PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1384221
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1384221
Scope of the Report | |
---|---|
Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) Billion |
Segments | Product, Installation type, end user, Region |
Regions covered | North America, Asia Pacific, Europe, South America, and Middle East & Africa. |
The 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 demand for high and medium voltage products is rising due to increasing energy needs, integration of renewable energy sources, electrification of sectors like transportation, and ongoing grid modernization efforts.
"Medium Voltage: The second-fastest segment of the top 10 high and medium voltage market, by product."
Based on product type, the Top 10 high and medium voltage products market has been split into two types: Medium voltage and High voltage. The adoption of high voltage is growing and is expected to be the second fastest segment. This is due to their extensive use in urban and industrial areas with growing electricity demand, their importance in integrating renewable energy sources, and their role in grid modernization, ensuring efficient power distribution within existing infrastructure.
"Industrial segment is expected to emerge as the second-largest segment based on end user."
Based on end users, the top 10 high and medium voltage products market has been segmented into transmission and distribution, industrial, residential, and commercial. The industrial segment is expected to be the second-largest segment owing to the dependence of industries on medium and high voltage equipment to power heavy machinery, manufacturing processes, and large-scale operations, driving a significant demand for these products. Additionally, the need for industrial infrastructure expansion and modernization further contributes to the prominence of the industrial segment in this market.
"Indoor is expected to emerge as largest segment based on Installation type."
By installation type, the top 10 high and medium voltage product market has been segmented into outdoor and indoor. Indoor is expected to emerge as largest segment based on installation type. These installations offer a controlled and protected environment, ensuring safety and mitigating environmental risks associated with high and medium voltage equipment. They are also more space-efficient, a vital consideration in urban areas with limited real estate. Indoor installations provide easy access for maintenance and inspection, resulting in increased reliability and reduced downtime.
"North America is expected to be the second-fastest region in the top 10 high and medium voltage product market."
North America is expected to be the second-fastest region in the top 10 high and medium voltage product markets between 2023-2028, preceded by Asia Pacific. The region has a well-established electrical infrastructure that requires continuous modernization and upgrades to ensure reliability and efficiency. Moreover, a growing emphasis on renewable energy integration and grid resilience drives demand for high and medium voltage products. Additionally, a thriving industrial sector and the adoption of electric vehicles in North America further contribute to the need for these products, solidifying the region's prominent position in the market. These are the key factors fostering the growth of the Top 10 high and medium voltage products market in the North America.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 27%, Asia Pacific- 33%, Europe- 20%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Top 10 high and medium voltage products market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are ABB (Switzerland), Prysmian SpA (Italy), Schneider Electric (France), Hitachi Global (Japan), and Siemens (Germany).
The report defines, describes, and forecasts the global Top 10 high and medium voltage products market, by product, installation type, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the top 10 high and medium voltage products market.
Key Benefits of Buying the Report