September 13, 2021: The global circuit breakers, fuse, and relays market is expected to witness a steady growth owing to their increasing utilization in the power sector. They have several applications pertaining to generation, distribution and transmission of power. Significant growth in the global market for circuit breakers, fuse and relays is projected owing to increase in demand for energy in the forecast period. This significant rise in the demand for electricity has led to increasing need for T&D networks which will in turn have a positive impact on the circuit breakers, protective fuse and relay market. The recent increase in the demand for electricity can be attributed to factors such as rapid industrialization, increasing population, and urbanization.
Key factors such as adoption of automotive electronics are expected to fuel prospects of market growth in the foreseeable future. Increase in the demand for automotive electronics is a significant trend that is expected to drive the demand for circuit breakers, fuses, and relays from the automotive industry. The implementation of electronic components in vehicles facilitates the use of circuit breakers, fuses, and relays for the safety of the electronic components. Due to the popularity of augmented demand for advanced in-car systems such as advanced driver assistance systems, premium audio systems infotainment systems, on-board diagnostic systems, and electronic transmission the global circuit breakers, fuse and relay industry is projected to witness a positive market growth.
With the adoption of circuit breakers, fuse and relay systems spread across various consumer segments with capabilities pertaining to electronic and electric sector, this market is expected to witness an extremely competitive environment. Global circuit breaker, fuse and relay industry is highly fragmented with the presence of large number of small and regional vendors. Need to have a diverse product portfolio and increased market penetration has led prominent vendors in the market to integrate optimized technology into their products.
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A protective relay ensures reliable and safe operation of substations by tripping the circuit breaker in the case of a fault. Rise in the need for modernization of substations propels the demand for protective relays. Growing automated substations market on account of reduced operational costs and improved grid security is expected to boost the growth in the global circuit breaker, relay and fuse industry,
The market on the basis of product is segmented into three categories, Circuit breaker, Fuse and Relay. The circuit breaker product segment is projected to capture an impressive market share owing to growing demand for electricity and expanding T&D networks that will contribute to the growth of this market segment until the end of estimated period. Further, with the rising demand for alternative electrical transmission systems, the market for circuit breakers will have a positive demand until the end of the forecast period. A key substitute for mechanical relay is solid state devices on account of their popularity owing to its ability to interrupt currents that is synchronous to alternating current waveforms. Solid state devices interrupt with high alternating current flow and simultaneously avoid high voltage generation.
Relays are segmented on the basis of applications into four categories. Feeder protection, Motor protection, Transmission line, and Transformer protection. The feeder protection segment gained the largest market share on account of growing demand for electricity coupled with increasing demand for establishing and revamping distribution and transmission networks. The above mentioned factors therefore have a positive impact on the market and have the ability to propel the demand for protective relays However, high cost of raw materials such as gold and silver used for component wiring are expected to hamper growth.
Dominant players in this market include Americas, APAC and EMEA. Asia pacific was the largest market for circuit breakers, fuses, and relays, and is estimated to retain its market position attributing to investments in the power infrastructure. Growth in construction and automotive market is a key factor that is expected to drive the market growth in Asia Pacific in the forecast period Owing to these factors the growth rate in APAC is expected to reach a rate of over 7%
In the mechanical relays market, APAC was the market leader in 2015, and is expected to contribute to the market with the same trend over the next seven years attributed to favorable developments in distribution and transmission network in countries such as India, China, and the Philippines. Growing market for power generation from renewable sources of energy offer huge opportunities to differentiate their products from other major players in this market and play a key role in the growth of demand of relay market
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The market for circuit breakers, fuse and relay market in North America is expected to grow significantly in the future on account of rising demand for electricity. Significant investment in Substantial investments in transmission grid resulted in suppressed need of replacing worn out energy infrastructure. Further, power generation sources such as wind and solar energy would require greater distribution and transmission and investment. This would provide greater avenues for growth opportunities in circuit breakers fuse and relay market in North America
Key vendors in the market include GE, ABB, Siemens, Schneider. Other vendors in this market are Camsco Electric, Honeywell International, Cooper Industries, Itron, Kirloskar Electric, Littelfuse, L&T, Mitsubishi Electric, Rockwell Automation, NR Electric, S&C Electric, Sensata Technologies and Schurter Holding.
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