United States– Report Ocean published a new report on GFCI Receptacles Market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2022 to 2030.
Ground fault circuit interrupter (GFCI) usually occurs when a current supplying conductor comes in contact with ground causing short circuit. GFCI is generally used to protect a person from getting a harsh shock who accidentally becomes a part of the electric path stuck between source and the ground surface. Surging adoption of GFCIs receptacles over traditional receptacles to provide protection from short circuit along with the measures taken by government to promote the adoption of GFCIs at residential and commercial applications are the few factors responsible for high CAGR of the market over the forecast period.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.
In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for GFCI Receptacles Market.
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For instance, in North America, Electrical Safety Foundation International (ESFI) has led the way in promoting electrical safety across residential and commercial applications through education, awareness, and advocacy. The main objective of this organization is to reduce electrical injuries and fire; saving lives and property through public education and outreach. This in turn is projected to augment the demand of GFCIs receptacles. However, lack of awareness about the installation is the major factor limiting the growth of global GFCI Receptacles market during the forecast period.
The regional analysis of global GFCI Receptacles Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing safety consciousness among consumers for protection of electrical appliances from electrical fire hazard in the region.
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However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period. Factors such as rising demand for effective electrical load management system followed by the rapidly growing industrial sector is expected to provide lucrative growth opportunities to the Asia-Pacific market over the forecast period of 2019-2026.
Major market player included in this report are: Hubbell Leviton Pass & Seymour Eaton Emerson Snapconnect Myers Electric Bryant Service The Reynolds Company R&R Supply Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Type: Fixed Type Mobile Type
By Application: Industrial Commercial Residential
By Region: North America U.S. Canada Europe UK Germany Asia Pacific China India Japan Latin America Brazil Mexico Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017 Base year – 2018 Forecast period – 2019 to 2026
Target Audience of the Global GFCI Receptacles Market in Market Study:
Key Consulting Companies & Advisors Large, medium-sized, and small enterprises Venture capitalists Value-Added Resellers (VARs) Third-party knowledge providers Investment bankers
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What are the key findings of the report?
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