Faulted Circuit Indicators Market

Faulted Circuit Indicator (FCI) Market – Overview

The global faulted circuit indicator (FCI) market is projected to witness significant growth from 2021 to 2031 (forecast period). The increasing need for enhanced safety systems in various sectors is a major factor expected to drive the growth of the global faulted circuit indicator (FCI) market during the forecast period. Moreover, the increasing deployment of electrical and electronic equipment is projected to boost the global faulted circuit indicator (FCI) market. Another key aspect expected to support market growth is the increased consumer awareness of safety. Furthermore, the developing industrial infrastructure in emerging markets is projected to provide significant growth prospects in the global faulted circuit indicator (FCI) market.

Faulted Circuit Indicator (FCI) Market – Competitive Landscape

Prominent players in the global faulted circuit indicator (FCI) market are ABB (Thomas & Betts), SEL, Horstmann, Cooper Power Systems, Bowden Brothers, Elektro-Mechanik, Siemens, Schneider Electric, Franklin (GridSense), CREAT, CELSA, BEHAUR SCITECH, Electronsystem MD, SEMEUREKA, Winet Electric, HHX, NORTROLL, and Beijing HCRT Electrical Equipment.

Key players are substantially spending in R&D and pursuing a number of strategies, including new product launches and advancements, geographic expansions, partnerships, and acquisitions. For instance, In August 2019, the Government of Canada confirmed a $2.9 million investment in a smart grid project led by Bracebridge Generation and utility software engineering pioneer Opus One Solutions in Parry Sound.

Faulted Circuit Indicator (FCI) Market – Trends and Opportunities

Electricity is a necessity for humankind. Electricity demand will continue to rise globally as the quality of living rises and the population grows. Electricity supply that is reliable and steady is critical to the general development of all nations. A faulted circuit indicator is a critical and commonly used component in power supply and distribution.

The faulted circuit indicator indicates defects in electric power systems visually or remotely. Faulted electric indicators are used in power distribution networks to detect faults automatically and reduce users' outage duration. The faulted circuit indicator typically detects a magnetic or electric field surrounding the conductor to identify faults. Advanced faulted circuit indicators may also employ various fault detection technologies. A faulted circuit indicator is utilized in tandem with a current transformer, a circuit breaker, a load break switch, and other components. A faulted circuit indicator changes the condition of the LED, mechanical target flag, remote indication system, and so on. Faulted circuit indicator is employed in the development of smart grids on IoT-based systems.

The increasing need for electricity around the world is a major aspect projected to drive the global faulted circuit indicator (FCI) market during the forecast period. Moreover, the modernization of old electrical infrastructure increases the requirement for sophisticated faulted circuit indicators. Renewables connectivity, grid growth, maintenance and repair, reinforcement, and international grid connection links are significant factors expected to boost the global faulted circuit indicator (FCI) market.

Faulted Circuit Indicator (FCI) Market – Regional Landscape

The Asia Pacific faulted circuit indicator (FCI) market is expected to grow during the forecast period. Increased industrial and manufacturing activity in nations such as Vietnam, Bangladesh, and India are projected to raise demand for electricity and electrical equipment such as the faulted circuit indicator. Moreover, the rise of renewable energy generation projects in Asia Pacific is expected to boost the demand for faulted circuit indicators.

The faulted circuit indicator (FCI) market in North America is projected to witness considerable growth during the forecast period. The United States government's initiative to upgrade the country's outdated electrical infrastructure has spurred demand for faulted circuit indicators in the past few years. Similar measures in Canada are expected to increase demand for faulted circuit indicators in the coming years. The advent of long-distance high voltage transmission worldwide has increased the demand for faulted circuit indicators in order to minimize power failures.

The faulted circuit indicator (FCI) market in Europe is anticipated to expand during the forecast period. In Europe, the demand for faulted circuit indicators is driven by renewable international and interconnection grid connectivity.