Transparency Market Research

Fault Circuit Indicator Market to Expand at a CAGR of 6% Till 2027

Fault Circuit Indicator Market is estimated to expand at a CAGR of 6% during the forecast period, rise in the demand for modernized power grids and general preference for renewable energy are boosting the global fault circuit indicator market

 

Albany, NY -- (SBWIRE) -- 03/25/2021 -- Transparency Market Research delivers key insights on the global fault circuit indicator market. In terms of revenue, the global fault circuit indicator market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global fault circuit indicator market.

Rise in the demand for modernized power grids and general preference for renewable energy are boosting the global fault circuit indicator market. Moreover, leading manufacturers are offering smart fault circuit indicators for use in intelligent power grid infrastructure in developing countries, as these countries offer ample growth opportunities to the fault circuit indicator market.

Fault Circuit Indicator Market: Dynamics

The power industry is significantly undergoing changes, with the increasing demand for reliable and efficient power supply, implementation of policies for sustainability, and emergence of new FLISR technologies. Use of fault circuit indicators offers numerous benefits to electric utilities. For instance, power companies spend thousands of dollars every year to protect grids from potentially destructive fault currents. These large currents can damage or degrade circuit breakers and other expensive components of the transmission and distribution system. Utilities can reduce or eliminate these replacement costs by installing fault circuit indicators. Moreover, government initiatives to modernize or expand the present-day transmission and distribution systems and inadequacy of fuses and circuit breakers used in transmission and distribution systems are factors likely to boost the global fault circuit indicator market during the forecast period.

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Fault Circuit Indicator Market: Prominent Regions

Asia Pacific is the dominant region of the global fault circuit indicator market. Dominance of the region can be attributed to high investments in Asia Pacific for growth of industrialization and development of power infrastructure. Moreover, the market in Europe is expected to witness significant growth during the forecast period, due to increasing demand for fault circuit indicators for renewable power generation and mass transportation. The global market for fault circuit indicators is dependent on growth of sectors such as industrial, power generation and transmission, IT & telecommunication, and residential & commercial construction.

Advanced fault indicators are being developed by companies that help to reduce outage duration. For instance, supplier of overhead and underground FCIs Fisher Pierce has gained expertise in the development of FCIs that quickly pinpoint the location of faults. Companies in the fault circuit indicator market are developing products that allow full-service restoration to customers during repairs. They are increasing efforts to gain efficacy in adaptive trip logic that can handle load growth. Companies in the fault circuit indicator market are increasing production capabilities to manufacture FCIs with multiple reset options that suit the needs of end users.

The fault circuit indicator market is predicted to grow at a favorable CAGR of 6% during the forecast period. This is evident since companies in the fault circuit indicator market are making products such as intelligent line sensors and grid analytics software for fault detection. For instance, Sentient Energy- a provider of intelligent sensing platforms, offers networking and software services for distribution networks in the U.S. As such, utilities end user segment is expected to lead the fault circuit indicator market. Hence, companies are interacting with leading utility executives and power engineers to gain expertise in power delivery.

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Nowadays, analytics have become the core of modern and futuristic electric and water grids. Companies in the fault circuit indicator market are turning toward the research-based decision making model to collect large volumes of data and convert it into useful information. They are making use of intelligent grid analytics software and advanced fault circuit indicators that are monitored by the company's control center. Thus, companies in the fault circuit indicator market are taking these efforts to enhance overall customer experience and improve system performance.

Wireless sensor-based monitoring of transmission lines is one of the key drivers contributing toward the growth of the fault circuit indicator market. This novel monitoring technique has helped to resolve several issues related to real-time structural awareness and ensures faster fault localization. There is a growing demand for accurate fault diagnosis with the help of identification and differentiation of electrical faults. Thus, the trend of condition-based maintenance over periodic maintenance is gaining prominence in the global fault circuit indicator market landscape. Condition-based maintenance is being highly publicized as a cost-efficient solution for fault localization.