Voltage Detection System Market Size

Voltage Detection System Market Size

Voltage Detection System Market size valued at USD 1 billion in 2021 and is projected to expand at over 4% CAGR from 2022 to 2030. This growth is attributed to the rising penetration of medium voltage switchgear due to increasing electricity demand.

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The increasing installations of MV switchgears in residential and commercial areas will boost the demand for voltage detection systems. Notably, governments of developing nations are collaborating with private & public players operating in the power sector to deploy efficient T&D infrastructure.

Efforts by administrative authorities to upgrade existing networks to cater to the rising energy demand across the globe will also have an impact on the sales of voltage detection systems. For instance, in January 2022, the Department of Energy unveiled its new Building a Better Grid Initiative that focuses on upgrading the domestic transmission lines through collaborative planning, coordinated permitting, innovative financing mechanisms, and continual transmission-related R&D activities.

Volatile raw material prices may restrain industry progression

Dynamic prices of raw materials are a major factor restraining the voltage detection system industry growth. Rising concerns pertaining to the export quotas may increase raw material prices and affect the international market dynamics. Consequently, since managing raw materials costs is a top priority for manufacturers, consistent measures to manufacture low-cost detection systems will help tackle the issue. In addition, the expansion of existing network grids will also alter the outlook of the voltage detection system industry. Firms are focusing on enhancing their portfolio and industrial performance by building and expanding their business infrastructure foundations. Companies will benefit from government-initiated partnerships devised for bolstering the grid infrastructure.