Voltage Detectors Market is Expected to Reach $1.95 Billion by 2023

According to the report “Voltage Detector Market: By Type (High frequency AC voltage detector, Low frequency AC voltage detector, Pulsed DC voltage detector, Continuous DC voltage detector); By Applications (Residential, Commercial, Industrial) & By Region-Forecast (2016-2023)”, published by IndustryARC, the market to reach $1.95 billion by 2023

Voltage Detector refers to a testing device used to determine the presence or absence of an electrical charge in an object. According to a recent study from IndustryARC, the voltage detector market is forecast to reach $1.95 billion by 2023 and is estimated to grow at a CAGR of 5.22% during 2017-2023. The growth in the voltage detector market can be attributed from the industrial sector coupled with increasing stringent regulations for safety concerns. 

The market is all set to exhibit robust development with a broad spectrum of applications which includes commercial, industrial and residential. Industrial sector is projected to continue its dominance in the voltage detector market and is poised to witness high growth rate and projected to reach about $723 M by the end of 2023, while residential sector are estimated to witness significant growth rate of CAGR 4.04% during 2017-2023.

Europe region is estimated to be the largest region for voltage detector market globally estimated to reach a revenue generation of $694.92M by 2023. In Europe, high demand and consumption of various types of voltage detectors into wide range of industries propels the growth of the market. APAC is projected to witness high growth rates in this market during the forecast period owing to a rapidly expanding industrial base and increasing awareness with stringent safety regulations in developing nations such as China, and India.

Voltage detector market key players have making different strategic initiatives include partnerships, acquisitions, products launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.