Ground fault commonly occurs when the current carrying conductor comes in direct contact with ground causing leakage. Therefore, ground fault circuit interrupter (GFCI) safeguards consumers from getting a severe shock that unknowingly becomes a part of the electric path between ground surface and source.
GFCIs help in preventing major shock by quickly shutting down the power to the circuit. Rising adoption of GFCIs over conventional receptacle to protect electrocutions or short circuit is the primary factor pushing the demand for ground fault circuit interrupters. The growth of GFCIs is being witnessed across several commercial and residential applications.
Additionally, in order to protect the consumers from electric shocks, the government is taking several initiatives. These initiatives are encouraging consumers to install GFCIs as it helps in protecting against severe electrocution hazards particularly in residential sectors including hot tubs, bathroom, garages, and pump room.
Resultantly, this factor will continue to accelerate the growth of the ground fault circuit interrupters market over the forecast period. In addition, GFCIs reduces the harshness of fires and prevent electrical fires by interrupting the current flow in a circuit. Owing to this, most market players prefer GFCIs as it can be installed in a circuit to provide the most advanced protection technology. This is also influencing new entrants to enter the global marketplace.
The pandemic outbreak has disrupted the supply chains and rattled the global economy, as China is manufacturing hub for all the raw material across the globe. China has major trading tie ups with many countries for exporting raw material, hardware and other products.
Thus, short supplies of commodities related to GFCIs is expected to hinder the growth of the market. Thus owing to the lockdown in numerous countries, over 30% of manufacturing plants were shut down in high risk areas.
Hence the growth of ground fault circuit interrupter market is anticipated to decline by almost 10% in 2020. However once the situation returns to normal and the manufacturing and supply chain becomes stable, the market will recover in third or fourth quarter of 2021.
Rise in Electrical Crashing Spur GFCI Demand
Electric Safety Foundation International (ESFI) is completely committed towards encouraging the electrical safety of consumers in residential and commercial areas. Over the past few years, ESFI has been organizing and managing National Electrical Safety Month across various places such as workplaces, communities, and schools.
With the help of this campaign, the government is creating awareness and consciousness among people for many electrical safety measures. Globally, around 15% of electrocutions are caused every year due to crashing of electrical circuit.
This, in turn, is expected to fuel up the demand for GFCIs in the near future. Furthermore, extensive grid modernization activity across residential and commercial landscapes is replacing the old age circuit, thereby, creating opportunities for the GFCI manufacturers over the defined timeframe.
New Technologies and Installation Methods to Hinder the Growth of the Market
Some new installation methods such as underground transmission lines and new technologies or network protection systems such as GFN (Ground Fault Neutralizer) can act as a restraint for the ground fault circuit interrupters market.
In addition, GFCI compatibility is another challenge hampering the growth of the market as permanently installed HVAC systems do not require GFCI protection, whereas cord-connected appliances used in wet location, spas and hot tubs do require GFCIs for personnel safety.
Examples of some of the market participants in the global ground fault circuit interrupter market identified across the value chain include
North America will continue to hold major share in the global ground fault circuit interrupter market over the forecast period. Rapid increase in the residential construction projects is influencing the demand for GFCI in the region. On the other hand, South Asia & Pacific will witness a brisk increase in the adoption of GFSIs.
This growth is attributed to the mounting demand for efficient and effective electrical load management system from the industrial sector. This is considered as the primary reason for the growth of the market in the region.
The ground fault circuit interrupter market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.
The Ground Fault Circuit Interrupter market can be segmented on the basis of type, application and region.
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