Voltage Detection System Market Size, Growth Potential, Regional Outlook, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030

Voltage Detection System Market Size, Growth Potential, Regional Outlook, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030

The voltage detection system market is projected to witness a major upsurge by 2030, driven by the rapid expansion of electric grid networks to accommodate the rise in global electricity demand.

With the growing power demand, policymakers are compelled to engage in modernization and upgradation of existing grid networks. This revamped infrastructure is integrated with efficient electrical equipment, thereby promoting the delivery of reliable and uninterrupted electricity.

During the initial months of the COVID-19 outbreak, power grid expansion projects witnessed a dramatic decline worldwide. However, in 2021, investments in electricity grids were anticipated to rise by 10%, according to the International Energy Agency. This was due to growing infrastructure spending in the United States, China, and Europe. Such electric infrastructure development initiatives are expected to improve the demand for voltage detectors in the power industry.

Another key factor bolstering the need for high- and low-voltage detection circuits is the rising prominence of smart grid projects. In the European Union, these projects play a crucial role in the implementation of digital communication technologies to integrate large amounts of power generated from distributed and renewable energy sources.

Moreover, they contribute to global greenhouse gas emission targets. With the rapid digitalization and the strong focus on combating the climate crisis, the voltage detection system market is poised to attain a commendable valuation over the forecast period.

Based on region, the global voltage detection system market is segmented into North America, the Asia Pacific, Europe, the Middle East & Africa, and Latin America.

The Europe voltage detection system industry is poised to exhibit a CAGR of more than 4% over the stipulated period. The regional market growth is driven by the increasing reliance on clean energy sources to generate electricity. As per data from Eurostat, renewable energy sources accounted for up to 37.5% of the gross power consumption in the EU, a hike from 34.1% in 2019.

Furthermore, the European Commission laid out its long-term plan to cut 55% of the carbon emissions from the economy. These situations can benefit the industry players, given the potential rise in demand for renewable power voltage testers.

Meanwhile, the MEA (the Middle East and Africa) region is likely to emerge as a prominent revenue hub for the voltage detection system industry. Driven by sustained economic recovery, the energy demand in Dubai surged by 6.3% year-over-year in the first half of 2022, based on data from the Dubai Electricity and Water Authority.

The city is also targeting to expand the water and electricity production capacity to meet their burgeoning demand. These initiatives will cater to the needs of residential and commercial customers, developers, and businesses and in turn, provide an edge to voltage detector manufacturers in the region.