High Voltage Equipment Market will grow at highest pace owing to technology upgradation

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The high voltage equipment market comprises equipment such as HV cables, switchgears, transformers, and more, which are used for transmission and distribution of electricity at high voltages. High voltage cables are used for overhead and underground transmission lines to transmit electricity over long distances from generating stations to substations. Switchgears are used for safe isolation of circuits, switching, circuit breaking, and the protection of electrical equipment. Transformers form an essential part of the electricity network as they help step-up or step-down voltages according to requirements. The demand for electricity is increasing rapidly which is driving investments in transmission and distribution networks, thereby propelling the need for high voltage equipment to support grid connectivity.

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 population and rapid urbanization are leading to increased demand for electricity. According to the IEA, global power sector demand is expected grow by 50% between 2018 to 2040. This rising energy demand will require augmentation of existing transmission and distribution infrastructure, thereby driving utilization of high voltage equipment.

Technological advancements such as renewable integration, smart grid networks, energy storage, and Superconductors are expected to support productivity, reliability, and operational efficiency of power systems. Advanced high voltage equipment with upgraded insulation systems, monitoring capabilities are being adopted to sync with the evolving power sector dynamics.

Market Trends
Upgradation of aging infrastructure: Many regions have power grids that are over 40 years old requiring heavy investments in modernization. Retrofitting with high-efficiency HV equipment can reduce losses, enhance reliability.

Adoption of superconductors: Second-generation high temperature superconductors offering higher power densities and lesser space vis-à-vis traditional conductors are finding increased usage in transformers and cables to further augment grid capabilities.

Market Opportunities
Investments in renewable energy: Growing integration of renewable energy requires upgrading of grids to efficiently handle variable renewable power. This presents opportunities for HV equipment usable for wind and solar farms.

Rural electrification: Expanding access to electricity in remote regions relies on long-distance transmission networks, offering scope for HV infrastructure.

Impact of COVID-19 on High Voltage Equipment Market Growth
The COVID-19 pandemic significantly impacted the growth of the high voltage equipment market initially. Due to nationwide lockdowns imposed across various countries, construction and infrastructure development activities were halted. This led to a decline in demand for high voltage equipment from utilities engaged in transmission and distribution of electricity. However, with economic activities gradually resuming, the market is expected to recover post COVID-19. Global investments towards strengthening and augmenting transmission infrastructure are likely to support market growth going forward. To sustain the increasing power demand, utilities need to focus on modernizing aging assets as well as expanding transmission networks in rural areas through long-term planning while ensuring safety of workforce and citizens during project execution. Adopting advanced technologies such as IoT and advanced grid analytics can help monitor equipment condition remotely and optimize maintenance work to reduce risks amid the ongoing uncertainties.

Geographically, North America holds the largest share of the global high voltage equipment market in terms of value, followed by Asia Pacific and Europe. This is attributable to rapid infrastructure development and investments towards modernizing the aging power grids across countries like the US and Canada. Meanwhile, Asia Pacific represents the fastest growing regional market and is expected to witness significant investments in transmission and distribution projects over the coming years led by China, India and Southeast Asian nations. This is owing to rising electricity demand from industrial, commercial and residential sectors coupled with government initiatives to enhance electrification levels and provide sustainable energy access.

Focus towards infrastructure development and strengthening of transmission networks across different regions will remain vital for ensuring continuous and reliable supply of electricity to end-users. While Asia Pacific market is growing at a robust pace, North America continues to dominate with its established infrastructure and investments to modernize aging assets. Adopting renewable integration and remote monitoring technologies can help mitigate risks for high voltage equipment manufacturers and utilities during uncertain times amid ongoing pandemic.


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