The Ground Fault Circuit Interrupter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Ground Fault Circuit Interrupter Market:
https://www.thebusinessresearchcompany.com/report/ground-fault-circuit-interrupter-global-market-report
According to The Business Research Company’s Ground Fault Circuit Interrupter Global Market Report 2024, 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.
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.
Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=18380&type=smp
The ground fault circuit interrupter market covered in this report is segmented –
1) By Product Type: Receptacle, Portable, Cord Connected, Other Product Types
2) By Distribution Channels: Offline, Online
3) By Application: Underwater Pool Lighting, Kitchen Receptacles, Bathroom Receptacles, Outdoor Receptacles, Garage Receptacles, Utility Sinks, Wet Bar Sinks, Garden Equipment, Construction Locations
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.
The ground fault circuit interrupter market report table of contents includes:
1. Executive Summary
2. Ground Fault Circuit Interrupter Market Characteristics
3. Ground Fault Circuit Interrupter Market Trends And Strategies
4. Ground Fault Circuit Interrupter Market – Macro Economic Scenario
5. Global Ground Fault Circuit Interrupter Market Size and Growth
.
.
.
32. Global Ground Fault Circuit Interrupter Market Competitive Benchmarking
33. Global Ground Fault Circuit Interrupter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ground Fault Circuit Interrupter Market
35. Ground Fault Circuit Interrupter Market Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
