Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- 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 Infrastructure
- Growing 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 Procedures
- Implementation of Stringent Regulations to Limit Sf6 Emissions from Switchgears and Ring Main Units
Opportunities
- Continuous Increase in Power Generation Capacity
- Increasing Development of Smart Grids and Growing Digitalization
Challenges
- Requirement for High Technical Expertise to Develop and Install Power Cables
- Supply Chain Disruptions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 232 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $264.1 Billion |
| Forecasted Market Value (USD) by 2028 | $349.7 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Top 10 High and Medium Voltage Products Market: Snapshot
- Indoor Segment to Hold Larger Market Share in 2023
- High Voltage Segment to Exhibit Higher CAGR During Forecast Period
- Transmission and Distribution Segment to Lead Market During Forecast Period
- Asia-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 Digitalization
- Asia-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 2022
- Top 10 High and Medium Voltage Products Market, by Installation Type - Indoor Segment to Account for Larger Market Share in 2028
- Top 10 High and Medium Voltage Products Market, by Product - High Voltage Segment to Hold Larger Market Share in 2028
- Top 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 Period
- Australia-Singapore Interconnector Project Developed Viable Solution to Link Renewable Energy from Australia to Singapore's Power Network
- SUC 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 Limited
- Bharat Heavy Electricals Limited
- Eaton
- G&W Electric
- GE
- Havells India Ltd.
- HD Hyundai Electric
- Hitachi Energy Ltd.
- KEI Industries Limited
- Lucy Electric
- Mitsubishi Electric Corporation
- Nexans
- NKT A/S
- Orecco
- Prysmian Group
- Schneider Electric
- Siemens
- Sumitomo Electric Industries, Ltd.
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/nlz4nd
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