The global high-voltage equipment market is anticipated to grow at a CAGR of 6.4% during the forecast period. According to the International Energy Agency (IEA) report, the global population is expected to grow an additional 0.5 billion from 8 billion in 2020 to over 8.5 billion in 2030. As per the report, the increased population and energy requirement from emerging markets and developing economies is fueling increased energy demand. To fulfill the ever-growing demand there has been a rapid expansion of transmission & distribution networks, which is the primary factor bolstering the market growth. A smart grid is an electricity network that enables a two-way flow of electricity and data with the use of digital communication technology. It detects, reacts, and proact to changes in usage and multiple issues. A smart grid also includes advanced metering infrastructure, smart distribution boards and circuit breakers, load control switches, and other smart appliances. Owing to such factors, there is a considerable increase in the deployment of smart grids globally, which directly is fueling the market growth and demand.
Browse the full report description of “High Voltage Equipment Market Size, Share & Trends Analysis Report by Equipment (Switches Power, Transformer, Instrument Transformer, Reactive Power Equipment, Insulator, Control Equipment, Relay Panel, Carrier Cabinet, Communication Equipment, SCADA, Earthing Material, and Battery Set), and by Voltage Level (4 UHV-Ultra High Voltage, EHV (Extra-High Voltage), HVDC (High Voltage Direct Current), and HV (High Voltage) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/high-voltage-equipment-market
Furthermore, Governments globally have come up with several supportive policies and frameworks, focusing on implementing modernized transmission & distribution networks such as a smart grid. For instance, in May 2022 the US Department of Energy (DoE) announced to provide fund of $2.5 billion for the Transmission Facilitation Program (TFP), which will be used to build out critical new transmission lines across the country.
Additionally, in June 2021, Canada Government invested $964 million in a program to support smart renewable energy and grid modernization projects. The grid project in Canada focuses on promoting the use of renewable energy sources and implementing IOT and digital communication technologies to integrate new sources of clean energy without compromising the stability and reliability of existing grids.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Equipment
o By Voltage Level
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including General Electric Company, ABB Ltd, Crompton Greaves Consumer Electricals Ltd, Hitachi Energy Ltd., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global High Voltage Equipment Market Report Segment
By Equipment
By Voltage Level
Global High Voltage Equipment Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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