Fault Circuit Indicator Market
Fault Circuit Indicator Market (Type: Current Reset, Test Point Reset, Electrostatic Reset, and Others; Application: Underground and Overhead; and End User: Utilities, Industry, Transport & Infrastructure, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
- Electronics & Semiconductors
- 150 Pages
Smart and Safe Fault Circuit Indicators Ensure Continuous Electricity Flow
Companies are increasing efforts to maintain their long legacy of quality products and are introducing new innovations in fault circuit indicators (FCIs). There is a growing demand for fault circuit indicators in connectors that help to wire buildings. This is evident since the building & construction industry is growing at a rapid pace. Thus, companies are increasing R&D to make products that are smarter, safer, and ensure a reliable flow of electricity from source to socket.
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.
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Intelligent Sensing Platforms Becoming Increasingly Mainstream in U.S. Utilities Sector
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.
The introduction of new distributed and centralized power sources amidst extreme weather conditions has fueled the demand for fault circuit indicators in the utilities sector. There is a growing demand for more flexible and resilient grid.
Analytics Shapes Future of Software to Align with Evolving Consumer Expectations
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.
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Companies in the market for fault circuit indicators are increasing their efficacy in analytics to identify changing consumer expectations. In order to stay relevant in the global market, manufacturers are using analytical software to assess evolving customer expectations beforehand. For instance, JEA- a U.S.-based community electric and sewer utility company, is increasing its focus on analytic software to streamline its business activities with the growing adoption of smart meters in the U.S.
Wireless Sensor-based Monitoring a Cost-efficient Solution for Fault Localization
The fault circuit indicator market is projected to reach a value of ~US$ 2.2 Bn by the end of 2027. However, companies are still making efforts to present fault circuit indicators that provide exact location of faults. Hence, companies are increasing efforts to locate permanent faults where their technical crew and patrol teams can physically inspect the devices for longer hours to detect faulty sections in the transmission lines.
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.
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Though overhead application segment is anticipated to account for a high share of the fault circuit indicator market, companies are expanding their portfolio of underground FCIs to offer automatic and manual time reset in products. Companies are increasing their production capabilities to offer cost-effective FCIs that deploy two-way communication in fault reporting.
Innovations in automatic fault detection and localization of transmission lines using IoT are some of the key drivers for the fault circuit indicator market. However, energy leakage poses as a restraint for corporations and companies in the market landscape. Hence, companies should increase R&D in automatic fault detection and intimate the authorities within the specific locations. Utilization of grid analytics software is also supporting the technique of automatic fault detection.
Fault Circuit Indicator Market: Overview
- According to Transparency Market Research’s latest research report on the global fault circuit indicator market for the historical period of 2017-2018 and the forecast period of 2019-2027, the rising demand of fault circuit indicators for use in various applications is expected to boost the global fault circuit indicator market during the forecast period
- In terms of revenue, the global fault circuit indicator market is estimated to reach value of ~US$ 2.2 Bn by 2027, expanding at a CAGR of 6% throughout the forecast period
Growing Concerns about Reliable and Efficient Power Supply: A Key Driver
- 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
- Short circuits in power plants or electricity grids can lead to damage of system components and long downtime. Also, additional costs are involved in building of a plant, as every component is required to withstand the maximum possible load in the event of a short circuit.
- In addition to this, leading power utilities are increasing their focus on investing in intelligent and modernized transmission and distribution infrastructure. This can offer immense opportunities to the global fault circuit indicator market.
- Moreover, spike in the investment for upgrade and modernization of power infrastructure would directly impact the sale of fault circuit indicators to be employed to find fault location. This is another factor likely to drive the global fault circuit indicator market significantly during the forecast period.
Use of Fault Circuit Indicators for Modernized Power Grid Infrastructure: A Key Trend in Fault Circuit Indicator Market
- Rise in the demand for modernized power grids and general preference for renewable energy applications are boosting the demand for fault circuit indicators across the world
- Manufacturers are focusing on the market in developing countries. This, in turn, is anticipated to provide immense opportunities to the fault circuit indicator market in these countries during the forecast period.
- Furthermore, leading manufacturers are focused on research and development of smart fault circuit indicators in order to serve the modern power grid infrastructure
- This spear in the demand for modern power grid infrastructure is projected to significantly drive the global market for fault circuit indicators during the forecast period
Complicated Analysis and High Installation Costs to Hinder Market
- Detection of the fault location presents wide scope for application of fault circuit indicators. However, this involves complicated computational analysis as well as high installation costs.
- However, the impact of this restraint is expected to be minimal in the next few years, as providers of fault circuit indicators are coming up with new and effective solutions. Moreover, manufacturers are investing in research and development in order to overcome complexities associated with fault detection.
- The above-mentioned factors are anticipated to hamper the global fault circuit indicator market during the forecast period
Fault Circuit Indicator Market: Competition Landscape
- Detailed profiles of providers of fault circuit indicators have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global fault circuit indicator market are
- Eaton Corporation
- Thomas & Betts
- Siemens AG
- Texas Instruments Incorporated
- Schneider Electric
- Littelfuse, Inc.
- Fuji Electric Co., Ltd
- C&S Electric Limited
Fault Circuit Indicator Market: Key Developments
- Key providers of fault circuit indicators are focusing on new product development and technological advancements. Some other key developments in the global fault circuit indicator market are as follows:
- In October 2019, Renesas Electronics Corp. launched a new RA2 MCU series, which employed a smart fault indicator unit to optimize system efficiency
- In December 2018, Schweitzer Engineering Laboratories, Inc. introduced SEL-FLR Fault and SEL-FLT systems, which enable utilities to detect faults and respond to them quickly, making distribution systems more reliable
- In the report on the global fault circuit indicator market, we have discussed individual strategies, followed by company profiles of providers of fault circuit indicators. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global fault circuit indicator market.
Fault Circuit Indicator Market – Scope of the Report
A new study on the global fault circuit indicator market is published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including market drivers, trends, and challenges as well as structure of the global fault circuit indicator market. TMR’s study offers valuable information about the global fault circuit indicator market, to illustrate how growth would discern during the forecast period i.e. 2019–2027.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global fault circuit indicator market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global fault circuit indicator market. This can help readers understand principal factors responsible for growth of the global fault circuit indicator market. In this study, readers can also find specific data on qualitative and quantitative growth avenues for the global fault circuit indicator market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Fault Circuit Indicator Market
- What would be the Y-o-Y growth trend of the global fault circuit indicator market between 2019 and 2027?
- What is the influence of the changing trend in technologies on the global fault circuit indicator market?
- Would North America continue to be the most profitable regional market for providers of fault circuit indicators during the forecast period?
- Which factors would hinder the global fault circuit indicator market during the forecast period?
- Which are the leading companies operating in the global fault circuit indicator market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global fault circuit indicator market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global fault circuit indicator market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global fault circuit indicator market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global fault circuit indicator market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global fault circuit indicator market with accuracy. The study also used a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This helped in making TMR’s estimates on future prospects for the global fault circuit indicator market more reliable and accurate.
Fault Circuit Indicator Market - Segmentation
TMR’s study on the global fault circuit indicator market segments the market based on type, application, end-user, and region. Changing trends and other crucial market dynamics associated with these segments of the global fault circuit indicator market are discussed in detail.
Test Point Reset
Transport & Infrastructure
Middle East & Africa