HIGH VOLTAGE EQUIPMENT MARKET ANALYSIS

High Voltage Equipment MarketSize and Trends

Global High Voltage Equipment market is estimated to be valued at US$ 188.46 Bn by 2030.

The growing need for energy in remote areas and the installation of solar and wind energy farms have resulted in the development of new transmission grids. These transmission grids require precise electricity measurement for efficient distribution and utilization. High-voltage measuring equipment plays a crucial role in accurately measuring electric currents within a wide range of applications, including power generation (substation), power transmission, industrial facilities, and laboratories. Additionally, the emergence of new electricity-consuming technologies like robots and electric cars further drives the demand for high-voltage measuring equipment, contributing to market growth.

Global High Voltage Equipment Market: Regional Insights

Asia Pacific held dominant position in the global High Voltage Equipment market in 2022, accounting for 37.1% share in terms of value, followed by Europe

Global High Voltage Equipment market was valued at US$ 107.56 Bn in 2022 and is forecast to reach a value of US$ 188.46 Bn by 2030, exhibiting CAGR of 7.3% between 2023 and 2030.

Global High Voltage Equipment Market- Trends:

Integration of Energy Storage Systems

Energy storage systems, such as batteries and pumped hydro storage, are gaining prominence for grid stability and the effective management of intermittent renewable energy sources. High voltage equipment plays a vital role in connecting and managing energy storage systems, facilitating their integration into the grid. For Instance in October 2022, A new task force has been established under the Strategic Clean Energy Partnership (SCEP) between the United States and India, with a specific objective of expediting the deployment of energy storage technologies. The task force aims to enhance collaboration and knowledge exchange between the two countries in the realm of energy storage, facilitating the swift adoption and implementation of these technologies.

Electrification of Transportation

The growing shift towards electric vehicles (EVs) is driving the demand for high voltage equipment. EV charging infrastructure relies on high voltage equipment to provide efficient charging solutions and support the widespread adoption of electric mobility. For Instance, On January 10, 2023 SEG Automotive which is an e-mobility solutions provider introduced high voltage machines for Indian Market