New Delhi, Sept. 23, 2022 (GLOBE NEWSWIRE) — Ground fault monitoring relays market is becoming increasingly popular as an energy efficient way to protect buildings and equipment from electrical spikes. GFM relay systems can help prevent costly damage, downtime, and even fatalities from electrical outages.
A ground fault monitoring relay sends an alert when a breaker or fuse fails, helping to identify potential hazards and get repairs started before things get worse. In addition, GFM relay systems can also prevent fires and explosions caused by electrical overloads. As a result, there is increasing demand for the product in the global ground fault monitoring relays market.
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With the increasing popularity of electric vehicles and the associated need for safe charging, there has been a corresponding increase in demand for ground fault monitoring relays. These devices help to prevent fires by identifying when an outlet is being overloaded, so that corrective action can be taken before it becomes a serious issue.
As per Astute Analytica market analysis, in the global ground fault monitoring relays market, these relays are typically installed in high-traffic areas where there is a risk of electric shock, such as shopping malls, office complexes, and schools. They are also popular in residential areas, as they can help to reduce the chances of electrical accidents caused by faulty wiring.
There are several types of ground fault monitoring relays available on the market, including those that use inductive or capacitive sensing technology. However, our study suggests that inductive sensors are more commonly used in commercial settings, as they are more reliable than capacitive sensors. Both types of sensors work by detecting changes in impedance caused when an electric current passes through the relay.
DC Ground Fault Monitoring Relay System Generated Revenue of Over $1,163.88 million in 2021
Ground fault monitoring is a growing requirement for businesses and homes alike across the global market. By type, Astute Analytica has segmented the global ground fault monitoring relays market into AC and DC. Wherein, the DC segment generated a revenue of $1163.88 million in 2021 and the segment is projected to grow at a CAGR of 7.71% in the years to come. As per our findings, higher reliability, easy availability, better durability and cost-effectiveness are the primary factors behind this higher market share and strong growth in the market revenue. The demand is further supported by heightened detection of faults in dc power networks, improved safety and uptime awareness, and rising concerns over electric grid security.
Today, consumers across the global ground fault monitoring relays market are starting to see the benefits of DC GFM systems over the traditional AC GFM systems, as they provide a more accurate reading. The reason for this is that DC GFM relays use direct current to communicate with vehicles, which eliminates the interference that can occur with AC signals.
One of the reasons why end-users in the ground fault monitoring relays market are choosing to go with DC GFM systems is because they’re able to provide a higher level of reliability than AC GFM systems. This is because AC GFM systems rely on sensors placed around a vehicle or facility to detect when there’s a problem. However, in the process, weather conditions – such as rain or snow – can swamp these sensors and create inaccurate readings.
In contrast, DC GFM relays utilize dedicated circuits within a manufacturer’s plants or facilities, which means that they’re less likely to be affected by outside factors. As a result, DC GFM systems provide a more reliable reading and are becoming an even more popular choice among consumers.
Top 11 Companies Generate around 40% Revenue of Ground Fault Monitoring Relays Market
As per Astute Analytica study, global ground fault monitoring relays market to reach a valuation of $4,002.58 million by 2030 at a CAGR of 7.71%. Our study suggests that around 40% of this revenue is projected to come from top 11 companies. Wherein, Bender Inc., Eaton Corp., Schneider Electric, Littlefuse Inc., ABB, Seiko Electric, Siemens AG, and Schweitzer Engineering are among the key contributors. There are a number of reasons why less than 11 companies are dominating the ground fault monitoring relays industry. Some of these reasons include the challenge of installing and maintaining a reliable ground fault monitoring system, competition from other industries, and the high cost of entry.
However, the future looks positive for this ground fault monitoring relays market, as technological advances are making ground fault monitoring more reliable and affordable. This will enable more companies to enter the market, and help to increase competition and improve prices. This shift is likely to happen for a few reasons. First, ground fault monitoring relays are becoming more affordable. Second, larger companies have been slow to adopt the technology. And third, the regulatory environment is becoming more stringent.
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Asia Pacific Ground Fault Monitoring Relays Market Generated Revenue of Over $800 Million in 2021
Ground fault monitoring (GFM) relays help ensure the safety of electrical systems by providing early warning signals to operators in the event of a ground fault. In Asia Pacific, GFM relay manufacturers account for a substantial share of the market. In 2021, the region generated a revenue of $800.89 million. This region is also the largest consumer of GFM relays, with consumption projected to grow at a CAGR of 8.52% over the next 9 years.
Asia Pacific is home to a number of enterprises that are leading the global ground fault monitoring relays market in manufacturing and distributing.
Some of these companies include Schneider Electric, Littlefuse Inc., ABB, Seiko Electric, Siemens AG. These firms employ a variety of marketing strategies to differentiate their products from those of their competitors. For example, Siemens has a strong focus on quality and offers customer support that is superior to that offered by other providers. Other firms offer attractive prices or exclusive deals that appeal to specific markets such as industrial or commercial users. The growth in demand for GFM relays in Asia Pacific is attributed to several factors. One contributor is the increasing number of electrical installations across the region, which requires increased use of GFM relays to protect these systems from potential failures.
Prominent Players in Global Ground Fault Monitoring Relays Market
- Rockwell Automation
- Schneider Electric
- Schweitzer Engineering Laboratories
- Seiko Electric
- Steven Engineering
- Other Prominent Players
Global Ground Fault Monitoring Relays Market Scope
|Market Size Value in 2021||US$ 2.110 Million|
|Market Outlook for 2030||US$ 4,002.6 Million|
|Expected CAGR Growth||7.71%|
|Companies Profiled||ABB, Bender, Eaton, EUCHNER, GE, Gigavac, Littelfuse, Rockwell Automation, Schneider Electric, Schweitzer Engineering Laboratories, Seiko Electric, Siemens, Steven Engineering, Other Prominent Players|
|Segment Covered||By Type, By Voltage, By Relay Mounting, By Trip Time, By Application, By Sales Channel, By Region|
|Geographies Covered||North America, Europe, Asia Pacific, Rest of the World|
|Customization Options||Get your customized report as per your preference. Ask for customization|
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