A fault indicator or fault circuit indicator is a device used to indicate faults detected on a power system or an electric line. This device has finds applications in electric lines, electric power systems and distribution networks to reduce equipment risk, outage time and operating cost. For better output, fault circuit indicators needs to be installed properly on the circuit. The working principle of a fault circuit indicator is that it typically senses the magnetic field produced by the excess flow of current through a cable or conductor. Some indicators also measure the electric field generated by the voltage in the conductor.
Increasing development and establishment of new smart grids, industrialization and installation and rearrangement of transmission lines are some of the factors driving the demand for fault circuit indicators. Additionally, rise in the usage of electric utilities, increasing electricity generation, growing industrial sectors and heavy investments made by some firms to protect industrial machinery pave way for growth of the market.
Compared to 2016, Fault Indicators market increased sales by 0.80 percent to $157.27 million worldwide in 2017 from $156.02 million in 2016, and the global Fault Indicators market size is estimated to grow from $158.96 million in 2018 to $176.07 million by 2023, at an estimated CAGR of 2.07% between 2018 and 2023.
The market of Fault Indicators is relatively concentrated. The world leading vendors in the market are SEL and Horstmann, which accounted the sales market share of 10.54% and 9.58% respectively in 2017, followed by Cooper Power Systems, ABB(Thomas & Betts) and Elektro-Mechanik.
Globally, 3910.6 K units Fault Indicators have been put into the market in the year 2017, while China attributes close to 30.46% of the world sales, Europe close to 16.51%, US 14.80%, and Japan 10.06%. In terms of consumption, China is the largest market because of the fast demand of power grid.