According to the latest market study released by Technavio, the global circuit protection market is expected to reach USD 19.39 billion by 2021, growing at a CAGR of more than 7%.
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Technavio has published a new report on the global circuit protection market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global Circuit Protection Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report covers the current market scenario for circuit protection devices worldwide and the growth outlook, including the market size by end-user segments and geography.
The global circuit protection devices market has been segmented by products, end-users, and geography. The product segment comprises circuit breakers and fuses. The circuit breakers segment holds over 70% of the total market and is exhibiting stronger demand compared with the fuses segment. In terms of end-user market, the electric utility segment formed the largest segment with over 37.2% market share in 2016.
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Technavio’s heavy industry analysts categorize the global circuit protection market into five major segments by end-user. They are:
- Electric utility
- Industrial machinery
- Electrical and electronics equipment
- Automotive
- Others
The top three end-user segments for the global circuit protection market are:
Global circuit protection market by electric utility segment
The rising investments in the expansion and upgrade of power transmission and distribution networks will drive the demand for circuit breakers and fuses in the electric utility segment. The US, China, and India are the top consumers of electric energy and depict a strong demand for circuit protection devices. The US electric utility market is mature, and the majority of the activities are related to upgrading and maintenance of the aging network infrastructure.
According to Sayani Roy, a lead tools and components research analyst from Technavio, “In APAC, emerging economies such as China and India are driving the demand for circuit protection devices. The rapid industrial development and urbanization in these countries boost the capacity expansion in power transmission and distribution networks, resulting in the rising demand for circuit protection devices.”
Global circuit protection market by industrial machinery segment
Circuit protection devices find applications in industrial machineries used for agriculture, construction, mining, semiconductor manufacturing, food processing, and packaging. The industrial machinery segment is experiencing the implementation of industrial process controls and other automation technologies in the equipment. Modern day industrial machineries are equipped with advanced electronic-based capabilities that enable automation of operations and interface, manage data, and provide other user-friendly features such as global positioning system (GPS).
“The increasing adoption of advanced electronic functionalities in industrial machineries is fueling the demand for circuit protection devices. The construction machinery segment is growing, owing to the rising investments in the expansion of global construction activities. The high-tech construction machineries keep the demand moving for circuit protection devices,” says Sayani.
Global circuit protection market by electrical and electronic equipment segment
The electrical and electronic equipment segment comprises electronic components, computer and office equipment, telecommunications, consumer appliances, and industrial electronics. The segment is growing rapidly due to the ever-increasing demand for high-tech electronic goods and continued momentum in technological advancements. There is a constant drive and significant technological investments to develop compact and light electronic products with advanced functionalities.
Nanotechnology is being increasingly adopted in electronic products. This leads to increased demand for circuit protection devices to protect the expensive and sensitive electronic goods from power fluctuations. The US, Europe, Japan, China, Taiwan, and South Korea are the major electrical and electronics equipment producing regions.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ABB
- Eaton
- Siemens
- Mitsubishi Electric
- Alstom
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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