Market - - Jul 21,2017
According to statistics, the global market for high voltage measuring equipment is expected to display growth at a CAGR of 7.9% during 2016 and 2024.
High voltage measuring equipment basically comprises of electric devices which are used for the measurement of electric currents with high accuracy. These equipment comprise high voltage instrument transformers, capacitors, multi-meters and probes among others.
It has been analyzed that growth of the high voltage measuring equipment market can be credited to the huge investments in transmission grids for supreme efficiency for power transmission and minimum power loss.
As per a recent report published by Market Research Reports Search Engine (MRRSE), the global high voltage measuring equipment market showcased an opportunity of US$3.36 bn in 2015 and is likely to be worth US$6.59 bn by 2024; at this pace, the CAGR growth is anticipated to be 7.9%.
Further, it has been analyzed that the emerging nations in Asia Pacific, Latin America, and the Middle East and Africa are projected to invest substantially in transmission grids so as to provide electricity to users present in remote locations for the first-time. Moreover, looking at the broader canvas, the primary factor driving the market for high voltage measuring equipment in North America and Europe is detections for replacement of old equipment with fresh ones so as to satisfy newer and stricter environmental norms.
Covering a deeper aspect in this sector, the rising realization about the benefits of direct current over alternating current, chiefly for high voltage long distance transmission is profiting the high voltage measuring equipment market. Such benefits cover higher transmission capacity and efficiency, maintenance as well as low cost of installation. The prime players operating in the concerned sector include companies such as GE Grid Solutions, BHEL, Maxwell Technologies, ABB, Crompton Greaves, Siemens and Shanghai Electric Group Company Limited.
For more information on this report visit- http://www.mrrse.com/high-voltage-measuring-equipment-market