High Voltage Equipment Market

High Voltage Equipment Market Overview for 2024 to 2034

The High Voltage Equipment Market size is estimated to reach USD 126.1 billion in 2024. From 2024 to 2034, the market is expected to progress at a strong clip, registering a CAGR of 7.8%. By 2034, the market is anticipated to surpass a value of USD 268.0 billion.

Attributes	Details
High Voltage Equipment Market Value for 2024	USD 126.1 billion
Projected Market Value for 2034	USD 268.0 billion
Value-based CAGR of Market for 2024 to 2034	7.8%

High Voltage Equipment Market Outlook

• High voltage equipment is a necessary part of hospital equipment as it is used for X-rays. With the global increase in the number of patients, the demand in the market is accelerating.
• High voltage equipment is used prominently in military activities, such as powering military vehicles. As military investment continues to rise, there is a corresponding growth in demand.
• High voltage equipment is used by researchers for multiple purposes, such as in vacuum tubes. As investment in research from both public and private sectors rises, the high voltage equipment market experiences significant benefits.
• Distribution of power requires the use of high voltage equipment. With people’s reliance on electricity increasing, high voltage equipment is becoming even more of a necessity.
• The increasing adoption of smart grids in homes is leading to a multiplication in demand for high voltage equipment.

High Voltage Equipment Market Trends

• With sustainability in mind, an increasing number of residences and industrial units are using renewable sources of energy. High voltage equipment is a necessity for several of these renewable sources of energy's distribution.
• Governments and private organizations are making efforts to have electricity reach remote and underdeveloped areas, and high voltage equipment is aiding the cause.
• Public utility companies are employed to ensure the efficient distribution of power. These companies are making use of high voltage equipment to ensure efficient distribution.
• High voltage equipment is becoming a necessity for wind farms as capabilities increase. Western companies with offshore wind farms are among the consumer base for high voltage equipment.
• With power sources increasing, especially renewable ones, high voltage equipment demand is finding new avenues for expansion.

High Voltage Equipment Market Restraints

• High voltage equipment is high in cost too, and this pricey nature of the product negatively impacts its development.
• While the use of high voltage equipment is being made for providing energy to remote areas, the lack of infrastructure available for the installation and proper operation of high voltage equipment in these areas often hampers the efforts.

Category-wise Outlook

The circuit breaker is the equipment most commonly used when it comes to high voltage applications. A voltage level of up to 200kV is sufficient for most equipment.

Use of Circuit Breakers in the Power Distribution Industry Integral to the Equipment’s Progress

Attributes	Details
Top Equipment Type	Circuit Breakers
Forecasted CAGR (2024 to 2034)	7.5%

Circuit breakers are expected to advance at a CAGR of 7.5% over the forecast period. Some of the factors influencing the progress of circuit breakers are:

• Circuit breakers are an essential part of power distribution. As the electricity needs of people increase, especially with its penetration into remote areas, there is a heightened need for circuit breakers.
• Oil circuit breakers have gained popularity in the high voltage equipment industry. The low cost and ease of use of oil circuit breakers are increasing the product’s viability in the high voltage equipment market.

HV-Up to 200kV Voltage Satisfy the Requirements of Most Equipment Users

Attributes	Details
Top Voltage Level	HV-Up to 200kV Voltage
Forecasted CAGR (2024 to 2034)	7.3%

HV equipment with voltage levels up to 200kV is expected to progress at a CAGR of 7.3% through the forecast period. Some of the reasons for the progress of HV equipment up to 200kV are:

• The predominant use of high voltage equipment for industrial purposes typically involves voltage levels of up to 200 kV. Equipment with higher voltages is generally reserved for highly specific tasks.
• With voltage levels capped at 200kV, this type of HV equipment costs less than equipment with voltage levels that exceed this threshold.

Country-wise Analysis

Efforts in the Asia Pacific to supply electricity to remote areas have paid off with the help of high voltage equipment. The need for high voltage equipment is also felt in the diverse industrial landscape of the region.

With trends towards reduced usage of oil, Europe is a lucrative region for the market. With increased investment in renewable energy, the market has bright prospects in the region.

Countries	CAGR (2024 to 2034)
United States	7.6%
United Kingdom	6.4%
China	9.7%
Japan	9.0%
South Korea	5.3%

Increasing Use of High Voltage Switchgear Powers the Market’s Progress in South Korea

The CAGR of the market for the forecast period in South Korea is anticipated to be 5.3%. Some of the factors influencing solid growth are:

• High voltage switchgear is experiencing considerable demand in South Korea. As a result, the market for high voltage equipment is benefiting in the country.
• South Korea is still a developing market for high voltage equipment, but the growing popularity of products like high voltage transformers portends favorable progress for the industry in South Korea.

Use of High Voltage Equipment in the Medical Sector Propels the Market Forward in Japan

The high voltage equipment market is expected to register a CAGR of 9.0% in Japan over the forecast period. Some of the factors leading to the growth of the market in Japan are:

• The population in Japan has significant medical needs, and the healthcare sector is booming in the country. The use of high voltage equipment is thus increasing in Japan owing to the healthcare sector.
• Japan has emerged as a hub for scientific research. Research regarding power generation and distribution is utilizing high voltage equipment in Japan, thus expanding the application of the material in the country.

China’s Significant Military Operations Being Aided by High Voltage Equipment

The market is expected to showcase a CAGR of 9.7% in China. Some of the factors responsible for the growth of the market are:

• China’s military and defense sector is continuously expanding, and the use of high voltage equipment in these sectors is boosting the demand in the country.
• Industrial usage of high voltage equipment in China is increasing as the government encourages the development of industries. The need for the equipment is felt on a growing scale as the size of the industrial sector expands.

Focus on Renewable Sources in England Leads to the Market’s Scope Widening in the United Kingdom

The high voltage equipment market is expected to progress at a CAGR of 6.4% in the United Kingdom. Some factors influencing the progress are:

• The United Kingdom is being increasingly gripped by the sustainability wave. As a result, the focus in the country is on the development of new renewable energy sources. These fresh renewable energy sources are being distributed and tested with the help of high voltage equipment.
• End users in the United Kingdom are making use of a diverse range of high voltage equipment, ranging from insulators to ohmmeters, and thus the demand for the equipment is multi-pronged in the nation.

Collaborations Between Power Sector Players Aiding the Cause of High Voltage Equipment in the United States

The market is expected to register a CAGR of 7.6% in the United States. Some factors influencing the growth of the market in the country are:

• Enterprises in the power sector are focused on collaboration to broaden the scope of the market in the United States.
• Companies in the United States are seeking assistance from foreign investment to develop fresh products and meet the increased demand.

Competitive Landscape in the High Voltage Equipment Market

The market is highly fragmented. The diverse nature of high voltage equipment means small-scale market players can concentrate on their own niche and develop demand.

Market players are also demonstrating collaborative strategies, whether with other equipment manufacturers or with companies in the power sector. Partnerships are helping stagnant market players receive a jolt of inspiration in developing demand.

Recent Developments in the High Voltage Equipment Market

• In January 2024, Hitachi Energy collaborated with Fracht AG to transport its high voltage equipment from Switzerland to the United States using the latter’s freight capabilities by airplane.
• In January 2024, LS Electricals agreed to supply USD 90 million worth of power equipment, including high voltage equipment, to a renewable energy site in the United States.
• In November 2023, the South Korea-based company Iljin Electric Co. agreed to a contract worth USD 333.2 million to supply high voltage equipment to an unnamed company in the United States.
• In May 2023, Toshiba Electronic Devices & Storage Corporation introduced the TCR1HF series of LDO regulators. This high voltage equipment reduces the power consumption of a machine even when it is in standby mode.

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 Segments

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)

Frequently Asked Questions

How Big is the High Voltage Equipment Market?

The size of the high voltage equipment market is estimated to be USD 126.1 billion in 2024.

At What Rate is the High Voltage Equipment Market Expected to Grow?

The market is expected to increase at a CAGR of 7.8% during the forecast period.

What is the Scope of High Voltage Equipment in the United States?

The high voltage equipment market is expected to register a CAGR of 7.6% in the United States from 2024 to 2034.

What is the Market Forecast for High Voltage Equipment?

The high voltage equipment market is forecasted to surpass USD 268.0 billion by 2034.

What are the Key Trends in the High Voltage Equipment Industry?

The use of high voltage equipment for the distribution of renewable energy and leveraging the equipment to disperse electricity in remote areas are two key trends in the industry.