High-voltage Equipment Market Research Report By Equipment Type (Circuit Breakers, Current Transformers, Disconnectors, Insulators, Surge Arresters, Voltage Transformers), By Voltage Level (Extra-High-voltage (EHV), High-voltage (HV), Medium Voltage (MV), Low Voltage (LV)), By End-User Industry (Utilities, Industrial, Commercial, Renewable Energy), By Application (Transmission, Distribution, Power Generation), By Installation Type (Indoor, Outdoor) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa)

Global High-voltage Equipment Market Overview:

As per MRFR analysis, the High-voltage Equipment Market Size was estimated at 25.12 (USD Billion) in 2022. The High-voltage Equipment Market Industry is expected to grow from 25.98 (USD Billion) in 2023 to 35.2 (USD Billion) by 2032. The High-voltage Equipment Market CAGR (growth rate) is expected to be around 3.43% during the forecast period (2024 - 2032).

Key High-voltage Equipment Market Trends Highlighted

The high-voltage equipment market is expected to be a very fast-growing market, as there is increasing demand for electricity transmission and distribution networks. This demand is enhanced by increasing urbanization, increasing industrialization, and increasing electrification of transport, which require enough and dependable high-voltage equipment. Some of the key drivers of the market are expenditure on alternative energy sources development, increase in electric grids due to the need for increased renewable integration and the rise of electric vehicles.

The potential of going up is present in the provision of new solution gas-insulated switchgear engineering technology, process development for secondary supplied power transformers, and integrated digital substations. These technologies provide customers with increased effectiveness, reliability and ecology. The transition process to smart grids and the use of distributed energy resources in emerging markets are the new markets for high-voltage equipment manufacturers to provide grid modernization and grid optimization solutions.

High-voltage equipment market trends also include prefabricated solutions, which minimize the costs and time required for installation. Condition monitoring systems are also being implemented which help utilities in asset management, including the planning of maintenance. Furthermore, the expansion of lightweight and compact high-voltage equipment is defined by the utilization of advanced materials and contemporary production methods, making equipment installation and transportation easier.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

High-voltage Equipment Market Drivers

Increasing Demand for Renewable Energy

The increased use of clean energy, especially wind and solar energy, is causing an upsurge in the high-voltage equipment market. These renewable sources additionally rely on high-voltage equipment for electric power transmission over long distances with very little loss. Electricity generation from renewable sources in the form of hydropower and wind energy is likely to remain one of the key growth areas in the high-voltage equipment market over the forecast period. The adoption of renewable energy into the grid also requires the use of high-voltage equipment to enable optimal flow and delivery of electricity.

Aki, Ivanič, in general, every energy system operating at more than 110 kV includes high-voltage equipment which is these devices serves to avoid power cut-off and reduce a loss during transmission, which is of core importance for the efficiency of every renewable energy system. As the world moves to a clean energy system, there will be a high demand for high-voltage equipment. Favorable policies and incentives have been adopted in various countries to accelerate the wise use of renewable energy. Typical policy measures involve feed-in tariffs, direct investment tax credits and renewable energy standards.

As a result of these policies, it is expected that the increase in the high-voltage equipment market will further the upsurge in demand for renewable energy.

Rising Grid Infrastructure Investment

The main trend that drives the demand for high-voltage equipment is the aging and expansion of the global grid infrastructure. Many countries are investing in the expansion and modernization of the electricity grid to satisfy the rapidly growing demand for electric power and increase the reliability and resilience of the grid. This investment includes the commissioning of new high-voltage transmission lines, substations, and transformers.

Technological Advancements

Technological advancements also drive the expansion of high-voltage equipment on the market. New materials and methods of their production are being developed and they lead to the manufacturing of more efficient and reliable equipment. In addition, technological advancements locally lower the cost of production, which enables the provision of high-voltage equipment to developing countries.

High-voltage Equipment Market Segment Insights:

High-voltage Equipment Market Equipment Type Insights

The High-voltage Equipment Market is expected to exhibit promising growth, driven by increasing demand for reliable and efficient power transmission and distribution systems. The Equipment Type segment plays a crucial role, encompassing a range of specialized components essential for high-voltage applications. Circuit breakers, with a global market revenue of approximately USD 12.4 billion in 2024, serve as critical safety devices to protect electrical systems from overcurrents. They are projected to witness steady growth due to rising emphasis on grid modernization and the integration of renewable energy sources. Current transformers, with a market size estimated at USD 6.8 billion in 2024, facilitate accurate measurement of high-voltage currents.

They find widespread application in various industries, including power generation, transmission, and distribution. The increasing adoption of smart grid technologies is expected to drive demand for current transformers. Disconnectors, with a global market valuation of approximately USD 5.9 billion in 2024, are crucial for isolating electrical circuits during maintenance or repairs. They contribute to the safe and efficient operation of power systems, with growing demand anticipated in emerging economies. Insulators, with a market revenue of around USD 4.7 billion in 2024, serve as barriers to prevent electrical leakage and maintain voltage integrity. Technological advancements, such as composite insulators, are fueling market growth in this segment. Surge arresters, with a global market size of approximately USD 3.1 billion in 2024, protect electrical systems from voltage surges caused by lightning strikes or switching operations. They play a vital role in safeguarding sensitive equipment and ensuring grid stability, leading to increased demand.

Voltage transformers, valued at around USD 2.8 billion in 2024, are used to step down high voltages to lower levels for measurement and control purposes. With the growing focus on power quality and energy efficiency, voltage transformers are experiencing rising demand across various industries. The Equipment Type segment of the High-voltage Equipment Market is characterized by continuous advancements in technology, driven by the need for increased efficiency, reliability, and safety in power transmission and distribution systems. Ongoing investments in grid infrastructure and the integration of renewable energy sources are expected to drive sustained growth in this market segment.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

High-voltage Equipment Market Voltage Level Insights

Insulation voltage level is an essential characteristic of HV equipment, so understanding the High-voltage Equipment Market segmentation by voltage level is paramount to analyzing these market trends. The market tracked in terms of extra-high voltage held a significant share in 2023 and is expected to see increased shares in the forecast period since there is a high demand for energy in this form of system. The High-voltage aspect of the market offered substantial revenues in the past and will continue the same trend in future years as these levels are widely available and easily transferable to peak demands of various industrial and commercial applications.The definition of Medium Voltage includes its wide usage within distribution networks and electric motors, and the market segment for this sector displays growing traction. The last point on the voltage level scale is Low Voltage, associated with the operation of low-power systems and is expected to see medium increases.

High-voltage Equipment Market End-User Industry Insights

The High-voltage Equipment Market segmentation into End-User Industries such as Utilities, Industrial, Commercial, and Renewable Energy provides insights into the diverse applications of high-voltage equipment across various sectors. Utilities, a major end-user segment, accounted for a sizeable market share in 2023, driven by increasing demand for reliable and efficient transmission and distribution of electricity. The Industrial segment is expected to grow significantly due to rising demand for high-voltage equipment in industries such as mining, manufacturing, and oil and gas.Commercial buildings, data centers, and transportation systems also contribute to the growth of the High-voltage Equipment Market in the Commercial segment. Furthermore, the Renewable Energy segment is gaining traction due to the growing adoption of renewable energy sources, such as solar and wind power, which require high-voltage equipment for grid integration and power transmission.

High-voltage Equipment Market Application Insights

The High-voltage Equipment Market is segmented by application into transmission, distribution, and power generation. The transmission segment accounted for the largest share of the market in 2023 and is expected to continue to dominate the market over the forecast period. The growth of the transmission segment is attributed to the increasing demand for electricity and the need to upgrade and expand transmission networks. The distribution segment is expected to witness significant growth over the forecast period due to the increasing demand for electricity in remote areas and the need to improve the efficiency of distribution networks.The power generation segment is expected to grow at a steady pace over the forecast period, driven by the increasing demand for electricity and the need to replace aging power generation equipment.

High-voltage Equipment Market Installation Type Insights

The High-voltage Equipment Market is segmented by Installation Type into Indoor and Outdoor. The Outdoor segment held a larger market share in 2023 and is expected to continue to dominate the market through 2032. The growth of the Outdoor segment can be attributed to the increasing demand for high-voltage equipment in outdoor applications, such as substations, power plants, and transmission lines. The Indoor segment, on the other hand, is expected to witness a steady growth rate over the forecast period. The growth of the Indoor segment can be attributed to the rising demand for high-voltage equipment in indoor applications, such as data centers, commercial buildings, and industrial facilities.

High-voltage Equipment Market Regional Insights

The High-voltage Equipment Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, followed by Europe and APAC. The growth in North America is attributed to the increasing demand for high-voltage equipment from the power generation, transmission, and distribution industries. The European market is expected to grow at a steady pace, driven by the replacement of aging infrastructure and the growth of renewable energy sources. APAC is expected to be the fastest-growing region, driven by the increasing demand for electricity from emerging economies such as China and India.South America and MEA are expected to grow at a moderate pace, driven by the increasing investment in infrastructure development.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

High-voltage Equipment Market Key Players And Competitive Insights:

High-voltage Equipment Market major players typically adopt a plethora of strategies to increase their market reach. These include primarily the development of new products, partnerships, and the occasional mergers and acquisitions. Market players in the high-voltage equipment market plan to intensify investment in research and development to introduce innovative products. The growth in the high-voltage equipment market is slated to be spurred by the rising demand for electricity from emerging economies. The high-voltage equipment market competitive landscape presages to remain a fragmented medium, with the presence of a plethora of players.ABB is a Switzerland-based global multinational company and one of the leading high-voltage equipment providers.

ABB is a pioneer in the power and automation technologies space. The company has a sizeable presence in both the developing and developed world. ABB’s range of high-voltage operations includes gas-insulated substations, transformers, switchgear, etc. Siemens is another one of the leading players in the High-voltage Equipment Market players. It is among rivals for the top spot in the high-voltage equipment market along with ABB. Siemens offers the full spectrum of high-voltage gear, including transformers, switchgear, and gas-insulated substations. The company has a sizeable market presence in developed Europe and is also an expanding force in the developing economies of Asia and the Middle East. Both ABB and Siemens prioritize innovation and are engaging in heavy investments in the segment.

Key Companies in the High-voltage Equipment Market Include:

• Siemens


• Chint Group


• Rohn


• Hitachi


• Eaton


• ABB


• Mitsubishi Electric


• Quanta Services


• Valmont Industries


• General Electric


• Toshiba


• LSIS


• Schneider Electric


• Nissin Electric


• Hyosung

High-voltage Equipment Market Industry Developments

The High-voltage Equipment Market is anticipated to grow significantly over the next decade. In 2023, the market was valued at approximately USD 25.98 billion and is expected to reach USD 35.2 billion by 2032, exhibiting a CAGR of 3.43%. This growth can be attributed to increasing demand from various industries, such as power generation, transmission, and distribution. Technological advancements and government initiatives to promote renewable energy sources are also driving market expansion.Recent developments in the high-voltage equipment market include the launch of innovative products, such as gas-insulated switchgear (GIS) and high-voltage direct current (HVDC) systems. These products offer improved efficiency, reliability, and safety, making them attractive options for utilities and power companies. Additionally, there is a growing focus on smart grid technologies, which involve the integration of sensors, communication networks, and data analytics to improve the efficiency and reliability of power distribution systems.

High-voltage Equipment Market Segmentation Insights

• High-voltage Equipment Market Equipment Type Outlook
  
  
  
  • Circuit Breakers
  
  
  • Current Transformers
  
  
  • Disconnectors
  
  
  • Insulators
  
  
  • Surge Arresters
  
  
  • Voltage Transformers
  
  
  
  

• High-voltage Equipment Market Voltage Level Outlook
  
  
  
  • Extra-High-voltage (EHV)
  
  
  • High-voltage (HV)
  
  
  • Medium Voltage (MV)
  
  
  • Low Voltage (LV)
  
  
  
  


• High-voltage Equipment Market End-User Industry Outlook


• Utilities


• Industrial


• Commercial


• Renewable Energy

• High-voltage Equipment Market Application Outlook


• Transmission


• Distribution


• Power Generation

• High-voltage Equipment Market Installation Type Outlook


• Indoor


• Outdoor

• High-voltage Equipment Market Regional Outlook


• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa