High Voltage Equipment Market

High Voltage Equipment Market Overview

The global High Voltage Equipment Market size was valued at USD 126.43 billion in 2023 and is predicted to reach USD 198.69 billion by 2030 with a CAGR of 6.7% from 2024-2030.

The High Voltage Equipment Market refers to the industry segment focused on the production, distribution, and application of electrical systems and equipment designed to operate at high voltage levels, generally above 1,000 volts. This market includes a wide range of products, such as transformers, switchgear, circuit breakers, insulators, and high-voltage transmission lines, all of which are vital for the transmission and distribution of electricity across vast distances.

High voltage systems are essential for efficiently moving large amounts of electrical power from generation sites, such as power plants and renewable energy facilities, to distribution networks that supply homes, businesses, and industries. The market plays a crucial role in supporting the expansion and modernization of power infrastructure, enabling the delivery of electricity to meet the growing energy needs of populations and industries worldwide.

Market Dynamics and Trends

The worldwide growing demand for electricity is significantly driving the demand for high voltage equipments as it necessitates the need for reliable and efficient delivery of electricity, prompting investments in high voltage systems. According to the International Energy Agency (IEA), the global electricity demand is expected to grow by about 60% by 2030. This increasing demand for electricity, coupled with the need for robust infrastructure to support it, is fueling the growth of the market globally.

Moreover, the rapid urbanization across the globe further drives the market by increasing the demand for robust and extensive power infrastructure to support growing urban populations and industrial activities. As per the data published by the World Bank, the global urban population is expected to increase by 1.5 times, reaching 6 billion by 2045. This surge in urbanization is leading to significant investments in high voltage equipment and technologies, fueling growth of the market.

Furthermore, the global growing adoption of renewable energy sources is another factor driving the market by necessitating the development of robust transmission infrastructure capable of transporting electricity generated from renewable sources, such as wind and solar farms, over long distances. According to the data from the International Energy Agency (IEA), the global investment in renewable power rose from USD 596 billion in 2022 to USD 659 billion in 2023, boosting demand for high voltage equipment worldwide. 

However, the high cost of installation and maintenance of high voltage equipment are the major factor restraining the growth of the market. 

On the contrary, the introduction of advanced materials such as superconductors, that conduct electricity with zero resistance, resulting in higher efficiency and lower energy loss is expected to create ample opportunities in market in the coming years.

Market Segmentations and Scope of the Study

The High Voltage Equipment Market share is segmented on the basis of type, voltage level, application, and region. On the basis of type, the market is divided into cables & accessories, power transformers, switchgear, switches, control, reactive, power instrument transformer, relay panel, earthing equipment, battery set.

On the basis of voltage level, the market is classified into UHV- ultra high voltage (800 KV and above), EHV- extra high voltage (200 KV and above), HVDC- High-voltage direct current (500 KV DC), HV- high voltage (66 KV to 200 KV). On the basis of application, the market is segmented into power transmission and power distribution. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis 

Asia-Pacific region dominates the High Voltage Equipment Market and is expected to continue its dominance during the forecast period. The is due to increasing demand for electricity that necessitates the adoption of advanced high voltage equipment to ensure the stability and reliability of the power supply. According to the International Energy Agency (IEA), electricity demand in China is expected to reach 1373 trillion watts (TWh) between 2019 to 2025, thereby driving the market's growth. 

Moreover, the growing investment by governments in the expansion of power infrastructure is further driving the market by accelerating the development and modernization of electrical grids. These investments support the construction of new high voltage transmission lines, substations, and transformers, essential for efficiently transporting electricity over long distances. 

For instance, in February 2023, the Power Grid Corp board of India approved an investment of approximately USD 100 million for the expansion of power infrastructure in the country. The investment was aimed toward setting up new transmission lines, substations, and other related infrastructure to improve the power supply and grid stability in both the urban and rural areas of the country.

On the other hand, Europe is experiencing steady growth in the High Voltage Equipment Market, driven by increasing investments in renewable energy sources that require the development of advanced transmission infrastructure. For instance, in March 2022, the German government announced an investment of USD 222 million towards energy transition. This investment is a significant step towards achieving Germany's goal of becoming a climate-neutral country by 2045. 

Moreover, the presence of key companies such as Siemens Energy, Schneider Electric SE, and ABB Ltd further drives the market in this region by fostering innovation and competition in the development of advanced technologies and solutions. These players offer high voltage equipment, such as transformers, switchgear, and circuit breakers, that enhance the efficiency and reliability of power transmission and distribution. 

For example, in April 2021, Siemens Energy launched a new range of high voltage edge transmission products that are designed to shape the "Internet of Energy". These products enable a more stable and secure transmission of electricity by reducing the risk of grid failures and optimize the use of renewable energy sources. 

Competitive Landscape

Various market players operating in the high voltage equipment industry include General Electric Company, Tebian Electric Apparatus Stock Co. Ltd., Siemens AG, Larsen & Toubro Limited, ABB Group, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Crompton Greaves Consumer Electricals Limited, Toshiba Corporation, Hitachi, Ltd, Eaton Corporation Plc, Schneider Electric SE, Advanced Energy, TDK Corporation, SEG Automotive, and others. These market players are adopting various strategies including product launches to remain dominant in the market. 

For instance, in April 2023, TDK Corporation launched a new line of high voltage contactors in two models, with rated voltage ratings of 400 VDC and 800 VDC, designed specifically for electric vehicles. The new contactors are designed to provide reliable and efficient switching of high voltage DC circuits in electric vehicles, helping to improve safety and performance. 

Moreover, in February 2023, Advanced Energy introduced a new line of ultra-miniature programmable high voltage precision DC-DC converters that are fully programmable and can be easily customized to meet the specific needs of different applications. The equipments are designed to deliver high precision and efficiency in a compact form factor, making them ideal for a wide range of applications in industries such as medical, aerospace, and defense. 

Furthermore, in January 2023, SEG Automotive introduced a range of high voltage machines designed to support the growing demand for electric vehicles in India and help automakers transition to more sustainable mobility solutions. The high voltage machines are suitable for use in electric vehicles, hybrid vehicles, and mild-hybrid vehicles, and are expected to provide improved performance and efficiency compared to conventional systems. 

Key Benefits

• The high voltage equipment market report provides the quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of a detailed analysis of the high voltage equipment industry trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.

• The competitive analysis of the market players along with their market share in the High Voltage Equipment Market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

High Voltage Equipment Market Key Segments

By Type 

• Cables & Accessories

• Power Transformers

• Switchgear

• Switches

• Control

• Reactive

• Power Instrument Transformer

• Relay Panel

• Earthing Equipment

• Battery Set

By Voltage level 

• UHV-Ultra High Voltage (800 KV and above)

• EHV- Extra High Voltage (200 KV and above)

• HVDC- High-Voltage Direct Current (500 KV DC

• HV- High Voltage (66 KV to 200 KV)

By Application 

• Power Transmission

• Power Distribution

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• General Electric Company

• Tebian Electric Apparatus Stock Co. Ltd.,

• Siemens AG

• Larsen & Toubro Limited

• ABB Group

• Mitsubishi Electric Corporation

• Fuji Electric Co. Ltd

• Crompton Greaves Consumer Electricals Limited

• Toshiba Corporation

• Hitachi, Ltd

• Eaton Corporation Plc

• Schneider Electric SE

• Advanced Energy

• TDK Corporation

• SEG Automotive

REPORT SCOPE AND SEGMENTATION: 

Parameters	Details
Market Size in 2023	USD 126.43 Billion
Revenue Forecast in 2030	USD 198.96 Billion
Growth Rate	CAGR of 6.7% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	The increasing demand for electricity worldwide drives the market Growing urbanization boosts the market expansion Rising adoption of renewable energy drives the market growth
Countries Covered	28
Companies Profiled	1
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.