LONDON--(BUSINESS WIRE)--The global residual current monitoring system market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global residual current monitoring system market by product type (single-channel and multi-channel) and by end-users (power, automotive, and metals and mining). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increased adoption of residual current monitoring system in power industry for ensuring safety
Industries are witnessing the increasing need for continuous monitoring of electrical faults due to the high safety-related regulations. The high-power generation cost states that any small downtime can also result in a huge monetary loss. Therefore, early detection of power interferences is necessary not only for safety purpose but also for cost saving.
According to a senior analyst at Technavio for automation research, “In industries such as energy, telecommunication, and IT, the demand for power has increased owing to the high usage of communication technology, which means that any downtime owing to power interruption can halt a large number of processes and equipment. Thus, owing to its several advantages, the demand for the residual current monitoring system is increasing.”
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Market trend: need for current monitoring in renewable energy sources
Renewables have been steadily increasing their share of energy mix due to the decreased cost of harnessing renewable energy, favorable government regulations, and a general shift toward clean power generation sources. Regions such as Western European and North American nations are the early adopters of renewable power. However, Latin American countries such as Brazil, Chile, and Argentina and Asian countries such as China, India, and Japan are still shifting from fossil fuel to renewable power sources to generate energy.
The leading renewable energy sources are solar and wind energy. Even if solar and wind energy are relatively easy to operate, they are prone to high power fluctuations due to varying sunlight and windflow, which makes maintenance and monitoring of power supply a key issue. Thus, to monitor maximum current variation in wind and solar energy, a residual current monitoring system becomes important.
Market challenge: lack of growth in the mining industry and reduced coal mining activities
Globally, the mining industry witnessed a slowdown in 2015 and this continued in 2016 and 2017. In 2017, investments by leading mining companies reduced drastically with little capital available to companies for investments. The global shift toward renewable energy sources affected the coal mining sector. Regulatory authorities in several nations are in favor of green fuels, which has resulted in the phase-out of coal energy. Most European nations are the early adopters of clean energy fuels, particularly renewable energy sources. The last decade saw Western European nations aggressively using renewable energy.
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