The global high voltage measuring equipment market forecasts is likely to be driven by the constantly increasing demand for energy across the globe. Upgrades and replacement of old transmission infrastructure, growing installation of smart grid in many countries are fuelling the growth of the market. Increased capacity of energy generation is another important growth factor for the global high voltage measuring equipment market.
Shanghai Electric Group, Maxwell Technologies, GE Grid Solutions, Schneider Electric SE, CG Power and Industrial Solutions Limited, ABB Group, and Maxwell Technologies are among the well-known vendors of the global high voltage measuring equipment market.
Transparency Market Research (TMR) has come up with a report on the global high voltage measuring equipment market. Experts at TMR estimate that the market is likely to expand at growth rate of 7.9% CAGR during the forecast period spanning 2016 to 2024. The global high voltage measuring equipment marketis estimated to reach a value of US$6.59 bn by 2024-end.
Asia Pacific Emerges as Rapidly Growing Region during the Forecast Period
North America, Europe, the Middle East and Africa, Asia Pacific, and South America comprise the major regional segments of the global high voltage measuring equipment market.
The demand for electricity has been increasing worldwide. This demand is likely to grow at a much faster rate for Asia Pacific in forthcoming years. To cater to the increasing demand for electricity, power transmission and distribution networks are added with enhanced capacity. Substantial funding is given for upgrade of equipment pertaining to power transmission and distribution networks in both developed and developing parts of the world.
According to World Energy Outlook, flagship publication of International Energy Agency, the demand for energy is set to increase by more than 25% to 2040. Thus it would need more than US$2 trillion as an investment in a year for the purpose of new supply of energy.
Among the Asian countries, China is likely to make huge investment for developingnew transmission grids as the government tries to provide electricity in every nook and corner of the country to meet the demand. Extensive installation of transmission grids are expected to propel the growth of Asia Pacific high voltage measuring equipment market.
In addition to that, North America and Europe are mature markets, which are expected to grow sluggishly during the period of forecast timeframe. Nonetheless, trend of constant upgrades and replacement of existing and aging infrastructure to meet the stringent environmental rules and regulations are likely to offer growth opportunities in the mature markets of Europe and North America.
Growing Installation of Transmission GridsSpells Growth for the Market
The construction of new transmission grids for supplying energy in distant parts of the world and for the installation of new wind and solar energy farms is expected to drive the global high voltage measuring equipment market.
Mere installation of transmission grid is not enough,There is a need for technologies for correct measurement of electricity for proper distribution and utilization. High voltage measuring equipmentis needed to measure high voltage electric current with accuracy. Other applications in industrial facilities, power generation (substation),laboratories, and power transmission also make use of high voltage measuring equipment. In addition to that, electric vehicles and robots are the new sources of electric consumption, which also require the use of high voltage measuring equipment.
Renewable sources of energy are the new preference for utility providers. According to World Energy Outlook (WEO), renewable would constitute nearly two-thirds of the capacity additions up to the year 2040. Such dominance of the renewable sources of energy is due to the declining cost and favorable government policies. Increasing installation of solar and wind power plants for power generation would require the use of high voltage measuring equipment market, thereby driving the growth of the market.
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