Global Residual Current Monitoring System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Residual Current Monitoring System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Residual Current Monitoring System market finds that the global Residual Current Monitoring System market reached a value of USD 313.08 million in 2022. It’s expected that the market will achieve USD 413.0 million by 2028, exhibiting a CAGR of 4.72% during the forecast period.

Lack of growth in the mining industry and reduced mining activity

One of the challenges facing the market is the lack of growth in the mining industry and reduced coal mining activities. The potential of the global mining industry is shrinking as mining resources are gradually consumed. The slow growth in manufacturing and the decline in oil prices have led to a downward trend in the mining industry in recent years. The mining industry slowed globally in 2015 and continued in 2016 and 2017. The investment of major mining companies decreased significantly in 2017, and the funds available for investment by the company were very small. At the same time, the impact of coal on pollution and more intense competition from other sources of energy mean that the trend in most countries is to switch to coal. Coal prices have been falling, political opposition is increasing and demand continues to be weak, leading to a reduction in coal mining activities.

The demand for renewable energy is growing

With the development of industrialization and urbanization, the demand for electricity is increasing. In North America and Europe, increasing attention to digitization has led to the widespread use of devices that rely heavily on electricity. The market trend is the need to monitor current renewable energy sources. The share of renewable energy in the energy mix has been steadily increasing, due to the lower cost of using renewable energy, better government regulations, and the overall shift to clean energy. The leading renewable energy sources are solar and wind energy. Even though solar and wind energy are relatively easy to operate, they are prone to high power fluctuations due to changes in sunlight and wind, which makes maintenance and monitoring of power supplies a key issue. Therefore, in order to monitor the maximum current changes in wind and solar energy, residual current monitoring systems become important.

Residual current monitoring system ensures safety

The use of residual current monitoring systems in the power industry to ensure safety is one of the main factors driving market growth. Increasingly high safety-related regulations are forcing industries to continuously monitor electrical faults. Any small downtime can lead to high monetary losses and high power generation costs, and any power outage can bring down many processes and equipment in the industry. Residual current monitoring systems are being used to overcome these challenges. The residual current monitoring system monitors electrical faults, improves electrical safety, and enhances fire performance. These advantages further promote the growth of the market for residual current monitoring systems.

Region Overview:

Europe is projected to account for a considerable share of the Residual Current Monitoring System market and is expected to become the largest region by 2028.

Company Overview:

Bender is one of the major players operating in the Residual Current Monitoring System market, holding a share of 14.92% in 2023.

Bender

Bender manufactures technology for safe distribution of electricity. The Company offers range of products for insulation monitoring, measuring and monitoring relays, and system components.

Bender

ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation, and robotics.

Segmentation Overview:

Among different product types, Multi-Channel segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Power segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Residual Current Monitoring System market covered in Chapter 3:

Janitza electronics
Raritan
PHOENIX CONTACT
ZIEHL
Siemens
Schneider Electric
Bender
ABB

In Chapter 4 and Chapter 14.2, on the basis of types, the Residual Current Monitoring System market from 2018 to 2029 is primarily split into:

Single Channel
Multi-Channel

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Residual Current Monitoring System market from 2018 to 2029 covers:

Power
Automotive
Metals
Mining
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)