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Global ground fault monitoring relays market was valued at US$2,110.0 million in 2021 and is expected to reach a valuation of US$ 4,002.6 million by 2030, at a CAGR of 7.71% over the forecast period, 2022–2030.
Ground fault monitoring relays are typically installed in locations such as factories, power plants, and other high-risk facilities to warn of electric shock or any other potential hazard from faults in the electrical system. The increasing popularity of these devices can be attributed to a number of factors, including the rash of accidents that have occurred over the past few years due to improperly wired or damaged electrical systems.
The benefits of ground fault monitoring relays market include preventing major accidents, saving on repair bills, and reducing the chances of injuries or fatalities. The devices are also extremely efficient, requiring very little power to operate. This is especially important in areas with tight energy conservation measures.
Ground fault monitors can also help reduce power consumption by identifying and correcting faults before they cause problems. This can save businesses money in both the short and long term. In addition, ground fault monitoring is an essential part of ensuring compliance with safety standards and regulatory requirements.
Rapid growth of the global ground fault monitoring relays market is attributed to a number of factors, including massive investments in transmission and distribution infrastructure, an increase in power production capacity globally, an increase in electrical faults, and government initiatives to encourage the use of ground-fault monitoring relays in residential and commercial settings.
Growing Investment in Transmission and Distribution Networks
The global ground fault monitoring relays market is projected to be driven by increased investments in renewable energy, microgrid technology, and other cutting-edge technologies. Renewable energy sources include solar, wind, geothermal, biomass, and wave power. Solar energy is the most popular form of renewable energy because it is affordable and provides consistent power output. The government has played an important role in promoting renewable energy through tax breaks and other incentives.
With stringent government regulations on the use of fossil fuels, an increasing number of businesses are turning to renewable energy as an alternative. This is driving the growth of the global ground fault monitoring relays market at a significant rate.
India also saw a significant increase in renewable energy investments, with 2021 investing $14.5 billion, 147% increase as compared to previous year.
Other Key Drivers in Global Ground Fault Monitoring Relays Market
Volatility in Raw Material Prices Coupled with Complexity Associated with Ground Fault Monitoring System
Astute Analytica expects that fluctuating raw materials prices are likely imped the growth of the global ground fault monitoring relays market during the forecast period. For instance, the price of steel fluctuates a lot. In fact, during the initial period of Covid-19 pandemic the market witnessed almost 60% surge in the prices of steel in the international market due to shortage of steel production.
Lack of Awareness Result in Lesser Installation
One major challenge in the global ground fault monitoring relays market is that people don't always know when they have a ground fault. Additionally, many people believe that they won't experience a ground fault until it has caused damage. As a result, many people aren't familiar with the benefits of ground fault monitoring and don't take advantage of the warnings that it can provide.
Ground Fault Monitoring Relays Can Be Expensive
Another challenge is that ground fault monitoring relays can be expensive. This makes them less attractive for use in smaller circuits or for circuits that won't be used regularly. Finally, some people doubt the accuracy of ground fault monitoring relays. This uncertainty can lead some people to ignore the warnings that they might receive.
Growing Popularity of Modern Digital Relays and New Product Launch
In the global ground fault monitoring relays market, modern digital relays offer a number of excellent ways to find ground defects. Ground fault detection is now more sensitive, secure, and accurate than ever, thanks to new directional elements and distance polarization techniques. Sensitivity, dependability, speed, and fault resistance coverage are further advanced by communications-aided protection. The growing popularity of digital replays has led to an increase in product innovation and new product launches by manufacturers. For example, The D64RP18 by Eton is a ground fault relay with a microprocessor that can be used with systems that are resistant or solidly grounded.
COVID-19 Impact on Ground Fault Monitoring Relays Market
COVID-19 resulted in sharp decrease in the commercial demand for fault monitoring relays following the closure of several commercial activities owing to strict lockdown in place. In addition, supply chain disruption severely affected manufacturer’s ability to produce and distribute advance fault monitoring systems. Leading players in the global ground fault monitoring relays significantly reduced their spending on research and development, which resulted lack of production of digitally advanced fault monitoring relays system.
On the basis of type, the ground fault monitoring relays market is segmented into AC and DC. Wherein, the DC segment was valued at US$ 1,163.88 million in 2021, and is projected to grow at a healthy CAGR of 7.43% during the forecast period. The demand for DC segment is gaining traction among consumers largely because of increasing prevalence of alternate power sources and shift towards safe and secure DC power to operate several appliances.
However, the AC segment is projected to continue growing at the highest CAGR of 8.05% in the years to come. Relays for monitoring single-phase voltages can be used with either single-phase AC or DC voltages.
By voltage, the ground fault monitoring relays market is categorized into 100–120V, 220–240V, and 380–440V. The 220–240V segment dominated the ground fault monitoring relays market in 2021, with around 46% share. Moreover, it is anticipated to grow at the highest CAGR of 7.94% during the forecast period.
Relay Mounting Analysis
By relay mounting, panel mount segment held 43% share of the global ground fault monitoring relays market in 2021 and emerged as the largest contributor to the overall market revenue by generating over $911.71 million.
On the other hand, the surface mount segment witnessed potential growth at a CAGR of 8.12% and is projected to continue growing at the rate over the assessment period.
Trip Time Analysis
Based on trip time, the global ground fault monitoring relays market is segmented into Up to 500ms, 500 Ms to 1 sec, 1 sec to 2 sec, 2 to 2.5 sec and Above 2.5 Sec. Reducing the trip time is an important parameter in designing earth monitoring relays. In line with this, manufacturers in the ground fault monitoring relays market are consistently focusing on keeping the trip time as less as possible to increase the effectiveness of the system.
Wherein, the 500ms–1sec segment was responsible for generated 36% sales revenue in 2021.
Apart from this, up to 500ms segment is estimated to grow at a rate of 8.26% over the projected period, 2022–2030.
On the basis of application, photovoltaic panels are holding dominant position in the global ground fault monitoring relays market. In 2021, it registered a revenue of US$ 597.44 million.
On contrary, telecommunication towers are witnessing significant demand for earth fault monitoring relays owing to growing need to negate the risk of failures to consistently provide services.
In addition, rising popularity of electrical vehicles is driving the demand of ground fault monitoring relays market in automotive industry as well.
Sales Channel Analysis
Based on sales channel, the market is segmented into manufacturer, direct distributer and retailer. Original equipment manufacturers often rely on distributors to sell the ground fault monitoring relays. In addition, online sales of this equipment are also gaining traction recently. Owing to the presence of several manufacturers, the focus is shifting on creating a robust distribution network. But, the retailer segment held 53% global ground fault monitoring relays market share in 2021 and is estimated to grow at the highest CAGR of 7.97%.
By region, Asia-Pacific held the dominant position in the global ground fault monitoring relays market by generating a revenue of over US$ 800.89 million in 2021. In addition, the region expanding its growth trajectory at the highest CAGR of 8.52%. Countries in the Asia-Pacific region such as India and China are modernizing their power transmission and distribution systems in order to connect to renewable energies to the main grid.
Bender Inc., Eaton Corp., Schneider Electric, Littlefuse Inc., ABB, Seiko Electric, Siemens AG, and Schweitzer Engineering Laboratories Inc among others are some of the key players in the global ground fault monitoring relays market. As per our findings, top 11 players are holding around 40% of the market share.
List of Key Companies Profiled:
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The global ground fault monitoring relays market is segmented based on type, voltage, relay mounting, trip time, application, and sales channel.
By Relay Mounting:
By Trip Time:
By Sales Channel:
It recognizes minute stray voltages on the metal housings of electrical apparatus. As a result, if an unsafe voltage is found, the circuit is shut off.
Growing popularity of modern digital relays and new product launch is the current trend in the market.
Unintentional contact between an electrified conductor and ground or an equipment frame is known as a ground fault.
The global ground fault monitoring relays market is studied from 2017 to 2030.
The global ground fault monitoring relays market is projected to grow at a CAGR of 7.71% during the forecast period 2022-2030 and is expected to reach US$ 4,002.6 Million.
Factors such as increasing investment in transmission and distribution networks and rise in the number of electrical faults and adverse impact of these faults boost the market growth.
The photovoltaic panels segment holds the highest CAGR in the global ground fault monitoring relays market during the forecast period.
Asia-Pacific region is growing with the highest CAGR during the forecast period.
Volatility in raw material prices coupled with the complexity associated with the ground fault monitoring system and lack of awareness resulting in lesser installation.
China holds the major share in terms of revenue in the Asia Pacific ground fault monitoring relay market.
COVID-19 resulted in a sharp decrease in commercial demand for fault monitoring relays following the closure of several commercial activities owing to the strict lockdown in place.
Some of the key players operating in the market are ABB, Bender Inc., Eaton Corp., Schneider Electric, Littlefuse Inc., Seiko Electric, Siemens AG, and Schweitzer Engineering Laboratories Inc. among others.