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Global ARC Fault Circuit Interrupter (AFCI) Industry

Global ARC Fault Circuit Interrupter (AFCI) Industry

  • January 2021
  • 250 pages
  • ID: 5960568
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

Project Details:
- StrategyR - A Trademark of Global Industry Analysts, Inc.
- Project Edition: 9
- Influencer Pool: 609
- MarketGlass™ Platform - Our influencer driven interactive research platform draws from unique perspectives of participating executives from featured companies. In addition to being a global intelligence exchange platform, MarketGlass™ is a powerful knowledge center that delivers dynamic project-focused market intelligence. Client companies will have complete insider access to the project Data stack.
- Interactive peer-to-peer and enterprise-to-enterprise ideation and market intelligence exchange is facilitated via a robust, secure, and validated process. The process draws from uniquely qualified project-specific and geographically focused executives overseeing business development, marketing and sales operations.
  • Trends & Factors - Identifying and validating local trends and factors driving each competitive marketplace. These factors include pricing variances, market trajectories, Covid-19 impact and recovery, locally active leading brands, and other parameters impacting the region in the short to medium term such as supply chain realignments.
  • Mobile Access & App - Our mobile version of the report may be accessed via our mobile app or directly for a full mobile experience.
  • Complimentary Updates - for one year. At least one update in 12-month period is normal and anytime there’s a significant change affecting the market dynamics.
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  • Knowledge Center - clients have full-stack data access for project data they support or purchase including primary research engagement stats, companies and executives.

Abstract:
- Potentially Deadly Arc Flashes Are Often Underestimated & the Danger Overlooked. Growing Awareness Will Lead a US$5 Billion Opportunity for ARC Fault Circuit Interrupter.
- The global market for ARC Fault Circuit Interrupter (AFCI) is expected to slump by -9.2% in the year 2020 before recovering to reach US$5 billion by the year 2027, trailing a post COVID-19 CAGR of 4.9%, over the analysis period 2020 through 2027. Electrical arcing is a phenomenon that occurs when electrical current jumps between two electrodes or a gap in the circuit. Such arching has the potential to produce arc flash that can cause electricity to flow or discharge over unintended path. These flashes are capable of igniting particulates in the environment including gas or gas. Arc flashes can occur wherever there is flow of electrical current. About 35% of arc flashes are known to occur in electrical enclosures and panels, mainly because of the varying types of circuits, connections and buses contained by the panel. Arcing generally occurs due to overloading and overheating of the circuit. The overheating is not just attributed to the circuit breaker but also due to it being connected to the bus. Damage can cause circuit breaker to malfunction and allow electricity to continue flowing between the connections rather than trip. While a circuit breaker is intended to break or trip the circuit connection until the resolution of the issue, a damaged circuit breaker causes continues flow of electricity, raising the threat of arcing. Electrical arcing is also attributed to severed or disconnected wiring, damaged or exposed wire insulation, over-fusing, or faulty equipment or component.
- The increasing adoption of AFCIs as against the traditional circuit breakers presents considerable growth opportunity for the market in the post COVID-19 period. A key factor driving demand for AFCIs is the growing concern about safety of electrical equipment in residential sector. Arc faults are identified as a major cause of fire incidents in homes, and can cause considerable damage to property, and injuries to people. With the recent years witnessing a surge in number of such fire incidents attributed to arc faults, few countries have adopted mandatory requirements for deployment of AFCIs, given the role of such components in reducing risk posed for fire incidents. In addition to residential sector, demand for AFCIs is also anticipated to grow in the commercial buildings and houses, as concerns grow over safety of such facilities due to fault electrical wiring or equipment. Some countries like the US, Germany and Canada have adopted mandatory regulations that are aimed at ensuring adoption of AFCIs in ongoing as well as upcoming construction projects. Such regulations, aimed at ensuring safety of residential and commercial spaces, will ensure sustained growth in the global AFCI market. By application, residential segment is expected to witness high growth over the analysis period led by the growing adoption of AFCIs in the sector and propelled by the mandatory regulatory compliances of governments that will fuel adoption.
- North America and Europe represent the leading regional markets in the global arc fault circuit interrupters market. In developed regions, governments are increasingly realizing the huge financial cost and human damage attributed to arc fires, prompting adoption of mandatory safety measures to be deployment and hence presenting favorable outlook for the AFCI market. Government support for and implementation of measures to ensure safety of electrical networks specifically in residential spaces is expected to fuel growth in the global AFCI market. Developing economies of Asia-Pacific are also witnessing growing emphasis on safety of buildings, due to the rapid growth of construction activity in the recent times particularly in countries such as India, China and Australia. To ensure safety of new construction projects, governments in Asian economies are implementing mandatory regulations to ensure deployment of safety features like AFCIs in electrical networks. Though the subdued economy and slowdown in construction activity are being witnessed in the region due to ongoing COVID-19 pandemic, the recovering GDP and rise in consumer incomes will once again present opportunities for AFCI devices in Asia-Pacific. The growing awareness about safety of residential spaces is also expected to foster growth. In Middle East, the growth of construction sector is expected to fuel demand for AFCIs in the coming years. Rising threat presented by fire breakouts, both accidental and those created with an intention of causing damage, especially reiterate the need for houses, buildings and office spaces to be equipped with fire protection equipment. Electrical fires are a common occurrence in residential and commercial settings. As per the Electrical Safety Foundation International, each year more than 50,000 home electrical fires are known to occur, leading to around 500 deaths and more than 1400 injuries, and property damage exceeding $1 billion. As electrical fires become increasingly common, residential and commercial customers are required to adopt measures to prevent the same.

Select Competitors (Total 16 Featured) -
  • ABB Ltd
  • Eaton Corporation
  • Fonrich (Shanghai) New Energy Technology Co., Ltd.
  • Legrand SA
  • Leviton Manufacturing Company, Inc.
  • Santon Holland BV
  • Schneider Electric SE
  • Siemens Corporation
  • SolarBOS

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