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Ground Fault Circuit Interrupter Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Ground Fault Circuit Interrupter Global Market
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According to The Business Research Company's, The ground fault circuit interrupter market size has grown strongly in recent years. It will grow from $2.23 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing demand for power tools and outdoor equipment, growth in residential construction activities, government initiatives promoting electrical safety awareness, growing demand in data centers, and alignment of GFCIs installations with sustainable development goals.
The ground fault circuit interrupter market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the implementation of strict safety regulations and codes, increasing construction and renovation activities worldwide, increasing focus on energy-efficient buildings and appliances, increasing adoption of GFCIs in healthcare facilities, and adoption of international standards and certifications for GFCIs. Major trends in the forecast period include continuous innovation in GFCIs technology, infrastructure development in emerging economies, integration of GFCI technology directly into electrical appliances, advancements in material science, and integration with home automation systems.
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Market Drivers and Trends:
The increasing number of electrical accidents is expected to propel the growth of the ground fault circuit interrupter market going forward. Electrical accidents refer to incidents where individuals are injured or harmed due to electricity-related hazards. The rise in electrical accidents is often attributed to increasing electrical system complexity, aging infrastructure, and insufficient maintenance or safety practices. Ground fault circuit interrupters (GFCIs) are essential for preventing electrical accidents by quickly cutting off power when a ground fault is detected, thereby reducing the risk of shock and electrocution. For instance, in May 2024, according to the Federal Emergency Management Agency, a US-based government agency, the number of residential building electrical malfunction fires in the US rose from 24,200 in 2021 to 26,100 in 2022. This represents an increase of approximately 7.9%. Therefore, the increasing number of electrical accidents is driving the growth of the ground fault circuit interrupter market.
Major companies operating in the ground fault circuit interrupter market are focusing on developing advanced products, such as IP69 K-rated products, to gain a competitive edge in the market. An IP69K-rated, 20A GFCI (Ground Fault Circuit Interrupter) refers to a specific type of GFCI device that meets stringent standards for protection against water and dust ingress, particularly in demanding industrial and outdoor environments. For instance, in January 2023, Molex LLC, a US-based consumer electronics company, launched the Super-Safeway ground fault circuit interrupter (GFCI), a pioneering portable device that is the first of its kind to achieve an IP69K rating. This ensures the highest level of protection against high-pressure water and dust ingress. The product features double insulation, superior sealing properties, and robust, impact-resistant housing, making it ideal for industrial applications that require rigorous safety measures to prevent electrical shock and equipment damage.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Siemens AG, Schneider Electric SE, ABB Ltd., Eaton Corporation plc, Emerson Electric Co., Legrand, Hubbell Incorporated, Sensata Technologies Inc., Littelfuse Inc., Leviton, Thermon Inc., Dutton-Lainson Company, Lex Products, I-Gard Corporation, Universal Security Instruments Inc., Tower Manufacturing, Tecmark Corporation, Braxton Harris Company Inc. , ELEGRP, Molex Integrated, Yueqing Nandao Electromachinery Co. Ltd., Zhejiang Yatai Intelligent Electric Co. Ltd., William Tricker Inc.
Ground Fault Circuit Interrupter Market 2024 Key Insights:
• The ground fault circuit interrupter market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Increasing Number Of Electrical Accidents Propelling The Growth Of Ground Fault Circuit Interrupter Market
• Advancements In Ground Fault Circuit Interrupter Technology
• North America was the largest region in the ground fault circuit interrupter market in 2023
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