July 01, 2020
As per the report titled ‘Global Ground Fault Monitoring Relays Market Size study with COVID-19 impact, by Type (Alternating Current, Direct Current), by Application (Power, Vehicle, Equipment, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global ground fault monitoring relays market is expected to display an appreciable growth rate through 2026.
Global ground fault monitoring relays market is driven by focus towards ensuring protection of workers and equipment against electrical faults, in tandem with rapid growth of manufacturing and power generation industries.
For the uninitiated, a ground fault is an unintended contact between an energized conductor and ground/equipment frame. The restored path of fault current passes through the grounding system and any equipment or personnel that has become a part of this system. Ground fault monitoring relays are primarily designed for industrial applications. These relays provide enhanced system security and instantaneous & consistent low-level ground fault exposure on grounded electrical delivery systems. They are capable of monitoring ungrounded supply power systems up to 600V to ensure maximum equipment security.
Increasing power generation capacity worldwide, surging incidences of electrical faults, and government measures for promoting use of ground fault monitoring relays in residential and commercial establishments are expected to boost the product adoption in the coming years.
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The report by T&D World reveals that electric utilities are estimated to make a USD 3.2 trillion investment globally for new deployment as well as upgradation of transmission & distribution infrastructure between 2017 and 2027, further boosting the growth of ground fault monitoring relays market.
On the contrary, limited skillset regarding installation of ground fault monitoring systems is likely to impede the industry growth over the forecast timeframe, claims the report.
Apart from this, the COVID-19 pandemic has also placed restrictions on the industry due to the strict lockdown measures mandated by the government for curbing the spread of the coronavirus. Disruption of supply chain due to stringent regulations on movement of goods and services, along with reduced production are the major challenges faced by electronics industry, which is likely to hinder the ground fault monitoring relays market outlook.
Based on the product type, global ground fault monitoring relays market is bifurcated into alternating current and direct current. Speaking of the application spectrum, the market is split into power, vehicle, equipment, and others.
Considering the regional outlook, worldwide ground fault monitoring relays market is divided into North America, Europe, Asia Pacific, Europe, Latin America, and Rest of the World.
Some of the renowned industry players include Siemens AG, Bender India Pvt. Ltd., General Electric Company, Rockwell Automation, Inc., Steven Engineering, Inc., Schneider Electric, Schweitzer Engineering Laboratories, Inc., Littelfuse, Inc., ABB Group, and Eaton Corporation Inc.