According to a research report “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″ published by MarketsandMarkets, the Top 10 high & medium voltage products is projected to reach USD 349.7 billion by 2028 from an estimated USD 264.1 billion in 2023, at a CAGR of 5.8% during the forecast period.
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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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.
Europe is expected to be the second largest region in the top 10 high & medium voltage products market.
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.
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Key Players
Some of the major players in the top 10 high & medium voltage products market 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
