Home / Press Releases / The global safe voltage detectors market is valued at over $90 million alone and is expected to grow at a CAGR of 4.5% by 2024
The global safe voltage detectors market is valued at over $90 million alone and is expected to grow at a CAGR of 4.5% by 2024
Posted By: Yan | Published Date: Nov 20,2023
The global boom in commercial and residential construction and upgradation of infrastructure in rural areas has never seen a higher demand for reliable tools that enable workers to safely identify live circuits. According to LP Information Data analysts, the global safe voltage detectors market is valued at more than $90 million in 2023 alone, and is expected to grow at a CAGR of 4.5% through 2024.
North America currently accounts for approximately 40 per cent of sales revenue due to strong demand from electrical contractors performing refurbishment, repair or preventive maintenance. However, Asia Pacific is expected to see the strongest year-over-year growth of 6.5% as developing countries modernise their national grids and more people gain access to electricity.
Brands leading the safe voltage detector segment include Klein Tools, FLIR, Knopp, and Megger, all of which offer a range of contact and non-contact options with features such as backlit LCD screens, voltage ranges, and rugged housings that can withstand drops or moisture. Whilst quality solutions from these major players dominate many corporate purchasing contracts, own-brand detectors from retailers such as Ace Hardware are making impressive gains through value pricing and compact units suitable for domestic DIYers and small electrical companies.
Changing safety regulations present both opportunities and risks for manufacturers. On the one hand, the introduction of standards across Europe requiring the use of voltage detectors in all workplaces has fuelled demand. However, the proposed GFCI/RCD technology update in the US, which aims to eliminate residual voltage, could undermine the accuracy requirements of some traditional contact detector designs that have relied on analogue circuits over the past decades.
Changing workplace risks, such as the proliferation of solar energy systems and high-voltage battery infrastructure, also provide opportunities for combination AC/DC detectors and those capable of detecting residual voltages after lockout/tagout procedures. Detector manufacturers are keenly aware that as hazards become more complex, enhanced functionality and reliability will be non-negotiable for discerning industrial buyers.
With increased global safety awareness, advances in legislation and an expanding energy infrastructure, conditions remain positive for voltage detector suppliers to be able to invest in precision engineering for the most discerning customers and achieve the clearest product differentiation in the face of low-cost competition. Those focussed on continuous innovation appear best placed to capitalise on these positive long-term macro trends.
Learn more : LP Information Data（ Global safe voltage detectors market ）
North America currently accounts for approximately 40 per cent of sales revenue due to strong demand from electrical contractors performing refurbishment, repair or preventive maintenance. However, Asia Pacific is expected to see the strongest year-over-year growth of 6.5% as developing countries modernise their national grids and more people gain access to electricity.
Brands leading the safe voltage detector segment include Klein Tools, FLIR, Knopp, and Megger, all of which offer a range of contact and non-contact options with features such as backlit LCD screens, voltage ranges, and rugged housings that can withstand drops or moisture. Whilst quality solutions from these major players dominate many corporate purchasing contracts, own-brand detectors from retailers such as Ace Hardware are making impressive gains through value pricing and compact units suitable for domestic DIYers and small electrical companies.
Changing safety regulations present both opportunities and risks for manufacturers. On the one hand, the introduction of standards across Europe requiring the use of voltage detectors in all workplaces has fuelled demand. However, the proposed GFCI/RCD technology update in the US, which aims to eliminate residual voltage, could undermine the accuracy requirements of some traditional contact detector designs that have relied on analogue circuits over the past decades.
Changing workplace risks, such as the proliferation of solar energy systems and high-voltage battery infrastructure, also provide opportunities for combination AC/DC detectors and those capable of detecting residual voltages after lockout/tagout procedures. Detector manufacturers are keenly aware that as hazards become more complex, enhanced functionality and reliability will be non-negotiable for discerning industrial buyers.
With increased global safety awareness, advances in legislation and an expanding energy infrastructure, conditions remain positive for voltage detector suppliers to be able to invest in precision engineering for the most discerning customers and achieve the clearest product differentiation in the face of low-cost competition. Those focussed on continuous innovation appear best placed to capitalise on these positive long-term macro trends.
Learn more : LP Information Data（ Global safe voltage detectors market ）