A voltage indicator or also known as voltage sensor is used to determine, monitor, and measure both AC and DC voltage supply. This voltage indicator is a testing equipment generally used to determine the existence or absence of an electrical charge in a particular object. It can convert the measured voltage into physical signal which is proportional to the voltage. This voltage indicator is highly recommended for the situation where the power issue exists. In the traditional voltage indicator, a pointer or a needle is used to detect the voltage supply while there is an alphanumeric interface in digital voltage indicators. This device measures voltage supply without making any physical contact and are broadly used in power demand control areas for detection of power failure and for load control and safety switching. The rise in penetration of various electronic appliances across commercial, residential, and industrial applications in the surge in deployment of RFID tags are some of the factors that is boosting the growth of the global voltage indicator market. However low operating temperature of voltage indicators may hamper the growth of the market as low temperature makes them inappropriate for use in high power distribution circuits.
Covid-19 Impact Analysis
- The coronavirus's unfavourable global effects are already evident, and they will have a big impact on the voltage indicator in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the voltage indicator market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemics. Issues such as raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to drive the prices upwards which will prove to be a significant obstacle that the industry will have to adapt to. Increase in prices will cause project delays which, in turn, would again cause a spike in prices.
Top Impacting Factors
The voltage indicator market is witnessing significant growth owing to the growing trend and of uses in IoT applications. Smart product based on IoT technology are incorporated with this component that monitor the voltage, providing improved efficiency. These components are affordable owing to the power saving and diverse sensor solution capabilities. Another trend in the industry is that it is used as indicators in smart home applications. These devices also help in detecting electrical leaks in buildings and identify fluctuations in input current, supporting a high demand. Additionally, the implementation of this component in 5G infrastructure to optimise the performance of existing assets, is adding value to its market growth.
Market trends
- New technology coupled with increased functionality is boosting up the demands.
- In the voltage indicator market, hall effect technology is gaining high traction owing to current sensing function in the module. The hall effect technology is used for proximity sensing, positioning, speed detection, and current sensing application and is integrated with threshold detection which works as a switch. Also, the cost of these components are lower as compared to that of the other options, creating a higher demand in smart devices applications.
- Increasing market of electronic goods and devices are indirectly helping for the market growth.
- The industrial applications are growing day-by-day due to increased uses of electronic systems in industrial processes and the emergence of new industrial technologies. This trend supporting the uses of automated production systems and electronic devices is creating a high product demand. Voltage indicators offers several benefits such as less energy consumption, support for electric applications, cheap availability etc. These features in the indicators support efficient industrial operations owing to the continuous current fluctuation issues.
- Rapid industrialisation and digital transformation in the Asia-Pacific region is a key driver of the market.
- The Asia-Pacific voltage indicator market is witnessing rapid expansion due to the high demand and production of consumer and industrial electric appliances. Moreover, the growth of various industries including automobile, manufacturing, and electronics in this region is driving the market expansion. The presence of a robust industrial and manufacturing sector in Asian countries which need reduce power consumption is leading to industry development. The North American region is expected to grow in the market owing to adoption of technically advanced solutions such as smart devices, robots etc.
Key Benefits of the Report
- This study presents the analytical depiction of the voltage indicator industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the voltage indicator market share.
- The current market is quantitatively analysed to highlight the voltage indicator market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed voltage indicator market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Application Technology
- Electronic
- Hall Effect Technology
- Others
- By Source
- By End-Use
- Power
- Generation
- Transmission
- Distribution
- Railway
- Main and Auxiliary Converters
- Battery Chargers
- Choppers
- Substations
- Others
- By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- GRACE TECHNOLOGIES, INC.
- Hubbell Incorporated
- CHALLENGE INDUSTRIAL CO., LTD.
- Elektro-Mechanik GmbH (EMG)
- ABB Ltd.
- Schneider Electric
- Martindale Electric Co. Ltd.
- Eaton Corporation
- PCE Deutschland GmbH
- Seaward Electronic Ltd.