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SAN FRANCISCO , March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "ARC Fault Circuit Interrupter (AFCI) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 10; Released: February 2022 Executive Engagements: 609 Companies: 16 - Players covered include ABB Ltd; Eaton Corporation; Fonrich (Shanghai ) New Energy Technology Co., Ltd.; Legrand SA; Leviton Manufacturing Company, Inc.; Santon Holland BV; Schneider Electric SE; Siemens Corporation; SolarBOS and Others. Coverage: All major geographies and key segments Segments: Type (Branch/Feeder, Combination, Other Types); End-Use (Residential, Commercial/Industrial) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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Global ARC Fault Circuit Interrupter (AFCI) Market to Reach $4.8 Billion by 2026 Electrical arcing is a phenomenon that occurs when electrical current jumps between two electrodes or a gap in the circuit. Such arching has the potential to produce arc flash that can cause electricity to flow or discharge over unintended path. These flashes are capable of igniting particulates in the environment including gas or gas. With arcing temperatures capable of exceeding 10,000 degrees F, there is potential for electrical fires to emerge due to the arc flashes. Arc flashes can occur wherever there is flow of electrical current. About 35% of arc flashes are known to occur in electrical enclosures and panels, mainly because of the varying types of circuits, connections and buses contained by the panel. Arcing generally occurs due to overloading and overheating of the circuit. The overheating is not just attributed to the circuit breaker but also due to it being connected to the bus. Damage can cause circuit breaker to malfunction and allow electricity to continue flowing between the connections rather than trip. While a circuit breaker is intended to break or trip the circuit connection until the resolution of the issue, a damaged circuit breaker causes continues flow of electricity, raising the threat of arcing.
Amid the COVID-19 crisis, the global market for ARC Fault Circuit Interrupter (AFCI) estimated at US$3.9 Billion in the year 2022, is projected to reach a revised size of US$4.8 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Branch/Feeder, one of the segments analyzed in the report, is projected to grow at a 4.9% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Combination segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 31.4% share of the global ARC Fault Circuit Interrupter (AFCI) market.
The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $364 Million by 2026 The ARC Fault Circuit Interrupter (AFCI) market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for a 33.87% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$364 Million in the year 2026 trailing a CAGR of 6.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 3.7% and 3.8% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$389.2 Million by the close of the analysis period.
A key factor driving demand for AFCIs is the growing concern about safety of electrical equipment in residential sector. Arc faults are identified as a major cause of fire incidents in homes, and can cause considerable damage to property, and injuries to people. With the recent years witnessing a surge in number of such fire incidents attributed to arc faults, few countries have adopted mandatory requirements for deployment of AFCIs, given the role of such components in reducing risk posed for fire incidents. In addition to residential sector, demand for AFCIs is also anticipated to grow in the commercial buildings and houses, as concerns grow over safety of such facilities due to fault electrical wiring or equipment. Some countries like the US, Germany and Canada have adopted mandatory regulations that are aimed at ensuring adoption of AFCIs in ongoing as well as upcoming construction projects. Such regulations, aimed at ensuring safety of residential and commercial spaces, are likely to ensure sustained growth in the global AFCI market. By application, residential segment is expected to witness high growth over the analysis period led by the growing adoption of AFCIs in the sector and propelled by the mandatory regulatory compliances of governments that will fuel adoption.
By End-Use, Residential Segment to Reach $3 Billion by 2026 By application, residential segment is expected to witness high growth over the analysis period led by the growing adoption of AFCIs in the sector and propelled by the mandatory regulatory compliances of governments that will fuel adoption. Global market for Residential (End-Use) segment is estimated at US$2.4 Billion in 2022, and is projected to reach US$3 Billion by 2026 reflecting a compounded annual growth rate of 5.2% over the analysis period. United States constitutes the largest regional market for Residential segment, accounting for 32.6% of the global sales. China is poised to register the fastest compounded annual growth rate of 6.5% over the analysis period, to reach US$276.5 Million by the end of the analysis period. More
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