Home > Pressrelease > Voltage Detection Systems Market worth over $1.6 Bn by 2030
Voltage Detection Systems Market worth over $1.6 Bn by 2030
- Published Date: August 16, 2022
Voltage Detection Systems Market size is set to surpass USD 1.6 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the development of smart grid and microgrid networks and growing electricity demand as the chief growth drivers for the voltage detection system industry. Furthermore, supportive initiatives by governments across developed regions to upgrade existing grid infrastructures will fuel the market growth. For instance, in August 2022, the U.S. Department of Energy announced a fund of $26 million by President Biden’s Bipartisan Infrastructure Law, the Solar and Wind Grid Services and Reliability Demonstration Program for projects that will demonstrate that the domestic power grid can function on clean energy sources.
Strict government regulations to push North America as a viable regional ground
The North America voltage detection systems market accounted for above USD 200 million in revenue in 2021. The region may emerge as a major hub for this segment owing to stringent governmental mandates and regulations regarding the deployment of renewable sources for electricity generation, thereby increasing the demand for efficient distribution networks to be integrated into the grid, boosting the demand for safe and reliable electrical equipment, including voltage detection systems, across these networks.
Another region that may gain substantial traction is the Middle East & Africa. The growth is attributed to the rising focus on improving workplace safety. This has prompted industrialists to deploy effective control and monitor devices in order to reduce the accident rate and additional costs incurred due to these mishaps.
Browse key industry insights spread across 90 pages with 82 market data tables & 18 figures & charts from the report, “Voltage Detection System Market Size, Growth Potential, Regional Outlook, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Novel product development to define the competitive spectrum of VDS industry
The strategic landscape of the voltage detection systems market is expected to observe a surge in product research and development projects and business expansion through strategic mergers and acquisitions by manufacturers. For instance, in June 2022, Kries Energietechnik GmbH & Co. KG, a transformer solution provider, launched a Combined Voltage Detection System (VDIS) with partial discharge detection. The product includes monitoring systems, self-testing functions, and adjustment capabilities for smart grid applications with limited equipment.
In May 2022, Dipl.-Ing. H. Horstmann GmbH, an energy utilities firm, introduced the new Wega series of integrated voltage detecting systems that is designed to determine the voltage state in medium-voltage switchgear in accordance with IEC 62271-213. The novel tool reduces installation time, supporting further cost benefits. To cite another instance, in February 2021, Ricoh Electronic Devices Co. Ltd., a leading provider of semiconductors, launched a 4-channel 42V input window voltage detector with a diagnostic method to verify the smooth operation of the voltage detector. In March 2021, FLIR systems, another key industry player, introduced Extech DV690, its first non-contact high voltage detector with a detection range of 69 kV.
Some prominent voltage detection systems market players profiled in the report include Dipl.-Ing. H. Horstmann GmbH, Epoxy House, Georg Jordan, Kries-Energietechnik GmbH & Co. KG, ELECTRONSYSTEM MD SRL, K. K. Sales Corporation, C&S Electric Limited, Orion EE, and KPB INTRA s.r.o.