Ground Fault Sensor Market Size

Ground Fault Sensor Market size is poised to reach USD 8 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of ground fault sensors was USD 3 Billion. This is mainly due to the increasing demand for ground fault sensors in the residential, commercial, and industrial sectors, driven by factors such as the rising number of electrical accidents, and the need for safety.

The International Labor Organization (ILO) reports that there are over 16 million work-related accidents globally each year and that occupational accidents claim the lives of over one million individuals. A further around 3600-4,000 people are electrocuted at the workplace every year. These incidents have emphasized the importance of reliable ground fault sensors for identifying and preventing electrical accidents.

Technological advancements in ground fault sensors have resulted in improved accuracy, ensuring more precise detection and measurement of ground faults. For instance, an important factor in the development of contemporary society is the manufacturing sector. As the forerunner of smart factories, Industry 4.0 possesses access to a multitude of cutting-edge technologies, including big data analytics, artificial intelligence, advanced robotics, 3D printing, and cloud computing. All these advanced technologies require ground fault sensors to work efficiently.

 Recently, EV technology has advanced to bidirectional charging systems using ground fault current sensors. Technological advancements have also led to the incorporation of enhanced safety features in ground fault sensors, providing additional protection against electrical hazards.