Home > Semiconductors & Electronics > Voltage Detector Market
Voltage Detector Market Size
Voltage Detector Market size is predicted to grow at a commendable rate from 2024-2032, majorly led by the increasing electricity generation due to rapid urbanization and industrialization. As per estimates from the Department for Business, Energy & Industrial Strategy, the electricity generation across the U.K. reached 77.7 TWh in Q3 2022, showcasing a 14% rise. Increasing awareness of the importance of electrical safety in various industries is escalating the demand for voltage detectors.
The growing emphasis on workplace safety has made way for stringent safety regulations and standards. The ongoing infrastructure development projects worldwide is further driving the demand for voltage detectors for ensuring the safety of electrical systems during construction and maintenance activities. However, the impacted industrial investments and infrastructure projects due to economic uncertainties and downturns along with the insufficient awareness of proper voltage detector usage may hinder the effective implementation of voltage detectors to some degree.
Voltage Detector Market Trends
The global shift towards renewable energy sources and the expansion of smart grid technologies will further contribute to the demand for voltage detectors as they are essential for monitoring and maintaining the stability of power distribution systems. With the rising trend of customization to meet unique requirements and challenges in telecommunications, manufacturing, energy, and construction, manufacturers are developing application-specific voltage detectors. There is also an evolving strong focus on adhering to industry-specific standards to ensure the quality and reliability of products.
Voltage Detector Market Analysis
Based on technology, the voltage detector industry is segmented into hall effect, electronic, and other technologies. The industry size from the hall effect segment is expected to witness a considerable CAGR through 2032, driven by higher application scope in the automotive sector. Some of these include sensing seat & safety belt position for facilitating better air-bag control as well as monitoring and controlling wheel speed in anti-lock braking systems. Hall effect voltage detectors are valuable tools for construction workers and building inspectors as they help to prevent accidents during construction and renovation activities by checking live electrical circuits in walls and ceilings.
In terms of application, the voltage detector industry from the industrial application segment is set to record lucrative growth rate through 2032. This is due to their extensive usage in power failure detection, power demand control, revenue metering, safety switching, power quality monitoring near VAR compensators, load control in motors, and energy management control systems. Rising usage for inspecting electrical panels, cabinets, and switchgears as well as identifying and addressing electrical anomalies or faults leading to equipment failure or safety hazards will contribute to the product uptake.
Asia Pacific voltage detector market is anticipated to demonstrate notable growth by 2032, majorly driven by the increasing emphasis on electrical safety regulations led by several governments and regulatory bodies. The rapid rate of urbanization and industrialization is leading to an increased demand for power infrastructure in the region. Various organizations are also incorporating IoT-enabled devices and voltage detection circuits to facilitate better asset performance management. For instance, in February 2022, researchers at National Institute of Technology (NIT), India devised Edge Computing Stack, an IoT-based electrical switch to monitor the overall energy consumption of electrical appliances.
Voltage Detector Market Share
Key voltage detector firms are actively working on implementing a wide range of expansion strategies, such as mergers, partnerships, acquisitions, and R&D investments to consolidate their market position. They are also focusing on new product launches to satisfy the demands of several end-user industries.
Some of the renowned market players include:
- Seiko Instruments
- Toshiba Corporation
- STMicroelectronics
- Analog Devices Inc.
- Torex Semiconductor
- ROHM Semiconductor
- Sharp Microelectronics
- Taiwan Semiconductor
- Texas Instruments
Voltage Detector Industry News
In August 2022, ROHM developed BD48HW0G-C, its new high accuracy, ultra-low current consumption voltage detector for a wide range of automotive as well as industrial applications in need of voltage monitoring of electronic circuits for improved safety.