Ground Fault Circuit Interrupter 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%. The growth during the historic period can be attributed to several factors, rising demand for power tools and outdoor equipment, increased residential construction activities, government initiatives raising electrical safety awareness, growing demand from data centers, and the alignment of GFCI 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 several factors, the enforcement of stringent safety regulations and codes, rising global construction and renovation activities, a heightened focus on energy-efficient buildings and appliances, increased adoption of GFCIs in healthcare facilities, and the adoption of international standards and certifications for GFCIs. Key trends in the forecast period include ongoing innovations in GFCI technology, infrastructure development in emerging economies, integration of GFCI technology into electrical appliances, advancements in material science, and incorporation with home automation systems.

The rising number of electrical accidents is expected to drive the growth of the ground fault circuit interrupter (GFCI) market. Electrical accidents, which involve injuries or harm from electricity-related hazards, are increasing due to factors such as the growing complexity of electrical systems, aging infrastructure, and inadequate maintenance or safety practices. GFCIs play a crucial role in preventing these accidents by disconnecting power when a ground fault is detected, thus reducing the risk of electric shocks and electrocution. For example, data from the Federal Emergency Management Agency (FEMA) indicated that the number of residential electrical malfunction fires in the US increased from 24,200 in 2021 to 26,100 in 2022, marking a rise of about 7.9%. Consequently, the growing number of electrical accidents is fueling the expansion of the GFCI market.

Companies in the GFCI market are focusing on advanced product development to stay competitive, such as introducing IP69K-rated products. An IP69K-rated GFCI, specifically a 20A model, is designed to offer exceptional protection against water and dust ingress, making it suitable for harsh industrial and outdoor conditions. For instance, Molex LLC, a US-based consumer electronics company, launched the Super-Safeway GFCI in January 2023. This portable device is notable for being the first GFCI to achieve an IP69K rating, which ensures superior protection against high-pressure water and dust. The device features double insulation, excellent sealing, and a durable, impact-resistant design, making it ideal for industrial environments requiring high safety standards to prevent electrical shocks and equipment damage.

In February 2022, Infinite Reality, Inc., a US-based technology firm, merged with Universal Security Instruments, Inc. for an undisclosed sum. This merger will result in Infinite Reality's shareholders becoming the majority owners of Universal Security Instruments’ common stock upon the transaction's completion. Universal Security Instruments, Inc. is a US-based provider of ground fault circuit interrupters.

Major companies operating in the ground fault circuit interrupter market are 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.

North America was the largest region in the ground fault circuit interrupter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ground fault circuit interrupter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the ground fault circuit interrupter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A ground fault circuit interrupter (GFCI) is a safety device designed to protect individuals from electric shocks by monitoring the flow of electricity in a circuit. It detects any imbalance between the hot and neutral wires, which may indicate a potential ground fault, and quickly shuts off the power to prevent electric shocks and electrical fires. Many electrical codes mandate the use of GFCIs to enhance safety.

The main types of GFCIs include receptacle, portable, cord-connected, and other variations. A receptacle GFCI is built into electrical outlets to provide protection. GFCIs are distributed through both online and offline channels and are used in various applications such as underwater pool lighting, kitchen and bathroom receptacles, outdoor and garage receptacles, utility sinks, wet bar sinks, garden equipment, and construction sites.

The ground fault circuit interrupter market research report is one of a series of new reports that provides ground fault circuit interrupter market statistics, including ground fault circuit interrupter industry global market size, regional shares, competitors with a ground fault circuit interrupter market share, detailed ground fault circuit interrupter market segments, market trends and opportunities, and any further data you may need to thrive in the ground fault circuit interrupter industry. This ground fault circuit interrupter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ground fault circuit interrupter market consists of sales of GFCI circuit breakers, specialty GFCIs, and cord-connected GFCIs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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