Residual Current Monitoring System Market Opportunities, Growth Rate and Future Demand
The global residual
current monitoring system market is expected
to display higher growth rate over the next five years. Rapid surge in the
market is credited to the rising demand from power generation sector. Stringent
implementation of different regulatory compliances by regional authorities is
expected to force industries to adopt current monitoring system. Globally,
market is predicted to generate massive revenue over next five years, providing
numerous opportunities for industry participants to invest in research and
development of residual current monitoring system market.
Rising number of safety-related regulations
is expected to compel businesses to constantly monitor electrical faults,
thereby driving market growth. Increasing adoption of residual current
monitoring system limits downtime during power transmission processes. Use of
residual current monitoring system also results in decreased monetary loss and
reduction in power generation cost. In addition, adoption of residual current
monitoring system diminishes power interruption, which can cause malfunction of
equipment.
Growing adoption of residual current
monitoring system not only limits the electrical faults but also enhances the
maintenance procedure. Residual current monitoring system is critical for
safety and fire protection. Residual current monitors are also adopted to limit
fault currents or residual currents in earthed systems such as TN and TT
systems. Residual current monitoring systems sends to operator even before
attaining the shutdown threshold of the residual-current device. Residual
current monitoring systems is highly reliable for detecting deteriorations of
the insulation level at an initial stage.
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The residual current monitoring system
market is broadly categorized into three major segments based on the
application type such as power generation sector, mining industry and
automotive sector. Power generation segment is growing rapidly in the market
with substantial revenue generation in the last few years. Growing popularity
of residual current monitoring system in power generation segment is attributed
to the limiting downtime and reducing of fault occurrence.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in implementation of
latest technologies in power generation sector, surge in number of research
& development activities in the region and existence of well-established
industrial infrastructure. In European region, Germany, France, and United
Kingdom are projected to witness steady growth due the growing concerns
regarding fire breakouts and growing implementation of regulatory compliance.
Asia-Pacific region is estimated to
hold a major share in the residual current monitoring system industry with
massive growth in forecast period. Countries such as India, China and Singapore
are leading the Asia-Pacific market with strong economic growth, favorable
government policies regarding use of residual current monitor, technological
advancement in power generation sector, rising awareness level among industry
participants and significant investment by leading industry players considering
potential growth opportunities in the region. The key players in the residual
current monitoring system market are ABB Group, Bender, Janitza electronics,
Phoenix Contact LLC, Schneider Electric SE, and Siemens AG.
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