Faulted Circuit Indicator Market Size, Share & Industry Analysis, By Type (Overhead Line Fault Indicator, Cable Fault indicator, Panel Fault Indicator, Others), By Application (Earth Fault Indicator, Short Circuit Indicator, Short Circuit and Earth Fault Indicator) and Regional Forecast, 2024-2032

Electricity is an essential requirement for mankind. The demand for electricity will keep rising worldwide as the standard of living improves and population increases. The power consumption per capita will increase in the coming fifty years. Reliable and stable supply of electricity is key to the overall growth of all countries. Faulted circuit indicator is one of the crucial and widely used components in power transmission and distribution.

The faulted circuit indicator provides visual or remote indication of faults in electric power systems. In power distribution networks, faulted electric indicators are used to automatically detecting faults and reducing outage time for the consumers. Typically, the faulted circuit indicator measures an electric or magnetic field around the conductor to detect faults. Modern faulted circuit indicator may also use different mechanisms for fault detection. Faulted circuit indicator is used in conjunction with current transformer, load break switch, circuit breaker, etc. Faulted circuit indicator causes a state change on mechanical target flag, LED, remote indication system, etc. Faulted are used on IoT-based platforms to develop smart grids.   

On the basis of type, the faulted circuit indicator can be divided into overhead line fault indicator, cable fault indicator, panel fault indicator, and others. On the basis of application, faulted circuit indicator market is segmented as earth fault indicator, short circuit indicator, short circuit, and earth fault indicator. Few plasma-based machines use current up to 10000 Amperes and require fault circuit indicators to avoid potential accidents and hazards. Industrial and manufacturing units also use faulted circuit indicators.  

The major market driver for the global faulted electric indicator market is the increasing demand for electricity around the world. Modernization of aging electrical infrastructure boosts the demand for modern faulted circuit indicators. Grid expansion, reinforcement, repair and maintenance, renewables interconnection, and international grid connection links are powerful global drivers of faulted circuit Indicator market.

The key market restraint for the global faulted circuit indicator market is a lack of awareness regarding the safety of electrical circuits. Tariffs and trade restriction play also play a significant role in increasing prices of processed metal products like fault indicator market.

Key Players Covered

Some of the major companies that are present in the faulted circuit indicator market are Eaton, Schweitzer Engineering Laboratories (SEL), Dipl.-Ing. H. Horstmann GmbH, Thomas & Betts Corporation, ABB, Elektro-Mechanik GmbH, Schneider Electric, Streamer Inc., Siemens Energy, Edison Controls F.C.I., Inc., GE Grid Solutions, Power Delivery Products, S&C Electric Company, and Sun Electric.

Segmentation  

Regional Analysis

Based on region, the faulted circuit indicator market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific dominates the faulted circuit indicator market. Increase in manufacturing and industrial activity in Asia-Pacific countries like Bangladesh, Vietnam, and India will also spur the demand for power and will increase demand for electrical equipment like the faulted circuit indicator.  The government of the USA has taken the initiative to modernize the aging electrical infrastructure has accelerated demand for the fault indicator market in recent years. Similar initiatives in Europe, Australia, and Canada in approaching years, will boost demand for faulted circuit indicators. The introduction of long-distance high voltage transmission all over the world has spurred the demand of the faulted circuit indicator to reduce outage time. Electrification in countries of Latin America, Asia-Pacific, Middle-East and Africa will raise the demand of faulted circuit indicator in the near future. The emergence of renewable power generation projects in Europe, Asia-Pacific, Middle-East, and Latin-America has increased the demand for the faulted circuit indicator. Renewable interconnection and international grid connectivity in Europe spurs the demand for faulted circuit indicator.

Key Industry Developments

• In August 2019, the Government of Canada has announced a $2.9 million investment in a smart grid project in the town of Parry Sound, led by Bracebridge Generation and utility software engineering pioneer Opus One Solutions. The project aims to help the utility reduce system costs and improve the long-term flexibility and reliability of the grid by leveraging a set of grid intelligence tools that monitor and control locally connected renewable energy generation, storage, and residential demand management resources.


• In August 2019, Ameren began its installation of new electrical equipment that will facilitate a smart technology grid throughout Missouri’s capital city.