipment is relatively small but growing rapidly, particularly in urban areas where there is high demand for efficient and sustainable electrical solutions. Many High Voltage Equipment manufacturers have emerged in the market to cater to this growing demand, offering a range of products.

Global High Voltage Equipment market is estimated to be valued at US$  188.46  Bn by 2030.

Global High Voltage Equipment Market: Drivers

Increasing Investments in Power Infrastructure

Growing investments in power infrastructure, both in developed and developing economies, contribute to the demand for high voltage equipment. Governments and private entities are investing in expanding and upgrading their power systems to meet the increasing electricity demand and improve energy security. For Instance, In November 2021, The Infrastructure Investment and Jobs Act, commonly referred to as the Bipartisan Infrastructure Law (BIL), was enacted in November 2021, authorizing over $1 trillion in public investments. A significant aspect of this legislation focuses on expediting the transition to clean energy and enhancing the dependability and robustness of electric power infrastructure. By January 2023, approximately 40 percent of the total clean-energy funding allocated under the BIL had been initiated, while the remaining programs are anticipated to commence their funding cycles in early 2023.

Global High Voltage Equipment Market: Opportunities

Industrial Expansion:

The expansion of industries such as oil and gas, manufacturing, mining, and construction drives the demand for high voltage equipment. These industries require high voltage solutions for their power distribution needs, creating opportunities for equipment suppliers. For Instance In may 2020, Huber+Suhner, an expert in electrical and optical connectivity, has introduced a new off-the-shelf solution called the modular High Voltage Distribution Unit (mHVDU) for electric vehicles (EVs). This mHVDU is designed to manage high voltage levels of up to 800V DC, making it a prominent solution within the EV industry. It proves to be highly efficient, particularly in extreme usage scenarios and harsh environmental conditions.

Global High Voltage Equipment Market: Restraints

Regulatory and Environmental Challenges:

High voltage equipment is subject to stringent regulatory standards and environmental regulations. Compliance with these regulations adds complexity and costs to the design, manufacturing, and operation of high voltage equipment. Meeting these requirements can pose challenges for manufacturers and potentially slow down the market growth. For Instance, On April 24, 2023 Article published by Government of Western Australia stated, a collaborative effort between Building & Energy and WorkSafe has resulted in the development of updated high-voltage electrical installation guidelines. These guidelines have been carefully aligned with Western Australia's current regulatory framework, which includes electrical safety legislation and the Work Health and Safety Act 2020. The publication has been issued under the authority of WA's Director of Energy Safety and carries the endorsement of the WorkSafe Commissioner, ensuring its compliance with relevant industry regulations and standards.

Market Trends

Asia Pacific Trends

Increasing investments for research and development in electricity networks in countries such as Japan, China, and India acts as a key factor for the market growth. China is expected to be the fastest growing market for high voltage equipment in the region over the forecast period. In China, the State Grid Corporation of China is expected to spend US$ 86 billion to build 37 ultra-high voltage transmission and distribution lines by using ultra high voltage equipment by the end of 2020. In India, increasing awareness regarding safety in electrical operations is increasing demand for Earth Leakage Circuit Breaker (ELCB) and Miniature Circuit Breaker (MCB) and both of them are the varieties of switchgear, which is used in residential applications. According to , electrical machinery export in India has witnessed a continuous growth in the recent past. A key driver for exports is increasing outsourcing of manufacturing goods from India along with other factors such as low labor costs and improvements in technology capability of domestic players.

Europe Trends

Rapid growth in renewable energy installations, driving the demand for high voltage equipment for grid integration. Emphasis on inter-country power interconnections and cross-border transmission projects. Adoption of advanced high voltage technologies to improve energy efficiency and reduce transmission losses. Stringent regulations promoting energy efficiency and sustainability.

Global High Voltage Equipment Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has made a significant negative impact on the manufacturing industry and the global supply chain. Furthermore, the restrictions on international trade and travel have also hindered the supply of high voltage equipment components, affecting production and delivery schedules. The disruption in the supply chain, coupled with the shortage of raw materials and labor, has led to delays in project completion and equipment installation. However, amidst the challenges, the need for reliable power supply and the growing demand for renewable energy sources have provided some opportunities for the high voltage equipment market. Governments and utilities have focused on upgrading and modernizing the power infrastructure to enhance grid resilience and accommodate renewable energy integration.

Global High Voltage Equipment Market: Competitive Landscape         

Major companies operating in the global High Voltage Equipment market are: ABB Ltd., Siemens AG, Larsen & Toubro Limited, General Electric Company, Honeywell International, Inc., Rockwell Automation, Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Schneider Electric SE, Alstom SA, and Fuji Electric

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Key Takeaways:

Global market was valued at US$ 1,07,560 Bn in 2022 and is forecast to reach a value of US$ 188.46 Bn by 2030 exhibiting CAGR of 7.3% between 2023 and 2030.

Global High Voltage Equipment Market: Recent Developments

In July 2020, GE Renewable Energy's Grid Solutions business has achieved its initial industrial orders for "Green Gas for Grid" (g³) technology. These orders were placed by Evonik, a leading specialty chemicals company in Germany, and Omexom, a UK-based Engineering Procurement and Construction (EPC) company. The combined order consists of 18 gas-insulated switchgear (GIS) bays utilizing g³ technology.

In February 2021, Ricoh Electronics Devices Co., Ltd. has introduced the R3500 series, which comprises a 4-channel high-voltage window voltage detector. This detector is specifically designed for applications that necessitate compliance with functional safety standards.

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