The Major Factors Driving the Growth of the Circuit Protection Market
The circuit protection market was valued at USD 35.85 Billion in 2015 and is expected to reach USD 53.56 Billion by 2022, at a CAGR of 5.92% between 2016 and 2022. The major factors driving the growth of the circuit protection market include the growth in the Internet of Things (IoT) market and increasing adoption of automotive electronics.
The companies operating in the circuit protection market have adopted strategies such as new product launches and expansions between 2014 and 2016 to grow in the market. New product launches accounted for a share of 93.1% of the overall developments carried out in the market between 2014 and 2016, and expansions accounted for a share of 6.9%.
ABB Ltd. (Switzerland) holds the first position in the circuit protection market. It focuses on targeting profitable growth by strengthening competitiveness, driving organic growth, and lowering risks. The company has launched the Penetration, Innovation & Expansion (PIE) program and has spotted it as a key driver for profitable growth. The company intends to improve its value chain model, which would enhance customer satisfaction and improve cost efficiency. The company is, currently, focusing on penetrating the market by increasing the sales of its existing offerings. In line with this, it has launched e-learning seminars that increase awareness about protection relays and their successful application. ABB’s strong presence in the emerging markets, productivity improvement, and streamlined procedures have helped it in benchmarking its business operations against the set industry standards. Through various initiatives, such as webinars, the company is educating its existing customer base about the significance of protective relays.
Siemens AG (Germany) holds the second position in the circuit protection market. The company has expanded its presence in fast growing economies such as China and India, among others, and has opened new manufacturing facilities to increase its revenue and strengthen its market position. Its key strategy is to develop innovative new technologies for the power protection and control segment, improve safety in the hazard-prone areas of an industry, and enhance sustainable development. In FY2016, the company invested USD 5.26 billion in R&D. Siemens has launched new products and expanded its product portfolio pertaining to relays, overload protection devices, and compact switchgear solutions. Over the period of three years, the company has launched new products such as fuses and circuit breakers, thereby enhancing its product portfolio. In October 2016, the company launched two new models of molded-case circuit breakers—3VA5 and 3VA6. These new circuit breakers meet the North American and European standards. In buildings and industrial plants, these molded-case circuit breakers protect cables and electrical loads from damages and failures that can be caused by disruptions such as short circuits or overloads.
Related Reports:
Circuit Protection Market by Type (Overcurrent Protection, Overvoltage Protection, ESD Protection), Device (Circuit Breakers, Fuses, ESD Protection Devices, Surge Protection Devices), Industry, Geography - Global Forecast to 2022
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