Global ARC Fault Circuit Interrupter (AFCI) Market Analysis Report 2022: Market to Reach $4.8 Billion by 2026 – AFCI and GFCI Dual Combinations in Single Unit Presents Growth Opportunity – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “ARC Fault Circuit Interrupter (AFCI) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global ARC Fault Circuit Interrupter (AFCI) Market to Reach $4.8 Billion by 2026
The global market for ARC Fault Circuit Interrupter (AFCI) estimated at US$3.6 Billion in the year 2020, 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 $1.2 Billion in 2021, 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$1.2 Billion in the year 2021. The country currently accounts for a 33.87% share in the global market. China, the world 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
Global market for Residential (End-Use) segment is estimated at US$2.2 Billion in 2020, 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 in 2020. 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.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 Pandemic and Looming Global Recession
- An Introduction to ARC Fault Circuit Interrupter (AFCI)
- Types of Arc Fault Circuit Interrupters
- Global Market Prospects & Outlook
- Developed Regions Lead Global AFCI Market
- Recent Market Activity
- Competitive Market Presence – Strong/Active/Niche/Trivial for 16 Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 16 Featured)
- 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
3. MARKET TRENDS & DRIVERS
- Growing Risk of Fire Incidents Attributed to Faulty Electrical Wiring or Equipment Drives Focus onto AFCIs
- Common Causes of Electrical Fire
- Rising Concerns over Safety of Electrical Equipment and Need to Prevent Fire Incidents in Residences Drives Market
- Surging Demand for Electricity and the Consequent Pressure on Electrical Systems & Wiring Enhances Fire Risk, Fueling Need for AFCIs
- Mandatory Regulations for Implementation of Arc Fault Circuit Interrupters in Construction Projects to Fuel Market Prospects
- NEC Requirements Related to AFCIs
- Rising Prominence of AFCIs in Commercial Buildings
- Role of AFCI in Protecting Solar PV Systems in Buildings
- Introduction of Analysis Tools for Identifying Tripping Type for Reducing Risk of AFCI Incidents Drives Growth
- AFCI and GFCI Dual Combinations in Single Unit Presents Growth Opportunity
- AFCI Not a Replacement to GFCI
- Construction Industry: A Vital Determinant of Growth in AFCI Market
- Investments in Infrastructure Projects
- Challenges Facing Arc Fault Circuit Interrupters (AFCIs) Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/i1qvdb
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