Circuit breakers are specific electrical switches that operate automatically for protecting the electrical circuit from damage by turning it on or off when faced with overload & short circuit. The basic function of these circuit breakers is to identify any malfunctioning & breakup in the current flow. Whereas fuses are a type of low resistance resistor that acts as a sacrificial appliance designed to protect any circuit from either load or short circuit. Fuses and Circuit breakers find application in the construction industry, consumer electronics, automotive industry and power industry among others. Rising focus on efficient and reliable power distribution & transmission coupled with installation of new energy infrastructure in emerging economies is estimated to boost the circuit breakers and fuses market.
As per analysis, “Global Fuses and Circuit Breakers Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global fuses & circuit breakers market include Mitsubishi Electric Corporation, Siemens, General Electric, Schneider Electric, Mersen, Eaton, ABB, Hager, Carling Technologies, Sensata Technologies, E-T-A Elektrotechnische Apparate, HYUNDAI, Hitachi, SCHURTER, Fuji Electric, Shanghai Renmin, CHINT Electrics, Changshu Switchgear, Littelfuse, Liangxin and among others. The industry is anticipated to remain innovation-led, with frequent acquisitions & strategic alliances adopted as major strategies by the players to improve their industry presence.
Based on type, fuses & circuit breakers market is segmented as circuit breakers and fuses. Circuit breakers provide certain advantages over fuses for instance these are easy to reset and safer than fuses because all of the electrical connections are inside the breaker box. In addition, based on application, market is segregated as commercial, industrial and residential.
The fuses & circuit breakers market is driven by strong growth of construction & developmental activities, followed by rise in demand for electricity & requirement for reliable power delivery, increase in investments in renewable & energy storage and growth in access to electricity in developing countries. However, rise in investments in smart grid vision and strict environmental & safety regulations may impact the market. Moreover, rise in demand for replacing the conventional mechanical & electromechanical devices across manufacturing & industrial sector along with aging power infrastructure are key opportunities for market.
Based on geography, the North-America is a leading region in global fuses & circuit breakers market owing to rapid development in the construction market and increase in access to electricity in emerging countries across the region. Additionally, growth in adoption of alternative energy generation sources like wind and solar that requires huge investments in distribution & transmission is growing the opportunities for this market in the region. The Asia-Pacific and European regions are estimated to witness higher growth rate due to rise in focus on efficient and reliable power transmission & distribution, increase in number of renewable power generation projects coupled with growth in end-user industries such as oil & gas, steel, cement and petrochemicals over the forecast period. It is predicted that future of the global fuses & circuit breakers market will be optimistic because of rise in need for up-gradation of proficient networks as well as renewable energy connectivity during the forecast period.
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Ankur Gupta, Head Marketing & Communications