High voltage equipment market expected to reach $250 B
The high voltage equipment market is expected to grow in the next ten years, as per the new report Global Electricity Transmission Equipment Market Report.
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The high voltage equipment market is expected to grow significantly in the next ten years, as per the new report Global Electricity Transmission Equipment Market Report 2020–29 published by Global Transmission.
During the period 2020-2029, the market opportunity for the six major parts of equipment—towers, conductors and cables, insulators, power transformers and reactors—is expected to value at over $250 B. Asia will emerge as the largest market for high voltage equipment accounting for 70 % of the demand.
The key drivers for the demand of HV electricity transmission equipment can be attributed to increasing adoption of renewable energy, growing electrification, focus on grid reliability and security, digitalisation and adoption of smart technology, and policy-driven measures to boost sustainable development. The focus to expand the electricity access for the growing population in the developing countries and refurbishment and replacement of ageing assets in the developed countries are driving the growth in the industry.
The impact of COVID-19 has dampened the electricity consumption, caused supply chain disruptions and projects delays, and impacted utility financial performance. However, many utilities are expecting its impact to be restricted to the short-term and not have a significant impact on their longer-term development and investment plans.
The report provides the market size and detailed demand analysis by voltage of the six parts of equipment by region—North America, Latin America, Asia Pacific, Europe, the Middle East and Africa, and for 20 key growth countries including Brazil, China, India, Germany, Kenya, Saudi Arabia, South Africa, UK, US, etc. The projections take into account the impact of COVID-19 and a separate section analyses, the impact of COVID-19 on the equipment industry, utilities’ projects and plans, and manufacturers’ business and supply chain.
Author: Shruti Kumar
*The opinions expressed in this article are those of the author and they do not necessarily reflect the opinions or views of the Transformers Magazine and Merit Media Int.