Global Residual Current Monitoring System Market 2018-2022
About Residual Current Monitoring System
Residual current monitoring systems are used for measuring and monitoring residual current. These systems can be used independently or in conjunction with a residual current device.
Technavio’s analysts forecast the global residual current monitoring system market to grow at a CAGR of 4.72% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global residual current monitoring system market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residual Current Monitoring System Market 2018-2022
Technavio recognizes the following companies as the key players in the global residual current monitoring system market: ABB, Bender, Janitza electronics, PHOENIX CONTACT, Schneider Electric, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is need for current monitoring in renewable energy sources. Renewables have been steadily increasing their share of energy mix owing to the decreased cost of harnessing renewable energy, favorable government regulations, and a general shift toward clean power generation sources.”
According to the report, one driver in the market is growing demand for renewable power source. The demand for power is on the rise with growing industrialization and urbanization. In regions such as North America and Europe, growing focus on digitization has resulted in widespread use of equipment, which relies heavily on power.
Further, the report states that one challenge in the market is lack of growth in mining industry and reduced coal mining activities. In 2015, the mining industry witnessed a slowdown globally, which continue in 2016 and 2017. Investments by leading mining companies reduced drastically in 2017 with little capital available to companies for investments.
ABB, Bender, Janitza electronics, PHOENIX CONTACT, Schneider Electric, and Siemens.
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