High Voltage Equipment Market Is Estimated To Witness High Growth Owing To Rising Demand
Market Dynamics:
As mentioned earlier, rapidly growing power transmission infrastructure owing to increasing electricity demand from industrial and urban sectors remains a key driver for the high voltage equipment market over the forecast period. Additionally, aging of existing transmission assets across several developed markets such as United States and Europe is necessitating replacement of old equipment with advanced high voltage switchgear and transformer equipment. This is further expected to support market growth through 2031. However, high initial investment costs associated with establishment of transmission systems could potentially hamper investments, thereby restricting market growth to some extent over the forecast period.
SWOT Analysis
Strength: The high voltage equipment market has strong growth potential due to increasing investments in renewable energy and power transmission infrastructure. Governments across regions are focusing on developing green energy sources which will boost the demand. Existing players have extensive experience and expertise in this domain which gives them an edge.
Weakness: Frequent changes in safety standards and regulations pose compliance challenges for manufacturers. High initial costs associated with setting up manufacturing units of high voltage equipment increase the entry barriers for new entrants.
Opportunity: Rising penetration of electric vehicles around the world presents new growth avenues. Government initiatives to modernize and expand transmission networks of developing nations opens up an untapped market.
Threats: Emergence of new energy efficient technologies can disrupt current business models. Trade tensions and fluctuations in commodity prices increase uncertainty.
Key Takeaways
The Global High Voltage Equipment Market Size is expected to witness high growth in the forecast period owing to increasing investments to expand transmission grids and modernize aging infrastructure globally. Rapid industrialization and urbanization will further spur demand. The global high voltage equipment market is estimated to be valued at US$ 132.96 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Regional analysis related content comprises
The Asia Pacific region currently dominates the high voltage equipment market and is expected to maintain its lead through 2031. This can be attributed to heavy investments underway in countries like China and India to develop regional grids, connect renewable energy zones, and electrify remote areas. Development of ambitious plans such as "One Belt One Road" initiative by China has strengthened intra-regional connectivity.
Key players related content comprises
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. Key players are focusing on developing advanced solutions to gain a competitive edge in the rapidly growing market.
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