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
[239 Pages Report] The global 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 increasing demand for high and medium voltage products is driven by growing energy requirements, the incorporation of renewable energy sources, the electrification of sectors like transportation, and continuous grid modernization initiatives. These products play a critical role in the efficient transmission and distribution of electricity, addressing the needs of urbanization, industrial expansion, and emerging markets, all while adhering to environmental regulations.
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Top 10 high and medium voltage products Market Dynamics
Driver: Growing demand for reliable and continuous power supply
The growth in the demand for reliable and continuous power supply is driven by a confluence of factors, including increasing urbanization, industrialization, technological advancements, and the rising prevalence of electronic devices and data-driven systems. In an era where our lives are intricately connected to electricity, the importance of an uninterrupted power supply cannot be overstated. Industries depend on a constant energy source to maintain production and operations. Any power disruption can result in financial losses, delayed deliveries, and reduced competitiveness. The demand for continuous power supply is also amplified by the increasing integration of renewable energy sources into the power grid infrastructure, which can be intermittent.
Restraint: Implementation of stringent regulations to limit SF6 emissions from switchgears and ring main units
SF6, a potent greenhouse gas, has stringent emission restrictions worldwide. The US Environmental Protection Agency (EPA) initiated investigations in 1997, leading to mandatory reporting for equipment exceeding 17,820 pounds in 2012, resulting in notable emission reductions. The EU's F-Gas Regulation No. 517/2014 tightened SF6 usage limitations, and a 2022 revision aims to further evaluate its use. Notably, SF6 emissions are notably higher in the US compared to European nations, prompting California's Air Resources Board to decrease permissible annual emissions from 10% in 2010 to 1% in 2020, reflecting a global trend towards stricter regulations on SF6 usage.
Opportunities: Continuous increase in power generation capacity
The need for reliable and affordable energy sources to power various sectors has significantly increased power generation capacities worldwide. This growth is driven by rising energy demand, economic growth, and efforts to improve electricity access. Countries across the globe are actively investing in the expansion and modernization of power plants, as a result, there has been an increasing shift toward cleaner and more sustainable alternatives, including renewable energy sources like solar, wind, hydroelectric, geothermal, and biomass. Nuclear power is also a significant contributor to global power generation capacities, with its large-scale and low-carbon electricity production offering a reliable baseload power source. Moreover, there is a growing focus on energy efficiency and demand-side management measures to optimize the use of existing power generation capacities.
Challenges: Supply chain disruptions
The price variations of copper and aluminum can indeed pose a significant threat to the submarine power cable market. Due to their excellent electrical conductivity and corrosion resistance, copper and aluminum are commonly used as conductors in submarine power cables. Fluctuations in the prices of these materials can impact the overall cost and profitability of submarine cable projects. The prices of these raw materials are consistently varying and face multiple disruptions along the supply chain. Manufacturing disruptions in China and the US could contribute to the stagnant growth in the submarine power cable market over the next year or two. Due to the inflation and economic crisis, the local currencies of several countries have depreciated. A misalignment of supply and demand leads to financial losses for component/part manufacturers. Copper and aluminum make up a significant portion of the cost of submarine power cables. The supply disruption of these two commodities and the increasing raw material costs are anticipated to drive the price increase, disrupting the submarine power cable market. However, with careful planning, innovation, and investment, manufacturers can overcome these challenges and continue providing high-quality products essential to the global economy.
Top 10 high and medium voltage products Market Ecosystem
Leading companies in this market include well-established, financially secure producers of High and Medium voltage products. These corporations have been long operating in the market and have a differentiated product portfolio, modern manufacturing technologies, and robust sales and marketing networks. Major companies in this market include ABB (Switzerland), Prysmian SpA (Italy), Schneider Electric (France), Hitachi Global (Japan), and Siemens (Germany).
The medium voltage cables and accessories segment, is expected to be the largest market by medium voltage, by product during the forecast period.
By product, the top 10 high and medium voltage products market is divided into high voltage and medium voltage. Medium voltage cables and accessories segment by medium voltage is the largest segment in the market. Specifically, this segment benefits from the expansion of renewable energy sources, grid modernization, and urbanization efforts. Medium voltage cables are crucial for transmitting electricity efficiently from renewable generation sites to load centers, while accessories, such as connectors and insulation, ensure reliability and safety. Additionally, as industries and urban areas grow, the demand for these products in medium voltage applications escalates, making it the dominant segment in the market.
By end user, the residential segment is expected to be the third largest segment during the forecast period.
This report segments the refinery and petrochemical filtration market based on end user into two segments: Transmission and distribution, residential, industrial, and commercial. The residential segment is expected to be the largest segment during the forecast period. This is owing to the reason that residential areas require reliable power distribution to meet the increasing demand for electricity due to population growth and higher per capita consumption. Secondly, urbanization and housing development projects drive the need for high and medium voltage products to deliver electricity to homes. Lastly, the integration of smart grid technologies and the growing focus on energy efficiency in residential areas contribute to the prominence of this segment in the market.
“Asia Pacific”: The largest in the Top 10 high and medium voltage products market.
Asia Pacific is expected to be the largest Top 10 high and medium voltage products market during the forecast period. As nations in this region are undergoing rapid industrialization, urbanization, and infrastructural development, necessitating extensive electrical networks. Additionally, the growing demand for electricity, especially in populous countries like China and India, fuels the need for high and medium voltage products to ensure reliable power distribution. Furthermore, investments in renewable energy sources and grid modernization initiatives contribute to the region's prominence in this market.
Key Market Players
The Top 10 high and medium voltage products market is dominated by a few major players that have a wide regional presence. The major players in the Top 10 high and medium voltage products market are ABB (Switzerland), Prysmian SpA (Italy), Schneider Electric (France), Hitachi Global (Japan), and Siemens (Germany). Between 2019 and 2023, strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the Top 10 high and medium voltage products market.
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Report Metric |
Details |
|
Market size available for years |
2021–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD Billion) |
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Segments Covered |
By Product, Installation Type, End User, and Region |
|
Geographies covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies covered |
ABB Ltd. (Switzerland), Bharat Heavy Electricals Limited (India), Eaton (Ireland), General Electric (US), Hitachi (Japan), Hyndai Heavy Electrical (South Korea), Mitsubishi Electric Corporation (Japan), Sumitomo Electric Industries (Japan), Prysmian S.p.A (Italy), Nexans (France), Siemens (Germany), Schneider Electric (France), Anchor Electricals (India), KEI Industries Limited (India), G&W Electric (US), NKT Cables (Denmark), Lucy Electric (UK), ORECCO Electric (China), Toshiba Corporation (Japan) |
This research report categorizes the Top 10 high and medium voltage products market by product, installation type, end user, and region
On the basis of installation type:
- Indoor
- Outdoor
On the basis of end user:
- Transmission and Distribution Utilities
- Industrial
- Residential
- Commercial
On the basis of by Product:
-
High voltage products
- Power Transformers
- Switchgears
- High voltage cables and accessories
-
Medium voltage products
- Disconnect Switches
- Surge Protection Devices
- Fault Current Limiters
- Voltage Regulators
- Reclosers
- Ring Main Units
- Medium voltage cables and accessories
On the basis of region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In May 2023, Prysmian Group secured a contract for a power interconnection project between France and Spain. The project developed for the joint venture INELFE aims to enhance power supply reliability, facilitate the integration of renewable energy, and contribute to an efficient system, aligning with the European Commission's Projects of Common Interest.
- In May 2022, Enel has started providing electricity across their networks using ABB's 24 kV SF6-Free Ring Main Units. Enel has installed 20 ABB SafePlus AirPlus Medium Voltage RMUs in their secondary substations across Italy and Spain.
- In September 2021, Sumitomo Electric Industries, Ltd. and Siemens Energy AG partnered to secure a contract from Greenlink Interconnector Limited. The company was responsible for the design, engineering, procurement, production, construction, and commissioning of a 500MW HVDC subsea/underground electricity interconnector cable, connecting Ireland and the United Kingdom.
Frequently Asked Questions (FAQ):
What is the current size of the top 10 high and medium voltage products market?
The current market size of the top 10 high and medium voltage products market is USD 264.1 billion in 2023.
What are the major drivers for the top 10 high and medium voltage products market?
Growing demand for reliable and continuous power supply and rise in grid investments to improve transmission and distribution infrastructure are the major driving factors for the top 10 high and medium voltage products market.
Which is the largest region during the forecasted period in the top 10 high and medium voltage products market?
Asia Pacific is expected to dominate the top 10 high and medium voltage products market between 2023–2028, followed by North America and Europe.
Which is the largest segment, by product during the forecasted period in the top 10 high and medium voltage products market?
The medium voltage cables and accessories segment is expected to be the largest market during the forecast period because these are essential for efficient power distribution networks, including renewable energy integration and grid modernization efforts, which are driving significant demand.
Which is the third largest segment, by the end user during the forecasted period in the top 10 high and medium voltage products market?
The residential segment is expected to be the third largest growing market during the forecast period due to increasing electricity demand driven by urbanization and housing development, as well as the adoption of smart grid technologies for enhanced energy efficiency in residential areas.
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The study involved major activities in estimating the current size of the Top 10 high and medium voltage products market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the Top 10 high and medium voltage products market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the global Top 10 high and medium voltage products market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The Top 10 high and medium voltage products market comprises several stakeholders such as generator manufacturers, manufacturers of subcomponents of Top 10 high and medium voltage products, manufacturing technology providers, and technology support providers in the supply chain. The demand side of this market is characterized by the rising offshore wind energy installations. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Top 10 high and medium voltage products market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Top 10 high and medium voltage products Market Size: Top-down Approach
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Global Top 10 high and medium voltage products Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
A hybrid power solution refers to a unit that combines multiple sources of energy generation to produce electricity. It typically integrates renewable energy sources, such as solar, and wind, with conventional power technologies like diesel generators. The combination of these sources allows for increased efficiency, reliability, and flexibility in electricity production.
Key Stakeholders
- Government & research organizations
- Institutional investors and investment banks
- Investors/shareholders
- Environmental research institutes
Objectives of the Study
- To define, describe, segment, and forecast the Top 10 high and medium voltage products market, in terms of value and volume, on the basis of system type, end user, grid connectivity, power rating, and region
- To forecast the market size for five key regions: North America, South America, Europe, Asia Pacific, and Middle East & Africa, along with their key countries
- To provide detailed information about the key drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
- To analyze market opportunities for stakeholders and the competitive landscape of the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments, such as sales contracts, agreements, investments, expansions, new product launches, mergers, partnerships, collaborations, and acquisitions, in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Geographic Analysis
- Further breakdown of region or country-specific analysis
Company Information
- Detailed analyses and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Top 10 High & Medium Voltage Products Market