Voltage Detection System Market Size & Share, by Type (Medium Pressure, High Pressure); Application (Residential, Business District); Component (Wired voltage Detection system, Wireless Voltage system) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5591
  • Published Date: Jan 31, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Voltage Detection System Market size is poised to cross USD 2 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of voltage detection system was over USD 1.1 Billion.

Organizations are being driven to invest in advanced voltage detection solutions by the rising number of electrical accidents and the increased focus on occupational safety laws.  As observed by Research Nester Analysts, 2,220 electrical injuries that weren't fatal occurred, requiring days away from work. This represented a 17% rise from 2019 and a return to 2017 levels, potentially providing market growth opportunities.  The industry is also growing as a result of the development of smart grid networks and the incorporation of renewable energy sources into power networks. In these dynamic conditions, the demand for sophisticated detection systems is driven by the necessity for dependable voltage monitoring. Furthermore, new developments in technology, such as the addition of IoT and AI capabilities to voltage detection devices, increase their efficacy and encourage use in developed and emerging countries.

Also, infrastructure development projects, including the construction of new buildings, smart cities, and transportation networks, contribute to the demand for voltage detection systems. These systems are essential for ensuring the safety and reliability of electrical infrastructure in newly developed projects. For instance, about 76% of the electricity used in the United States is consumed by buildings, accounting for 40% of total energy consumption. primary energy use.


Voltage Detection System Market
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Voltage Detection System Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 5%

Base Year Market Size (2023)

~ USD 1.1 Billion

Forecast Year Market Size (2036)

~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Voltage Detection System Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Industrial Automation and Industry 4.0- The rise of industrial automation and the implementation of Industry 4.0 principles necessitate advanced voltage detection systems for real-time monitoring and control of electrical systems, these systems contribute to the overall efficiency and reliability of automated processes, driving their adoption in various industries. As per observation, Sensors will be more widely accepted in Industry 4.0 and will gain from fully functional connectivity, data interchange, and logistics integration. Sensor installations in digital supply chains, automated production lines, and process management may increase in the upcoming years.
  • Expansion of Renewable Energy Infrastructure - The increasing deployment of renewable energy sources, such as solar and wind power, requires advanced voltage detection systems to manage the integration of these intermittent energy sources into the existing power grind. In 2021 the US invested more than USD 86 billion in green building projects. Voltage detection is crucial for maintaining grid stability and preventing voltage fluctuations.
  • Stringent Regulatory Standards and Safety compliance- Governments and regulatory bodies worldwide are implementing stringent safety standards and regulations to enhance workplace safety. Compliance with these standards necessitates the use of advanced voltage detection systems to monitor and manage electrical systems effectively, fostering market growth.
  • Technological Advancements in Sector - Ongoing technological advancements, such as the integration of IoT (Internet of Things) and AI (Artificial Intelligence) in voltage detection systems, enhance their capabilities. Advanced features like predictive maintenance and remote monitoring contribute to market growth as industries seek more intelligent and efficient solutions.

Challenges

  • Lack of standardization- The absence of standardized norms and regulations for voltage detection systems can lead to interoperability issues and hinder seamless integration with existing infrastructure. This lack of standardization may also confuse end-users when selecting suitable products.
  • High initial cost of set-up and implementation of these systems, tends to restrict the market’s growth.
  • Rising cyber threats and cyber security issues diminish the market’s growth.


Voltage Detection System Segmentation

Type (Medium Pressure, High Pressure)

High Pressure segment is anticipated to dominate the global voltage detection system market garnering a market share of 53% during the forecast period. The segment’s growth is due to increased demand in industries with high voltage requirements, such as power generation and transmission. The global electricity demand is expected to grow by 60% between 2020 and 2040, as stated in the International Energy Agency's report. The need for efficient power transmission systems, which are enabled by advanced high-voltage cables, is highlighted by this growth. High-pressure systems offer robust solutions for detecting and managing voltage fluctuations, ensuring efficient operations in critical sectors. Additionally, advancements in technology and growing emphasis on electrical safety further contribute to the high-pressure segment’s projected larger market share.

Application (Residential, Business District)

The residential segment in the voltage detection system market is expected to hold a significant revenue share over the forecast period. The segment’s growth is primarily attributed to the increasing awareness of electrical safety in homes and the rising adoption of smart home technologies. The residential segment’s growth is fuelled by the integration of voltage detection systems in smart homes, ensuring safety and preventing electrical accidents. With a surge in residential construction and a focus on home automation, the residential segment is anticipated to hold the largest market share due to heightened demand for reliable and advanced voltage detection solutions in domestic settings.

Our in-depth analysis of the global voltage detection system market includes the following segments:

           Type

  • Medium Pressure
  • High Pressure

          Application

  • Residential
  • Business District

          Component

  • Wired Voltage Detection System.
  • Wireless Voltage Detection System

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Voltage Detection System Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific voltage detection system market is set to hold the largest market share, accounting for 33% of the global market. The region’s growth is fuelled by rapid industrialization and urbanization. The burgeoning demand for electricity in countries like China, India, and Southeast Asian nations has driven the need for advanced voltage detection solutions to ensure electrical safety. The adoption of smart technologies and the modernization of power infrastructure in response to escalating energy demands have contributed to the increased deployment of Voltage Detection Systems across diverse industries. Further, with an estimated 1.5 billion users, Asia Pacific is home to the largest electricity and gas metering sector in the world, according to Research Nester analysts. Over the ensuing years, it is anticipated that the installed base of smart power meters will increase gradually, from 757 million in 2021 to 1 billion in 2027. Additionally, stringent safety regulations and a growing awareness of workplace safety have further propelled the market. Challenges such as integrating these systems into existing infrastructure and addressing cost concerns are being met with innovative solutions. As the Asia Pacific region continues its economic development, the market remains a crucial component of ensuring reliable and secure electrical operations across various sectors

European Market Statistics

The European voltage detection system market has witnessed substantial growth, driven by the region’s commitment to advancing industrial safety and infrastructure reliability. With a focus on mitigating electrical hazards and ensuring the secure distribution of power, the demand for sophisticated voltage detection system solutions has surged across industries such as manufacturing, energy, and construction. Europe’s rapid adoption of renewable energy sources and smart grid technologies has further fuelled the need for precise voltage monitoring systems. Stringent regulatory frameworks emphasizing workplace safety standards have also played a pivotal role in propelling market growth. Despite facing challenges related to retrofitting existing infrastructure and initial implementation costs, the European market continues to evolve, supported by technological innovations and a collective effort to enhance electrical safety measures in the region. As Europe moves towards sustainable and efficient energy practices, voltage detection systems remain integral to achieving these goals across diverse sectors.

Research Nester
Voltage Detection System Market Size
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Companies Dominating the Voltage Detection System Landscape

top-features-companies
    • Dipl. Ing. H. Horstmann GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Orion EE 
    • Epoxy House
    • KPB INTRA s.r.o.
    • C&S Electric Limited
    • K K Sales Corporation
    •  ROHM CO., LTD. 
    • ELECTRONSYSTEM MD SRL
    • Georg Jordan
    • SensorLink® Corporation
    • P&B Weir Electrical Ltd

In-the-news

In The News

  • The ultra-low current consumption, high precision voltage detector (reset IC) BD48HW0G-C was developed by ROHM. It is best suited for a variety of industrial and automotive uses, including factory automation systems and automobile electronic control units, where voltage monitoring of electrical circuits is necessary for enhanced safety.
  • At the Abu Dhabi International Petroleum Exhibition and Conference, ABB, a leader in the field of energy technologies, presented a 500 mm insulated panel version of the UniGear ZS1, its latest innovative technology in the field of medium voltage switchgear, ADIPEC 2024.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5591
  • Published Date: Jan 31, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for electrical safety, stringent regulatory standards and safety compliance, rising adoption of smart grids, and expansion of renewable energy infrastructure are some of the major market drivers for voltage detection systems.

The market size of the voltage detection system is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2024-2036.

The major players in the market are Orion EE, Epoxy House, KPB INTRA s.r.o., C&S Electric Limited, K K Sales Corporation, ELECTRONSYSTEM MD SRL, Georg Jordan, SensorLink® Corporation, P&B Weir Electrical Ltd, Nisshinbo Micro Devices Inc. and others.

The residential segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Voltage Detection System Market Report Scope
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