GFCI Receptacles Market

COVID-19 Impact Analysis 

• The unfavorable global effects of COVID-19 are already evident and had a big impact on the GFCI receptacles market in 2020.
• The World Health Organization (WHO) has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected the GFCI receptacles market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic. 

Top Impacting Factors

The rise in adoption of GFCIs over conventional receptacle to protect electrocutions or short circuit is the primary factor the pushes the demand for ground fault circuit interrupters in the market. The growth of GFCIs is being witnessed across several commercial and residential applications. In addition, in order to protect the consumers from electric shocks, the government is taking several initiatives. These initiatives are encouraging consumers to install GFCIs as it helps in protecting against severe electrocution hazards particularly in residential sectors, including hot tubs, bathroom, garages, and pump room.

Market Trends

• Growing Awareness Regarding Electrical Safety Promotes Market Growth
• The rise in safety awareness among consumers towards protection of electrical appliances from electrical fire hazard and to prevent against electrocution is one of the most important factor anticipated to boost the adoption rate of ground fault circuit interrupter at an extensive rate during the forecast period. ESFI (Electrical Safety Foundation International) is entirely dedicated towards encouraging electrical safety at commercial and residential areas. In the last few years, EFCI has been dedicatedly organizing a National Electrical Safety Month across different places including school, communities and workplace environments for generating consciousness among the people towards various electrical safety measures.
• Increase in Demands in North-America and Asia-Pacific is Key Driver 
• The global ground fault circuit interrupter market is anticipated to be majorly driven by North America in terms of market share holding and is expected to maintain its dominating position in the coming years. On the other hand, demand for GFCI in Asia-Pacific is predicted to experience a rapid growth rate in the coming years and is expected to increase its market penetration during the forecast period. Increase in demand for effective and efficient electrical load management system from the rapidly growing industrial sector is the primary factor responsible for the growing demand for GFCIs in this region.
• Government Aid and Support Helps Market to Grow
• Initiatives taken by governments to encourage installation of GFCIs in order to provide protection against severe electrocution hazards across various residential secto    GFCIs also help prevent electrical fires and reduce the harshness of other fires by interrupting the current flow in a circuit. In many cases, GFCIs and AFCIs can be installed collectively to provide the most advanced protection technology to a circuit.

Key Benefits of Report

This study presents the analytical depiction of the GFCI receptacles market industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the GFCI receptacles market share.
• The current market is quantitatively analyzed to highlight the GFCI receptacles market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed GFCI receptacles market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in GFCI Receptacles Market Report

• Who are the leading market players active in the GFCI receptacles market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?