Top 10 High & Medium Voltage Products Market Report 2023 – Growing Demand for Reliable and Continuous Power Supply with Increasing Urbanization and Industrialization

DUBLIN, Dec. 4, 2023 /PRNewswire/ — The “Top 10 High & Medium Voltage Products Market HV (Switchgear, HV Cables, Power Transformer), MV (Ring Main Unit, Recloser, MV Cables, Voltage Regulator, Surge Protection Device, Disconnect Switch), Installation Type End User – Global Forecast to 2028” report has been added to  ResearchAndMarkets.com’s offering.

The Top 10 high and medium voltage products market is estimated to grow from USD 264.1 Billion in 2023 to USD 349.7 Billion by 2028; it is expected to record a CAGR of 5.8% during the forecast period. The demand for high and medium voltage products is rising due to increasing energy needs, integration of renewable energy sources, electrification of sectors like transportation, and ongoing grid modernization efforts.

Medium Voltage: The second-fastest segment of the top 10 high and medium voltage markets, by product.

Based on product type, the Top 10 high and medium voltage products market has been split into two types: Medium voltage and High voltage. The adoption of high voltage is growing and is expected to be the second fastest segment. This is due to their extensive use in urban and industrial areas with growing electricity demand, their importance in integrating renewable energy sources, and their role in grid modernization, ensuring efficient power distribution within existing infrastructure.

Industrial segment is expected to emerge as the second-largest segment based on end users.

Based on end users, the top 10 high and medium voltage products market has been segmented into transmission and distribution, industrial, residential, and commercial. The industrial segment is expected to be the second-largest segment owing to the dependence of industries on medium and high voltage equipment to power heavy machinery, manufacturing processes, and large-scale operations, driving significant demand for these products. Additionally, the need for industrial infrastructure expansion and modernization further contributes to the prominence of the industrial segment in this market.

Indoor is expected to emerge as the largest segment based on Installation type.

By installation type, the top 10 high and medium voltage product market has been segmented into outdoor and indoor. Indoor is expected to emerge as the largest segment based on installation type. These installations offer a controlled and protected environment, ensuring safety and mitigating environmental risks associated with high and medium voltage equipment. They are also more space-efficient, a vital consideration in urban areas with limited real estate. Indoor installations provide easy access for maintenance and inspection, resulting in increased reliability and reduced downtime.

North America is expected to be the second-fastest region in the top 10 high and medium voltage product markets.

North America is expected to be the second-fastest region in the top 10 high and medium voltage product markets between 2023-2028, preceded by Asia Pacific. The region has a well-established electrical infrastructure that requires continuous modernization and upgrades to ensure reliability and efficiency. Moreover, a growing emphasis on renewable energy integration and grid resilience drives demand for high and medium voltage products. Additionally, a thriving industrial sector and the adoption of electric vehicles in North America further contribute to the need for these products, solidifying the region’s prominent position in the market. These are the key factors fostering the growth of the Top 10 high and medium voltage products market in North America.

Market Dynamics

Drivers

Rise in Grid Investments to Improve Transmission and Distribution InfrastructureGrowing Demand for Reliable and Continuous Power Supply with Increasing Urbanization and Industrialization

Restraints

Delays in Procurement and Installation of Electrical Equipment Attributed to Complex Regulatory and Environmental Authorization ProceduresImplementation of Stringent Regulations to Limit Sf6 Emissions from Switchgears and Ring Main Units

Opportunities

Continuous Increase in Power Generation CapacityIncreasing Development of Smart Grids and Growing Digitalization

Challenges

Requirement for High Technical Expertise to Develop and Install Power CablesSupply Chain Disruptions

Key Topics Covered:

Executive Summary

Top 10 High and Medium Voltage Products Market: SnapshotIndoor Segment to Hold Larger Market Share in 2023High Voltage Segment to Exhibit Higher CAGR During Forecast PeriodTransmission and Distribution Segment to Lead Market During Forecast PeriodAsia-Pacific Accounted for Largest Share of Top 10 High and Medium Voltage Products Market in 2022

Premium Insights

Attractive Opportunities for Players in Top 10 High and Medium Voltage Products Market – Growing Deployment of Smart Grids and Increasing DigitalizationAsia-Pacific Top 10 High and Medium Voltage Products Market, by End-user and Country – Transmission and Distribution Segment and China Held Largest Shares of Asia-Pacific Top 10 High and Medium Voltage Products Market in 2022Top 10 High and Medium Voltage Products Market, by Installation Type – Indoor Segment to Account for Larger Market Share in 2028Top 10 High and Medium Voltage Products Market, by Product – High Voltage Segment to Hold Larger Market Share in 2028Top 10 High and Medium Voltage Products Market, by End-user –  Transmission and Distribution Segment to Hold Largest Market Share in 2028

Case Study Analysis

Aegis 36 Ring Main Unit Was Deployed in Renewable Project to Ensure Hassle-Free Operation for Extended PeriodAustralia-Singapore Interconnector Project Developed Viable Solution to Link Renewable Energy from Australia to Singapore’s Power NetworkSUC Coburg Deployed ABB’s Safering Airplus Ring Main Units to Increase Reliability of Power Supply in Power Distribution Grid

Company Profiles

ABB Ltd.Anchor Electricals Private LimitedBharat Heavy Electricals LimitedEatonG&W ElectricGEHavells India Ltd.HD Hyundai ElectricHitachi Energy Ltd.KEI Industries LimitedLucy ElectricMitsubishi Electric CorporationNexansNKT A/SOreccoPrysmian GroupSchneider ElectricSiemensSumitomo Electric Industries, Ltd.Toshiba Corporation

For more information about this report visit https://www.researchandmarkets.com/r/520x7i

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