Ground Fault Sensor Market Size & Share, by Product (AC, DC); Application (Power, Vehicle, Equipment) - Global Supply & Demand Analysis & Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5598
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Ground Fault Sensor Market size is poised to reach USD 3 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of ground fault sensor was USD 8 Billion. This is mainly due to the increasing demand for ground fault sensors in the residential, commercial and industrial sectors, driven by factors such as the rising number of electrical accidents, the need for safety. Each year, nearly 380-400 people are electrocuted at home, causing roughly 200 deaths. A further 3500-4,000 people are electrocuted at the workplace every year. These incidents have emphasized the importance of reliable ground fault sensors for identification and prevention of electrical accidents.

Technological advancements in ground fault sensors have resulted in improved accuracy, ensuring more precise detection and measurement of ground faults. Recently, EV technology has advanced to bidirectional charging systems using ground fault current sensors. Technological advancements have also led to the incorporation of enhanced safety features in ground fault sensors, providing additional protection against electrical hazards.


Ground Fault Sensor Market
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Ground Fault Sensor Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 3 Billion

Forecast Year Market Size (2036)

~ USD 8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Ground Fault Sensor Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Demand from Construction Industry: The construction industry is experiencing significant growth, leading to a higher demand for ground fault sensors. These sensors are crucial for ensuring electrical safety in construction sites and can help prevent accidents and injuries. As with any increase in construction projects comes an increase in electrical wiring and equipment. This means that there will be more potential for short circuits and electrical shocks, which can be hazardous to workers and bystanders. Direct contact with electricity caused 60% of electrocution accidents. Each year, there are many electrical injuries to construction workers in US. The use of ground fault sensors can help detect any electrical risks and help to prevent them.
  • Rise in Industrial Automation: The increasing adoption of industrial automation systems and emergence of smart factory has created a higher demand for ground fault sensors. These sensors play a crucial role in ensuring the safety and reliability of automated processes by detecting and mitigating ground faults, minimizing downtime and preventing damage to equipment. As industrial robots and automated systems become more widely used in factories, the risk of ground faults also increases. Ground fault sensors help to detect these faults quickly and prevent any serious damage from occurring.
  • Need for Reliable Ground Fault Protection: Industries and commercial buildings require reliable ground fault protection to ensure the safety of personnel and equipment. Ground fault sensors offer advanced protection by quickly detecting ground faults and interrupting the electrical circuit, preventing further damage or accidents. Ground fault sensors are designed to detect any current leakage to ground that can occur due to a broken wire or faulty equipment. They can detect the leakage, even when the current is very small, and trip the circuit before it can cause any damage. This helps to ensure the safety of personnel and equipment.

Challenges

  • Regulatory Compliance: The ground fault sensor market is subject to various regulatory requirements that can impact its growth and operations. For instance, there may be specific safety standards and certifications that ground fault sensors need to meet in order to be legally sold and used in certain industries or regions.
  • Economic uncertainties and fluctuations in the global market impacting investment decisions and ground fault sensor market growth.
  • High entry barriers due to the need for advanced technology and expertise in the field.


Ground Fault Sensor Segmentation

Product (AC, DC)

The DC ground fault sensor segment in the ground fault sensor market is estimated to gain the largest revenue share of about ~60% in the year 2036. The segment growth can be attributed to the increase in demand for DC ground fault sensors in commercial and industrial applications, as they are more reliable and accurate than conventional sensors. Moreover, their ability to provide real-time protection against electric shocks makes them an attractive choice for end-users. Additionally, the increasing adoption of renewable energy sources and growing focus on energy efficiency are also expected to drive the demand for DC ground fault sensors over the forecast period.

Application (Power, Vehicle, Equipment)

The power application segment in the ground fault sensor market is estimated to gain the significant share of about 40% in the year 2036. The segment growth can be attributed to the increased adoption of renewable energy sources, such as solar and wind, which require power applications to monitor and protect equipment from ground faults. Ground fault sensor are especially useful in high-risk areas, such as in power plants and other industrial facilities, where electrical faults can cause serious injuries or even deaths. Additionally, they are used to monitor substations, power plants, and other electrical equipment to ensure that any potential hazards are identified and addressed quickly.

Our in-depth analysis of the ground fault sensor market includes the following segments:

      Product

  • AC
  • DC

      Application

  • Power
  • Vehicle
  • Equipment

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Ground Fault Sensor Industry - Regional Synopsis

North America Market Forecast

Ground fault sensor market in North America is anticipated to hold the largest with a share of about ~30% by the end of 2036. The region is home to a large number of construction and manufacturing industries, where ground fault sensors are used extensively. Additionally, the region also has a strong presence of regulatory bodies that set stringent safety standards for electrical installations, which further drives the demand for ground fault sensors. For instance, In the United States, the National Electrical Code, or NFPA 70, specifies safe wiring and equipment installation procedures for electrical wiring and equipment. These safety standards require the use of ground fault sensors to detect electrical faults in the ground and alert the user of any potential hazards. This helps to ensure that the public is protected from any potential electrical fires or shocks.

APAC Market Analysis

The Asia Pacific ground fault sensor market is estimated to be the second largest, registering a share of about ~25% by the end of 2036. The market’s expansion can be attributed majorly to the increasing demand for renewable energy sources, the growing need for reliable power systems, and the rising number of grid-connected renewable power plants. The total installed power capacity of China's electric grid was 2.38 TW in the first quarter of 2023, with 1.26 TW coming from renewable sources, including 376 GW from wind power and 425 GW from solar power. China has a cumulative grid-connected photovoltaic capacity of 305.99GW, up 20.9% since 2021. As renewable energy sources become more popular and the grid connection capacity increases, the need for ground fault sensors also increases. These sensors are important for detecting and locating any electrical faults in the grid, and are essential for ensuring the safety of renewable energy sources.

Research Nester
Ground Fault Sensor Market Size
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Top Featured Companies Dominating the Ground Fault Sensor Market

top-features-companies
    • ABB Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schneider Electric
    • Schweitzer Engineering Laboratories
    • Littelfuse, Inc.
    • Eaton Corporation plc 
    • General Electric Company 
    • NK Technologies
    • Rockwell Automation
    • Siemens AG
    • Steven Engineering

In-the-news

In The News

  • ABB Limited has introduced a program to replace aging protection devices with new multi-function devices. The program is the i-bus KNX, with which aging can be ring-fenced, and offers a future-proof solution for switchgear that is part of a rapidly expanding electrical grid.
  • Littelfuse, Inc., —a global manufacturer of leading technologies in circuit protection, power control, and sensing—expanded its SB5000 Industrial Shock Block Series with two new high-capacity GDT Transient Voltage Surge Suppressor (TVSS) devices to protect industrial systems against harmful transient overvoltages.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5598
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing safety regulations in various industries, the growing need for reliable safety and security systems, the growing demand for smart appliances and devices, and the increasing need for energy efficiency are all contributing to the growth in the ground fault sensor market.

The market size of ground fault sensor is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are ABB Limited, Schneider Electric, Schweitzer Engineering Laboratories, Littelfuse, Inc., Eaton Corporation plc, General Electric Company, NK Technologies, Rockwell Automation, Siemens AG, Steven Engineering, and others.

The DC segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Ground Fault Sensor Market Report Scope
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