The ground fault circuit interrupter market has grown significantly, increasing from $2.23 billion in 2023 to $2.39 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%. This growth is driven by increased demand for power tools, government safety regulations, and the expansion of residential construction. The market is expected to reach $3.14 billion by 2028, growing at a CAGR of 7.1%. Future growth is supported by strict safety regulations, rising construction activities, and increased adoption in healthcare facilities. Key trends include innovations in GFCI technology, infrastructure development, and integration with home automation systems.
Major Driver In The Ground Fault Circuit Interrupter Market
The rise in electrical accidents is expected to drive the growth of the ground fault circuit interrupter (GFCI) market. Electrical accidents, often caused by complex electrical systems, aging infrastructure, and inadequate maintenance, pose significant risks. GFCIs play a crucial role in preventing these accidents by detecting ground faults and cutting off power to reduce the risk of electric shock and electrocution. In May 2024, the Federal Emergency Management Agency reported a rise in residential building electrical malfunction fires in the US from 24,200 in 2021 to 26,100 in 2022, reflecting a 7.9% increase. This rise in electrical accidents is thus fueling the GFCI market.
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Ground Fault Circuit Interrupter Market Competitive Landscape
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.
Key Ground Fault Circuit Interrupter Market Trend
In the ground fault circuit interrupter (GFCI) market, companies are focusing on advanced products like IP69K-rated GFCIs to ensure superior protection in demanding environments. An IP69K-rated 20A GFCI offers high-level protection against water and dust ingress. For example, in January 2023, Molex LLC, a US-based electronics company, launched the Super-Safeway GFCI. This portable device is the first to achieve an IP69K rating, featuring robust sealing, impact resistance, and double insulation, making it ideal for industrial and outdoor applications.
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Ground Fault Circuit Interrupter Market Segmentation
The ground fault circuit interrupter market covered in this report is segmented –
1) By Product Type: Receptacle, Portable, Cord Connected, Other Product Types
2) By Distribution Channels: Offline, Online
3) By Application: Underwater Pool Lighting, Kitchen Receptacles, Bathroom Receptacles, Outdoor Receptacles, Garage Receptacles, Utility Sinks, Wet Bar Sinks, Garden Equipment, Construction Locations
By Geography:The regions 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.
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 Ground Fault Circuit Interrupter Global Market Report 2024 furnishes information about the global ground fault circuit interrupter market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
