SEATTLE, July 19, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global high voltage equipment market is projected to exhibit a significant CAGR of 7.4% in terms of revenue over the forecast period (2019 – 2027).
Market Trends of the High Voltage Equipment Market: Environment-Friendly High Voltage Equipment
Key players in the market have introduced innovative equipment, which are eco-friendly in nature and are beneficial for the environment. Such types of high voltage equipment offer benefits such as prevention of pollution, increased safety with higher fire point, reduced noise level, reduced maintenance cost, and low emission of CO2.
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For instance, Fuji Electric and ABB Ltd. offers a variety of technologies and products that help to reduce emission. Fuji Electric DC High-Speed Vacuum Circuit Breaker uses dry capacitor, which is incombustible and eco-friendly. ABB Ltd. also offers a gas insulated high voltage switchgear with SF6 gas, which generates less emission.
Manufacturers are focused on manufacturing high voltage equipment, which support renewable energy and result in less emission. For instance, DESERTEC a large scale project, created in Germany aims at harnessing sustainable power from sites where renewable resources of energy are more abundant and transferring it to consumption center via high voltage direct current transmission.
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However, high voltage equipment are expensive. For instance, average price of circuit breakers is US$ 5000 to US$ 6000. The materials used for manufacturing high voltage equipment include copper, steel, and aluminum. The cost of high voltage equipment is directly proportional to raw materials prices, which keep on fluctuating. For instance, high voltage equipment require copper in large volume and the price of copper fluctuates on the basis of the demand for scrap and the rate of production. Economic conditions also play a significant role in price fluctuations of raw materials. For instance, in March 2019, copper prices fluctuated as the U.S. was expected to impose duties on Chinese imports. Moreover, the cost for installation and transportation of high voltage equipment is high. Furthermore, prior to installation of high voltage equipment, it is necessary to install protective instruments such as pressure relay, oil level monitor devices, and winding thermometers as these components are very delicate and expensive. This in turn increases the cost of installation of high voltage equipment.
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Key Market Takeaways:
- The global high voltage equipment market was valued at US$ 92,671.3 Mn in 2018, and is expected to exhibit a CAGR of 7.4% over the forecast period to reach US$ 175,696.7 Mn in 2027. In terms of volume, high voltage equipment market was pegged at 1,126,697.0 thousand units in 2018, and is expected to reach 1,746,574.4 thousand units in 2027, exhibiting a CAGR of 5.0% over the forecast period. Asia Pacific accounted for 37.1% revenue share in the global high voltage equipment market in 2018. Increasing demand for high voltage equipment in power transmission and distribution is driving growth of the high voltage equipment market.
- In terms of revenue, others segment in high voltage equipment market accounted for the largest share in 2018. Others segment generated revenue of US$ 25,358.2 Mn in 2017. By 2027, the segment is projected to reach US$ 57,320.8 Mn with a CAGR of 8.7% over the forecast period. Other high voltage equipment majorly includes transformers, which drive growth of this segment. Increasing demand for electricity from emerging economies such as China and India and increasing power generation and distribution are boosting demand for high voltage transformers. Transformers provide electricity by reducing losses, which is a major factor driving their demand. Moreover, the market growth is also propelled by increasing replacement rate of high voltage transformers. Expansion of power distribution and transmission networks leads to an increase in transformer installations. Increasing installation of new transformers and the replacement of old units with new ones is fueling growth of others segment. Global initiatives to use more renewable and non-conventional energy sources and smart grids and the global need to upgrade transmission grids boosts growth of the others segment.
- Some of the major players operating in the global high voltage equipment market include, ABB Ltd., Siemens AG, Larsen & Toubro Limited, General Electric Company, Honeywell International, Inc., Rockwell Automation, Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Schneider Electric SE, Alstom SA, and Fuji Electric. Key players are adopting various growth strategies in order to increase their customer base and strengthen market position. For instance, in May 2018, Schneider Electric SE announced to purchase Larsen & Toubro's (L&T) electric & automation unit. The E&A (electric & automation) business of L&T was combined with Schneider Electric India's low voltage and industrial automation product business, in order to increase the segment sales of the company in India.
To know the latest trends and insights prevalent in this market, click the link below:
- Global High voltage equipment Market, By Equipment Type:
- Circuit Breaker
- Surge Arrester
- Battery Set
- Capacitors and Filters
- Control Equipment
- Global High voltage equipment Market, By Voltage Level:
- HV-Up to 200kV Voltage
- EHV-200 to 800kV Voltage
- HVDC-500kV Voltage
- UHV-800kV & Above
- Global High voltage equipment Market, By Region:
- North America
- By Country:
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- Southeast Asia
- South Korea
- Rest of Asia Pacific
- South Africa
- Rest of the World
- By Sub-region:
- Northern Africa
- Middle East
- Rest of Region
- Company Profiles
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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SOURCE Coherent Market Insights