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A ground fault happens when a conductor carrying current causes a leakage when exposed to the ground. Ground faults are often ignored when the electrical fault systems and their causes are taken into consideration. This can prove to be a fatal flaw in planning. Ground faults are arguably deadlier than other faults. The threat of shock to people and equipment in case of a ground fault is much higher. Ground fault protection equipment devices prevent this as they shut the current supply to the circuit. They detect the levels of current flow going into the circuit and returning from it and shutting the supply if these do not match. This characteristic of GFPE devices has attracted huge demand across regions.
Based on the type, the GFPE device market is classified into outlet, portable, and circuit breaker. The circuit breaker segment accounts for the major share in the market due to the rising awareness in the users related to electric equipment safety. The circuit breaker stops the current from running when it detects any anomaly in the current flows going in and coming out, effectively preventing the equipment and the person using it. As a result, the circuit breaker segment of the GFPE devices is anticipated to maintain its attractiveness during the forecast period.
Based on the end-user, the global market comprises of residential, commercial, and industrial applications. There has been a swift rise in residential constructions, and as a result, the residential segment accounts for the major share in the market, as the use of GFPE devices is exponentially higher in residential construction than commercial, industrial, and outdoor sectors. The industrial segment occupies a big part of the market due to the same factors of construction activities.
GFPE device manufacturers across the globe are dealing with increased public awareness, rising dangers of outdated systems, and new advancements in equipment technology. For instance, The ESFI (electric safety foundation international) has been pushing for a change in the electrical safety equipment infrastructure for a few years now. The rising rate of construction in residential areas helps the market growth as well. As a result, the demand for GFPE devices is growing at a steady rate, which leads to more investments in the sector. This factor is likely to drive the global market during the forecast period.
The key market restraint for the market is the development of technologies, which either do not require a ground fault breaker system or are not compatible with it. New devices sometimes do not support GFPE systems. In addition, new ways of installing electrical protection systems also hamper the market growth. Inadequate and outdated structure and a lack of proper integration of old and new technologies are stagnating the market.
Key Market Driver -
Increasing Demands for Better Load Management Devices in The Sectors to Push Growth
Key Market Restraint -
Low EGFP Compatibility to Hinder Market Demand
Some of the major companies in the equipment ground fault protection devices market are Eaton, Molex, Emerson, Lex Products, Hubbell Incorporated, Schneider Electric, Siemens, ABB, Alstom, Crompton Greaves Consumer Electricals Limited, Toshiba, Kingsmill Industries, Harger Lightning & Grounding, Hitachi, Mitsubishi Electric, and Rockwell Automation.
The ground fault protection equipment devices market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The dominant region in the market, North America, accounts for the major share of the global market due to the increasing rate of construction in residential areas and the production of new equipment in the industrial segment, giving a boost to the market. The market is also increasing due to the growing demand for better and advanced electrical protection devices in the U.S. and Canada.
The most progressive and profitable market for ground fault protection equipment devices is estimated to be the Asia-Pacific region due to emerging opportunities in China, Japan, India, Australia, and South Korea. The potential for new projects in the Asia-pacific region is massive. The growth in urbanization and increasing electrification of residential areas give more opportunities for the market to grow.
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