Circuit Breaker, Fuse and Relay 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.
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The key driving factors responsible for the growth of Circuit
Breaker, Fuse and Relay market :
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.
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.
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