New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence analyzes Earth Leakage Protection Market is expected to witness significant growth at a remarkable CAGR of 4.7% during the forecast period of 2023-2030. The factors such as the increasing development of new industrial zones, growth in the investment of new residential projects, and others are accelerating the demand for earth leakage protection, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of earth leakage protection product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the earth leakage protection market is poised for strong expansion and is expected to reach USD 4,384.66 Million by 2030. The market, which was valued at USD 3,055.19 Million in 2022, is predicted to grow at a compound annual growth rate of 4.7% during the period 2023-2030. The report highlights the increasing adoption of earth leakage protection in the commercial industry, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the earth leakage protection market.
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The deployment of earth leakage protection is critical in commercial buildings to promptly detect earth leakages. This prevents injury from electrical shocks in the case of fire. The increasing investment in commercial projects is accelerating the growth of new commercial construction projects at the global level. For illustration, the various commercial construction projects are under the development phase, including USD 177 million Minden Headquarters Building in Germany (the completion year 2024), USD 1,424 million Nantes New CHU Hospital Development in France (the completion year 2027), and others. Hence, the growth the commercial construction projects at the global level is accelerating the demand for earth leakage protection to monitor the health of insulation by measuring the extent of leakage. This, in turn, is accelerating the growth of the earth leakage protection market.
The requirement for electricity is in larger units in the industrial sector. This factor leads to higher risks associated with electric shocks, short circuits, and others. Thus, earth leakage protection devices are employed in industrial facilities to ensure efficient protection against shock circuits. Earth leakage protection is employed in industrial facilities such as aerospace manufacturing, heavy equipment manufacturing plants, metal manufacturing factories, and others. The increasing manufacturing activities, growth of foreign direct investment, and others are favoring the development of new industrial zones. Hence, the increasing development of new industrial zones will drive the future anticipated growth of the industrial sector. This is projected to drive the demand for earth leakage protection to ensure protection against electric shocks. This factor will promote the earth leakage protection market growth in the forecast years.
Global Earth Leakage Protection Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 4,384.66 Million |
| CAGR (2023-2030) | 4.7% |
| By Pole Type | 1P, 2P, 3P, and Others |
| By End-use Industry | Residential, Commercial, and Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Schneider Electric, ABB, Eaton, Siemens, Legrand, Fuji Electric, Mitsubishi Electric, Hitachi Industrial, Broyce Control, and CHINT |
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Global Earth Leakage Protection Market Segmentation Details:
Based on Pole Type, the 2P segment contributed the largest shares to the market growth in 2022. The 2P based earth leakage protection is widely used due to the superior step-down current characteristic of the 2P. Additionally, the 2P adequately compares the current flowing in the live wire with the current flowing to the ground. The 2P quickly trips the circuit in case of a significant difference between the above-mentioned comparison. Thus, the 2P is frequently used in indicating a leakage to the ground. 2P is utilized in various end-use industries, including residential, commercial, and others. As a result, due to the above benefits, the demand for the 2P is increasing. This, in turn, is driving the growth of the market.
Based on End-use Industry, the commercial segment accounted for the largest market share in the year 2022. Earth leakage protection is a safety device utilized in electrical installations in the commercial industry to ensure efficient safeguarding of electrical equipment and systems from destruction caused by higher current flow such as short circuits, overloading, and others. As a result, earth leakage protection is employed in various commercial construction projects such as malls, office buildings, hospitals, institutional buildings, and others. Thus, the bolstering of the commercial industry is fueling the demand for earth leakage protection to detect small stray voltages. This, in turn, is favoring market growth.
Based on Region, in the year 2022, Europe accounted for the largest share contribution to the market growth, owing to the growth in the commercial construction industry. For instance, as of July 2023, various commercial construction projects are in the development phase, including USD 50 million Tonsberg Shopping Center project in Norway (project completion year 2024), USD 1,424 million Nantes New CHU Hospital Development project in France (project completion year 2027), USD 115 million Nexum Retail Park Shopping Center project in Spain (project completion year 2023), and others. Henceforth, the booming commercial construction projects in the Europe region are boosting the demand for earth leakage protection to ensure protection against fire from electric shocks. As a result, driving the growth of the earth leakage protection market in the Europe region.
Competitive Landscape
Schneider Electric, ABB, Eaton, and Siemens are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of earth leakage protection. Further, the earth leakage protection market is expected to grow steadily due to rising demand from the residential sector, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new commercial projects in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In January 2022, ABB, a global manufacturer of earth leakage protection products launched a new range of products in India, including Residual Current Circuit Breakers (RCCBs), Miniature Circuit Breakers (MCBs), and Isolators for the Indian retail industry. The products are ideal for earth leakage protection applications.
Key Market Takeaways
- The global earth leakage protection market size is estimated to exceed USD 4,384.66 million by 2030 with an astonishing CAGR of 4.7% during the forecast period (2023-2030).
- Europe accounted for the highest market share at 35.20% and was valued at USD 1,075.43 million in 2022, and is expected to reach USD 1,549.10 million in 2030. Moreover, in Europe, Germany accounted for the highest market share of 21.15% during the base year of 2022.
- Based on pole type, the 2P segment accounted for the highest share contribution to the earth leakage protection market statistics in 2022.
- In the context of end-use industry, the commercial segment is expected to contribute significant shares to the growth of earth leakage protection market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for earth leakage protection due to the increasing investments in new commercial projects in countries such as India, China, and others.
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List of Major Global Earth Leakage Protection Market:
- Schneider Electric
- ABB
- Eaton
- Siemens
- Legrand
- Fuji Electric
- Mitsubishi Electric
- Hitachi Industrial
- Broyce Control
- CHINT
Global Earth Leakage Protection Market Segmentation:
- By Pole Type
- 1P
- 2P
- 3P
- Others
- By End-use Industry
- Residential
- Commercial
- Industrial
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Frequently Asked Questions in the Earth Leakage Protection Market Report
- What was the market size of the earth leakage protection industry in 2022?
- In 2022, the market size of earth leakage protection was USD 3,055.19 million
- What will be the potential market valuation for the earth leakage protection industry by 2030?
- In 2030, the market size of earth leakage protection will be expected to reach USD 4,384.66 million.
- What are the key factors driving the growth of the earth leakage protection market?
- The rising residential industry is accelerating the earth leakage protection market growth.
- What is the dominating segment in the earth leakage protection market by pole type?
- In 2022, the 2P segment accounted for the highest market share of 38.05% in the overall earth leakage protection market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the earth leakage protection market?
- Europe accounted for the highest market share in the overall earth leakage protection market.
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