CHICAGO, Nov. 7, 2023 /PRNewswire/ -- Top 10 High & Medium Voltage Products Market is expected to reach USD 349.7 billion by 2028 from USD 264.1 billion in 2023 at a CAGR of 5.8% during the 2023–2028 period according to a new report by MarketsandMarkets™. High & medium voltage products are essential for maintaining stable frequency and voltage in the power grid infrastructure, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They operate and maintain the electrical power generation, transmission, and distribution systems. Technological advancements in high & medium voltage products technology, particularly high-voltage direct current transmission, have further bolstered their importance for efficient, long-distance, and high-capacity power transmission, making them an important component of modern electricity infrastructure, ensuring stable power supply, and supporting the transition to sustainable energy systems.
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Top 10 High & Medium Voltage Products Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $264.1 billion |
Estimated Value by 2028 | $349.7 billion |
Growth Rate | Poised to Grow at a CAGR of 5.8% |
Largest Market | Asia Pacific |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Installation Type, End User, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Key Market Challenge | Supply chain disruptions |
Key Market Opportunities | Continuous increase in power generation capacity |
Key Market Drivers | Growing demand for reliable and continuous power supply |
High voltage, by product, is expected to grow by the largest segment during the forecast period.
Based on product, the Top 10 High & Medium Voltage Products Market has been split into High voltage and Medium voltage. High voltage products offer greater flexibility in the design of electrical grids, allowing for the efficient integration of different power sources and load centers. They are designed with redundancy and protection mechanisms to maintain power supply reliability and minimize downtime. These features are driving the products market for High Voltage segment.
The outdoor segment, by installation type segment, is expected to grow at the fastest CAGR during the forecast period.
This report segments the Top 10 High & Medium Voltage Products Market based on installation into two segments: indoor, and outdoor. The outdoor segment is expected to be the fastest growing segment during the forecast period. These outdoor products help enhance the transfer of electricity over long distances and larger loads (more than 66 kV), providing reliable operations. Increasing electrification and growing need for high-load, long-distance electricity transmission to drive the market.
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Europe is expected to be the second largest region in the Top 10 High & Medium Voltage Products Industry.
Europe is expected to be the second largest Top 10 High & Medium Voltage Products Market during the forecast period. The Europe region has been subdivided into five key countries: UK, Germany, France, Italy, Spain, and the Rest of Europe. High and medium voltage products are crucial to industries as they enable efficient power transmission over long distances from generation centers to transformer substations. The revitalization of the European industrial sector and the establishment of new industrial set-ups and facilities are also expected to fuel the demand for high & medium voltage products in the region.
Key Market Players:
Some of the major players in the Top 10 High & Medium Voltage Products Companies are Siemens (Germany), ABB (Switzerland), Hitachi (Switzerland), Schneider Electric (France), and Prysmian S.p.A. (Italy). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.
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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.
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