Global Neutral Grounding Resistor Market Size To Worth USD 1137.42 Million by 2032 | CAGR of 5.7%
Category: Semiconductors & ElectronicsGlobal Neutral Grounding Resistor Market Size To Worth USD 1137.42 Million by 2032
According to a research report published by Spherical Insights & Consulting, 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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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".
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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.
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.
Asia-Pacific is expected to grow at a higher CAGR of around 6.3% over the forecast period
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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.
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, and National Switchgears.
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