Global Ground Fault Monitoring Relays Market Report 2023-2030 with Asia-Pacific Spearheading Growth
DUBLIN, Oct. 24, 2023 /PRNewswire/ -- The "Global Ground Fault Monitoring Relays Market, By Type; By Voltage; By Relay Mounting; By Trip Time; By Application; By Sales channel-Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global Ground Fault Monitoring Relays market was valued at US$ 2.20 Billion in 2022 and is predicted to reach US$ 4 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 8.05% over the forecast period from 2023 to 2030.
The report provides insights into the global Ground Fault Monitoring Relays market, with a focus on regional dynamics. Asia Pacific holds the largest market share, accounting for over 35% of the market in 2022. It also exhibits the fastest compound annual growth rate (CAGR) of over 8.86%. Other key regions in the market include North America, Europe, Middle East & Africa, and South America.
The expansion of the global Ground Fault Monitoring Relays market is primarily driven by increased investments in transmission and distribution networks. As the electrical power generation landscape evolves and modernizes, significant investments are being made to upgrade existing infrastructure and build new distribution systems to efficiently manage power supply, leading to market growth.
The rising number of electrical faults and their potential negative impacts, such as fires or equipment damage, is driving demand for ground fault monitoring relays. These relays can detect faults early and prevent serious consequences.
However, a key growth inhibitor for the market is the lack of awareness about these devices. Many potential users are unaware of the existence of ground fault monitoring relays and their benefits, leading to fewer installations and slowing down market growth.
Under the 'Type' segment, DC holds the largest share of over 55%, with opportunities expected to surpass US$ 900 Mn during the forecast period. By 'Voltage', the 220-240 V segment exhibits the fastest growth at a CAGR of 8.28% and holds a market share of over 45%.
In terms of 'Relay Mounting', the 'Surface Mount' segment is projected to exceed a revenue of USD 1000 Mn by 2026. 'Up to 500ms' is the fastest-growing segment within 'Trip Time', with a CAGR of 8.61%. By 'Application', 'Photovoltaic Panels' is projected to surpass a market revenue size of US$ 950 Mn by 2028. The 'Retailer' segment under 'Sales Channel' holds the largest share of over 50%.
The global Ground Fault Monitoring Relays market is characterized by competitiveness, with several key players collectively holding approximately 35% of the market share. Among these leading companies are General Electric Company, ABB, Bender, and Eaton, all of which showcase strong portfolios of ground fault monitoring relays.
In addition to these prominent players, there are notable companies in the market, including EUCHNER, GE, Gigavac, Littelfuse, Rockwell Automation, Schneider Electric, Schweitzer Engineering Laboratories, Seiko Electric, Siemens, and Steven Engineering. These companies are actively contributing to the market's growth through their innovative solutions and strategic initiatives.
Report Insights:
- The Ground Fault Monitoring Relays market is projected to grow at a CAGR of 8.05% from 2023 to 2030.
- The growth is fueled by increasing investments in transmission and distribution networks and the rise in the number of electrical faults.
- The DC segment under 'Type' and the 220-240 V segment under 'Voltage' are expected to exhibit significant growth.
- The Asia Pacific is the dominating and fastest-growing region in the market.
Questions to be Answered:
- What is the estimated growth rate of the global Ground Fault Monitoring Relays market?
- What are the key growth drivers and potential restraints?
- Which market segments are expected to witness the most growth?
- Who are the leading players in the market?
Global Ground Fault Monitoring Relays Market Overview
Industry Value Chain Analysis
- Material Provider
- Manufacturer
- Distributer
- End User
Industry Outlook
- Detailed Import Data of Ground Fault Relay
- Porter's Five Forces Analysis
Market Dynamics and Trends
- Growth Drivers
- Restraints
- Challenges
- Key Trends
Covid-19 Impact Assessment on Market Growth Trend
Market Growth and Outlook
- Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
- Market Volume Estimates and Forecast (Mn Units), 2017 - 2030
- Pricing Analysis
Competition Dashboard
- Market Concentration Rate
- Company Market Share Analysis (Value %), 2022
- Competitor Mapping
A selection of companies mentioned in this report includes
- ABB
- Bender
- Eaton
- EUCHNER
- GE
- Gigavac
- Littelfuse
- Rockwell Automation
- Schneider Electric
- Schweitzer Engineering Laboratories
- Seiko Electric
- Siemens
- Steven Engineering
Segment Overview:
By Type
- AC
- DC
By Voltage
- 100-120 V
- 220-240 V
- 380-440 V
By Relay Mounting
- Panel Mount
- Surface Mount
- DIN Rail Mount
By Trip Time
- Up to 500ms
- 500 Ms to 1 sec
- 1 sec to 2 sec
- 2 to 2.5 sec
- Above 2.5 Sec
By Application
- Underground Mining
- Communications Towers
- Automotive
- Photovoltaic Panels
- Semiconductor Machines
- Others
By Sales channel
- Manufacturer
- Direct Distributer
- Retailer
For more information about this report visit https://www.researchandmarkets.com/r/6kphyl
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