Voltage Detection System Market PPT

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Voltage Detection System Market is expected to be
USD 1,600 Million by 2030
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Industry Overview

• 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.

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• 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.

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Voltage Detection System Market

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