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High Voltage Equipment Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
High Voltage Equipment Market
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According to The Business Research Company's, The high voltage equipment market size has grown strongly in recent years. It will grow from $104.02 billion in 2023 to $112.08 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing focus on electricity, increasing automation capabilities, increasing insulation efficiency, the usage of renewable energy systems, and increasing Industrialization.
The high voltage equipment market size is expected to see strong growth in the next few years. It will grow to $152.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the increasing adoption of smart grids, a growing number of initiatives and research activities, increasing demand for electricity, increasing population, and increasing demand for power. Major trends in the forecast period include a modernized electrical grid system, expansion in the Internet of Things (IoT) and smart device applications, integration with renewable energy systems, technological advancements, and launches of new products and services.
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Market Drivers and Trends:
The increase in demand for electricity is expected to propel the growth of the high-voltage equipment market going forward. The electricity demand is due to the increasing global population, growing economies, and the proliferation of electronic devices, appliances, and digital technologies. The high-voltage equipment is crucial for addressing the growing power demand by enabling efficient transmission, increasing capacity, guaranteeing dependability, integrating renewable energy, promoting industrial growth, and improving overall grid resilience. For instance, in August 2024, according to Eurostat, a Luxembourg-based government agency, the EU's gross electricity production increased from 2,784 TWh in 2020 to 2,907 TWh in 2021. Furthermore, in 2024, according to the Department of Climate Change, Energy, the Environment, and Water, an Australia-based government department, Australia's total energy generation rose by 2% in 2021-2022 to 272 TWh (978 PJ). Therefore, the increase in demand for electricity is driving the growth of the high-voltage equipment market.
Major companies operating in the high-voltage equipment market are developing innovative products, such as high-voltage pulse generators, to enhance efficiency and reliability in electrical systems. A high-voltage pulse generator is a device that produces electrical pulses with high voltage and precise timing, characterized by short duration and high peak voltage, for use in various applications across different fields. For instance, in March 2024, Sydor Technologies, a US-based company that develops comprehensive solutions, launched a 10 kV high-voltage pulse generator. This advanced device offers short-duration pulses with customizable timing and amplitude settings, making it ideal for applications in scientific research, material testing, and industrial processes. Its robust design ensures reliable performance in demanding environments, while its user-friendly interface facilitates easy operation and integration into existing systems, enhancing efficiency and versatility in high-voltage applications.
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Major Key Players of the Market:
Hitachi Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Larsen & Toubro Limited, Toshiba Corporation, Eaton Corporation, Alstom SA, TBEA Co. Ltd., Fuji Electric Co. Ltd., WEG S.A., El Sewedy Electric Co., Bharat Heavy Electricals Limited, Meidensha Corporation, NARI Group Corporation, S&C Electric Company, Ormazabal Electric S.A., CG Power and Industrial Solutions Limited, Crompton Greaves Ltd., Arteche, VitzroEM Co. Ltd.
High Voltage Equipment Market 2024 Key Insights:
• The high voltage equipment market size is expected to see strong growth in the next few years. It will grow to $152.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Electricity Demand Fuels Growth Of High Voltage Equipment Market
• Innovative High-Voltage Pulse Generators Enhance Efficiency And Reliability In Electrical Systems
• Asia Pacific was the largest region in the high voltage equipment market in 2023
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