Global Power Equipment Market Growth (Status and Outlook) 2025-2031

The global Power Equipment market size is predicted to grow from US$ 66230 million in 2025 to US$ 87500 million in 2031; it is expected to grow at a CAGR of 4.8% from 2025 to 2031.

The report mainly study the three segments including HVDC devices, transformers, and gas-insulated switchgear (GIS)

HVDC (High Voltage Direct Current) systems are used to transmit electricity over long distances with minimal losses. Unlike AC (Alternating Current) systems, HVDC systems use direct current, which is more efficient for long-distance transmission and undersea cables.

Transformers are devices that change the voltage levels of electricity in power systems. They are essential for transmitting electricity efficiently over long distances and distributing it to homes and businesses.

Gas-Insulated Switchgear is a type of compact, metal-enclosed switchgear that uses sulfur hexafluoride (SF₆) gas to insulate and protect electrical equipment. GIS is used in high-voltage substations and electrical grids where space is limited or where environmental conditions require enhanced protection.

The competition among vendors will increase during the forecast period. Vendors will compete to deliver competitive advantages in the market on the basis of pricing, user-friendly interfaces, value-added benefits, and service portfolios. During the forecast period, it expect this competition to intensify with an increase in product extensions.

Technological innovations have an important role in driving the growth of the market. To sustain in the competitive market, vendors should develop new ideas and technologies and stay up-to-date with the advanced technologies.

The Power Equipment market in APAC is presently witnessing an exponential growth in terms of power consumption. The development of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing latest UHVDC technology for power transmission.

Aging power infrastructure in developed countries and the need for reliable and efficient electricity supply are leading to grid modernization projects. These projects often involve the replacement or upgrade of transformers. In developing countries, electrification projects to expand access to electricity in rural and underserved areas are driving the demand for transformers, particularly distribution transformers.

As the share of renewable energy in the power mix grows, there is an increased need for advanced and reliable switchgear solutions to manage the complexities of renewable energy integration into the grid.

Rapid urbanization and industrial growth in emerging economies are increasing the demand for electricity, which in turn drives the need for efficient power distribution systems, including transformers.

LPI (LP Information)' newest research report, the “Power Equipment Industry Forecast” looks at past sales and reviews total world Power Equipment sales in 2024, providing a comprehensive analysis by region and market sector of projected Power Equipment sales for 2025 through 2031. With Power Equipment sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Power Equipment industry.

This Insight Report provides a comprehensive analysis of the global Power Equipment landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Power Equipment portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Power Equipment market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Power Equipment and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Power Equipment.

This report presents a comprehensive overview, market shares, and growth opportunities of Power Equipment market by product type, application, key players and key regions and countries.

Segmentation by Type:
Transformers
HVDC Devices
Gas Insulated Switchgear

Segmentation by Application:
High Voltage Application
Medium Voltage Application
Low Voltage Application

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Hitachi Energy
Siemens
GE Vernova
Mitsubishi Electric
TBEA
XD Group
Schneider Electric
Eaton
Toshiba
Fuji Electric
CHINT Group
Hyundai Electric
SGB-SMIT
Shandong Taikai
XJ Electric
Baoding Tianwei Baobian Electric

Please note: The report will take approximately 2 business days to prepare and deliver.