Owing to benefits such as low incremental installation cost and easy maintenance, fault circuit indicators (FCIs) are witnessing increased traction in the global market. The global fault circuit indicators market is experiencing a hike in its demand lately. There has been a greater demand for this market in comparison to their other traditional alternatives.
The need for the provision of protection against short circuits, overloads, earth faults, and other electrical system abnormalities are responsible for the growth of the market. They are designed to indicate when a fault occurs in a particular section of the power distribution system, which helps to reduce downtime and minimize repair time.
The rapid application of fault circuit indicators across switchgear panels and other electrical equipment is driving the market's growth. Such elements encourage notable development in the market for fault circuit indicators worldwide. The market consistently undergoes a series of developments in order to provide better services.
Advantages such as their ability to detect and indicate fault locations accurately make them a preferred choice among electric utilities. Other advantages such as easy installation, low maintenance, and cost-effectiveness further propel the growth of the market during the study period.
Considering these factors, it is reasonable to say that the global fault circuit indicators market is growing at an appreciable compound annual growth rate (CAGR) of 5%. It is expected that the market might acquire a size of USD 1.4 billion during the forecast period, that is, 2021-31.
If stated in lucid language, then fault circuit indicators are electrical devices that are used to detect a fault current in an electrical circuit. They normally consist of electro-mechanical relays and provide a visual or audible indication when a fault current is detected. These devices are used in both overhead lines and underground cables.
The significant rise in the demand for reliable electric power supply across the globe is a major factor that drives the growth of this market Additionally, growing advancement in technology coupled with growing awareness among customers towards quality products is also driving the demand for FCIs during the forecast period. Moreover, over the course of the forecast period, growing investments in smart grid networks and renewable energy sources are anticipated to present possibilities for businesses operating in this market.
However, the expensive cost of installation and upkeep may hinder the market expansion. The market is driven by the increasing demand for electricity, growing industrialization and urbanization, and rising investments in the power sector. In spite of a few restraints, the market is expected to experience a considerable rate of growth with new additions and developments that might take place in the market during the forecast period, that is, 2021-31.
The key players in the global fault circuit indicators market are ABB Ltd., Eaton Corporation Plc., Rockwell Automation, Inc., Siemens AG, Mersen S.A., Prysmian Group, Schneider Electric SE, General Electric Company, Littelfuse Inc., and Legrand SA. These players are increasingly investing in research and development activities to develop advanced fault circuit indicators with enhanced features such as remote control and monitoring capabilities. These players operate in the market and adopt a number of strategies to stay in the market and establish themselves at a higher position than their competitors.
The Overhead Line Fault Circuit Indicators Type Remains the Most Lucrative Segment
Overhead line fault circuit indicators, cable fault circuit indicators, and panel fault circuit indicators are just a few examples of how fault circuit indicators are commonly categorized based on their kinds. During the forecast period, the segment for overhead line fault circuit indicators is anticipated to hold the greatest market share, followed by cable fault circuit indicators.
During the Study Period, the Short-Circuits Indicator Application Segment Will Predominate
On the basis of application, the global fault circuit indicators market is divided into These earth fault indicators, short-circuit indicators, and short-circuit & earth fault indicators applications. Among these, the short-circuits indicator application is expected to dominate the market in terms of revenue contribution during the forecast period.
The Asia Pacific Region is Expected to Render Ample Investment Avenues
On the basis of geography, the global fault circuit indicators market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Among these, Asia Pacific is expected to account for a major share of the market owing to the increasing population around the globe, which has led to an increased demand for electricity.
Covid-19 Impact and Market Status
Different industries in varying manners received the crisis of the novel coronavirus. The production process got adversely affected and the flow of raw materials was disturbed. The demand and supply chain was impacted negatively. Due to various regulatory measures imposed by the government, the manufacturers had to bear a number of challenges. The pandemic has had a mixed impact on the global fault circuit indicators market. The pandemic has led to a slowdown in economic activity across the world, which has negatively impacted the demand for fault circuit indicators. Furthermore, the pandemic has encouraged companies to invest in automation and digitalization of their operations. This is expected to fuel demand for fault circuit indicators as they are used to detect faults in complex electrical systems, making the process of troubleshooting easier. In addition, the pandemic has increased awareness about safety among consumers, which is likely to drive demand for fault circuit indicators as these devices are used to indicate potential faults and reduce risks associated with inferior power quality. Overall, while the pandemic has had a negative impact on the global Fault circuit indicators market in 2020, it is expected that this market will recover over the forecast period owing to increased investment in power infrastructure and awareness about safety among consumers. However, the pandemic has also resulted in increased investment in the power sector as governments look to improve their infrastructure to deal with future pandemics. This is expected to boost the demand for fault circuit indicators over the forecast period. Despite these setbacks, the market is all geared up to acquire a moderate rate of growth during the forecast period, that is, 2021-31 as the restrictions are gradually being relaxed.
Latest Innovations in the Global Fault Circuit Indicators Market: a Snapshot
• In 2020, Siemens AG launched Arc Fault Circuit Interrupter (AFCI) breakers which provide protection from arcing faults for residential applications.
• Similarly, in 2019, ABB Ltd. introduced new Miniature Circuit Breakers (MCBs) designed for industrial environments with advanced diagnostic capabilities.
• In 2019, Rockwell Automation collaborated with Microsoft Azure Digital Twins to develop digital twin solutions that enable customers to gain real-time insights into the operational performance of their equipment through fault circuit indicators installed on them. This collaboration will further help the company increase its foothold in the global market over the forecast period.
Fault Circuit Indicators Market Scope
|Revenue forecast in 2031
|USD 1.4 billion
|CAGR of 5% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|ABB Ltd., Eaton Corporation Plc., Rockwell Automation, Inc., Siemens AG, Mersen S.A., Prysmian Group, Schneider Electric SE, General Electric Company, Littelfuse Inc., and Legrand SA
Key Segments of the Fault Circuit Indicators Market
By Type Overview, 2021-2031 (USD Billion)
• Overhead Line Fault Circuit Indicators
• Cable Fault Circuit Indicators
• Panel Fault Circuit Indicators
By Application Overview, 2021-2031 (USD Billion)
• Earth Faults Indicators
• Short-Circuits Indicators
• Earth Fault Indicators
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa