High Voltage Measuring Equipment Market To Rise US$6.59 bn by 2024 With Top Companies ABB, BHEL, CG Power, Shanghai Electric Group
High Voltage Measuring Equipment Market: Snapshot
High voltage measuring equipment are electric devices that are used in the measurement of electric currents with high accuracy. These equipment comprise high voltage instrument transformers, multi-meters, capacitors, and probes among others. These devices are primarily used to process and measure line voltage in substations, industrial facilities, transmission grids, and other applications such as testing centers and laboratories. These devices are most commonly used in sub-stations, industrial facilities and laboratories, and transmission grids, among others.
The growth of the high voltage measuring equipment market is expected to be predominantly propelled by heavy investments in transmission grids for maximum efficiency for power transmission and minimum loss. For example, the emerging nations in Asia Pacific, Latin America, and the Middle East and Africa are expected to invest substantially in transmission grids in order to provide electricity to users in remote areas for the first-time. On the other hand, the primary factor driving the high voltage measuring equipment market in North America and Europe is pursuits for replacement of old equipment with new ones in order to satisfy newer and stricter environmental norms.
The global high voltage measuring equipment market displayed an opportunity of US$3.36 bn in 2015 and is expected to be worth US$6.59 bn by 2024 at a CAGR of 7.9% between 2016 and 2024.
Capacitive Voltage Transformers Product Segment to Stay Attractive in Future
Capacitive voltage transformers led the product segment in the high voltage measuring equipment market in 2015 and are expected to hold bright growth prospects in the coming years. The use of capacitive voltage transformers for a wide voltage spectrum and their multitude of applications are reasons for their s. Potential transformers are expected to display relatively slow growth due to the limitation in their capacity. They are not designed to handle high voltage, extra high voltage, and ultra high voltage, which is expected to increase in volume in the coming years.
Instrument transformers, on the other hand, are used to step-down high voltage levels to be utilizable for millimeters, capacitors, probes etc.
Power transmission application held the leading market share of more than 50% in 2015 in terms of volume. This was trailed by the power generation (substation) application with the industrial application being a close third. The demand for high voltage measuring equipment in the industrial application is expected to be driven by new sources of electricity consumption such as robots, electric cars, and cloud computing. The others application segment is estimated to account for a small share in this market.
The increasing realization about the benefits of direct current over alternating current, particularly for high voltage long distance transmission is benefitting the high voltage measuring equipment market. These benefits include higher transmission capacity and efficiency, low cost of installation and maintenance benefits, and lower ‘right-of-way’ requirement.
Asia Pacific to Retain Lead
In 2015, Asia Pacific held the leading share in the high voltage measuring equipment market followed by Europe and North America. Between the forecast period 2016 and 2024, the Asia Pacific market for high voltage measuring equipment is anticipated to maintain its leading market share on account of high investments in transmission grids. The region is expected to be followed by the Middle East and Africa and Latin America due to investments for connecting off-grid locations to main grids for electricity needs. Meanwhile, North America and Europe are mature markets for high voltage measuring equipment thus new investments are aimed at interconnection of isolated grids and for connecting newly-constructed renewable energy plants to main grids.
The key players in the high voltage measuring equipment market are ABB, BHEL, CG Power, Shanghai Electric Group, GE Grid Solutions, Maxwell Technologies, Siemens, Crompton Greaves, Schneider Electric, and SANDIAN.