New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global Neutral Grounding Resistor Market Size is to grow from USD 653.39 Million in 2022 to USD 1,137.42 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
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A neutral Grounding Resistor (NGR) is a protective device used in electrical power systems to limit fault currents and prevent damage to transformers, generators, and other electrical equipment. It is connected between the neutral point of the system and ground, creating a resistance path for fault currents to flow during a fault condition. NGRs are typically designed to have a high resistance value, typically ranging from a few ohms to several hundred ohms, to limit the fault current to a safe level. NGRs help protect electrical equipment from damage due to high fault currents, reduce the risk of fires and explosions, and improve overall system reliability and safety.
Report Coverage
This research report categorizes the market for neutral grounding resistor market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the neutral grounding resistor market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the neutral grounding resistor market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Neutral Grounding Resistor Market Size, Share, and COVID-19 Impact Analysis, By Type (Low Resistance and High Resistance), By Voltage (Low (<1 kV), Medium (1-36 kV), and High (>36kV)), By Site (Indoor (IP00/IP20) and Outdoor (IP23/IP55), By End-Use (Power generation, Data Center, Manufacturing, Healthcare, Oil & Gas, Military & Defense, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The high resistance segment is expected to grow at a higher CAGR of 6.3% during the forecast period
Based on the type, the global neutral grounding resistor market is segmented into low-resistance and high-resistance. The high-resistance segment is expected to witness significant growth in the forecast period in the global neutral grounding resistor (NGR) market. High-resistance NGRs are widely used in various industries for effective fault current protection, grounding, and safety purposes. They are capable of limiting the fault current magnitude to a safe level, reducing the risk of equipment damage and personnel injury. Moreover, the increasing focus on electrical safety regulations and the need for reliable power distribution systems are driving the demand for high-resistance NGRs.
The power generation segment dominated the market with around 25.1% revenue share in 2022.
Based on the end-use, the global neutral grounding resistor market is segmented into power generation, data center, manufacturing, healthcare, oil & gas, military & defense, and others. The power generation category accounted for the largest share, approximately xx%, in the neutral grounding resistor market in 2022, due to the critical requirement of fault current protection and grounding in power generation facilities, including thermal, nuclear, hydro, and renewable energy plants. NGRs are used to limit the fault current magnitude, prevent equipment damage, and ensure safety during power generation operations. Additionally, the growing focus on renewable energy sources and increasing investments in power generation infrastructure globally have further boosted the demand for NGRs in the power generation sector, contributing to its dominance in the market.
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Asia-Pacific is expected to grow at a higher CAGR of around 6.3% over the forecast period.
Based on region, Asia Pacific is projected to be a key growth driver in the Neutral Grounding Resistor (NGR) market due to several factors. The region's rapid industrialization, urbanization, and infrastructural development are driving the demand for reliable power distribution systems, creating a need for effective fault current protection using NGRs. Additionally, increasing investments in renewable energy sources, such as solar and wind power, in countries like China and India are boosting the adoption of NGRs for grounding and fault protection requirements. Moreover, the growing awareness about electrical safety standards, regulatory initiatives, and the expanding manufacturing and utilities sectors in the region are expected to propel the NGR market's growth in Asia Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global neutral grounding resistor market include Metal Deploye Resistor, Simpax SP. z o.o, Cressall Resistors Ltd, Schneider Electric S.E., Hilkar Ltd., Aktif Group, Microelettrica Scientifica S.P.A., Littelfuse, Inc., MegaResistors Corporation, Filnor, Inc., AMPCONTROL Equiptments Pvt. Ltd., National Resistors, AG Electronics, AMECO Engineering, Lachhman Electronics, AKTIF Group, National Switchgears and Others.
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Recent Developments
In July 2022, Littelfuse successfully completed the acquisition of C&K Switches, a renowned designer and manufacturer of high-performance electromechanical switches and interconnect solutions. The integration of our companies greatly enhances our technological expertise and capabilities, enabling us to provide comprehensive solutions to our diverse customer base across various vertical markets. We anticipate that this strategic acquisition will drive sales and revenue growth, as it allows us to attract new customers and retain existing ones, further strengthening our market position.
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