Global Circuit Protection Market: Snapshot
With the robust growth of the global automotive electronics market, the global circuit protection market is poised to rake in a significant share of the revenue pie. Most of the modern automobiles are embedded with electronic systems such as transmission electronics, engine electronics, chassis electronics, driver assistance and safety electronics, and infotainment systems. To protect these sensitive electronic components of automobiles, circuit protection systems are installed. In addition this, there is a surging demand for advanced circuit protection devices that suit the specific needs of expensive electronic control systems and also conform to the rigorous standards of automobile manufacturing.
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Circuit protection systems consist of fuses, ESD protection devices, circuit breakers, and surge protection devices. On the basis of end user, the global circuit protection market can be segmented into construction, industrial machinery, electric utility, automotive, and electrical and electronics equipment. The demand for fuses and circuit breakers is likely to remain strong in the electric utility segment throughout the forecast horizon, owing to the growing investments in the expansion and upgradation of power transmissions and distribution systems.
A large number of international and regional players are competing fiercely in terms of pricing and innovation to enhance their visibility in this highly fragmented arena. Players are pouring hefty funds into research and development in order to diversify their product portfolio. The growing trend of smart homes and buildings is rendering the global circuit protection market highly opportunistic.
Global Circuit Protection Market: Overview
The global circuit protection market is projected to grow at a healthy growth rate during the forecast period. The rising number of applications of circuit protection is expected to contribute extensively towards the development of the overall market in the near future. The research study further highlights the key growth factors, current trends, and opportunities in the global circuit protection market. In addition, the challenges being faced by the market players and the competitive landscape have been discussed at length to offer a strong understanding of the overall market.
Global Circuit Protection Market: Drivers and Restraints
The rising adoption of Internet of Things in diverse industries and the rising demand for circuit protection are some of the important aspects that are estimated to fuel the growth of the global circuit protection market in the coming years. In addition, the rising emphasis of leading players on innovations and new product development is likely to accelerate the growth of the overall market throughout the forecast period.
The global market for circuit protection is expected to face several challenges in the near future, owing to which the market is likely to witness a slight downward trend. The increasing prices of raw materials and the environmental regulations concerning the technology for SF6 circuit breaker are anticipated to hamper the growth of the global circuit protection market in the coming years. Nevertheless, the rising pace of industrialization and urbanization in emerging economies, resulting in a high demand for circuit protection is expected to provide lucrative opportunities for players operating in the global market.
Global Circuit Protection Market: Region-wise Outlook
The global circuit protection market has been categorized on the basis of geography into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2016, North America witnessed robust growth and is likely to continue with this throughout the forecast period. This high growth of this region can be attributed to the upgradation of the existing and old power grid infrastructure. In addition, the substantial contribution from the U.S. and the rising demand for automotive electronics applications are some of the other factors anticipated to encourage market growth in the next few years.
Furthermore, developing nations across the globe are anticipated to witness growth in the circuit protection market in the coming few years. The high rate of urbanization and industrialization is a major factor projected to accelerate the growth of the global circuit protection market in the near future. The research study has offered information related to the growth rate and size of each regional segment in order to provide a clear understanding of the growth prospects in the next few years.
Key Players Mentioned in the Research Report are:
Furthermore, the research study offers a detailed overview of the competitive landscape of the global circuit protection market. The profiles of the leading companies have been included in the research study to provide a clear picture and understanding of the overall market. In addition, the latest trends and the marketing tactics that are being used by players have been discussed to guide the new players entering the global circuit protection market.
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The global market for circuit protection is highly competitive in nature with the presence of a large number of small and medium-sized players operating in it. The prominent players in the market include ABB Ltd., Automation Systems Interconnect, Toshiba, Bentek, General Electric, Rockwell Automation Inc., Pennsylvania Breaker, SIBA, S&C Electric Company, Mersen, Littelfuse, Schneider Electric, TE Connectivity, Eaton Corp. PLC, Hitachi, Mitsubishi Electric Corp., Alstom, Legrand, Siemens AG, Powell Industries, and Bourns.
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