The high voltage equipment market is projected to be valued at USD 126.1 billion in 2024, with a CAGR of 7.8% over the forecast period, reaching USD 268.0 billion by 2034.
Demand for high voltage equipment is largely driven by the increasing need for power distribution as global electricity consumption rises. This equipment is essential in supplying power to remote areas, further boosting its role in power distribution networks.
Beyond power distribution, high voltage equipment is finding applications in various sectors. In the medical field, it is used for X-ray machines, while the military sector also utilizes it, contributing to market growth. Additionally, the rise of new energy sources is creating further demand for high voltage equipment, particularly for energy distribution and scientific research purposes.
Key Takeaways from the High Voltage Equipment Market
- The high voltage equipment industry is anticipated to be valued at USD 126.1 billion in 2024.
- Circuit breakers are the most common type of equipment in the market. From 2024 to 2034, circuit breakers are forecasted to progress at a CAGR of 7.5%.
- HV-Up to 200kV voltage leads in the voltage level segment. For the forecast period, HV-Up to 200kV voltage is predicted to progress at a CAGR of 7.3%.
- China is one of the most promising countries in the high voltage equipment market. The CAGR for the market in China over the forecast period is anticipated to be 9.7%.
- Japan and South Korea are other Asian countries poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for markets in Japan and South Korea is set to be 9.0% and 5.3%, respectively.
- The high voltage equipment industry is expected to register a CAGR of 7.6% in the United States over the forecast period.
Key Companies in the High Voltage Equipment Market:
- ABB Ltd.
- Siemens AG
- Larsen & Toubro Limited
- General Electric Company
- Honeywell International, Inc.
- Rockwell Automation, Inc.
- Emerson Electric Co.
- Mitsubishi Electric
Key Segmentation
By Equipment Type:
- Circuit Breaker
- Disconnector
- Insulator
- Switchgear
- Surge Arrester
- Battery Set
- Capacitors and Filters
- Control Equipment
- Switches
- Others
By Voltage Level:
- HV-Up to 200kV Voltage
- EHV-200 to 800kV Voltage
- HVDC-500kV Voltage
- UHV-800kV & Above
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Report Preview: https://www.futuremarketinsights.com/reports/high-voltage-equipment-market
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