27 June 2019 – 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.
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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.
Residual Current Monitoring System Breakdown Data by Type
- Single-Channel
- Multi-Channel
Residual Current Monitoring System Breakdown Data by Application
- Power
- Automotive
- Metals
- Mining
- Others
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.
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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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