There has been significant growth in the circuit protection market during the past few years. Some of the prominent factors to drive growth avenues in the industry include, for instance, rapid growth in the automotive electronics market that has further increased expansion avenues in the circuit protection market.
Majority of the modern automobiles have been embedded with electronic systems, for example, infotainment systems, driver assistance as well as safety electronics, chassis electronics, engine electronics, and transmission electronics. In order to protect the sensitive electronic components of automobiles, circuit protection systems have been installed. Along with this, there has been an increased demand for devices with advanced circuit protection in order to meet the specific requirements of the expensive electronic control systems. Further, the services from the circuit protection market are also used to conform to the rigorous standards of automobile manufacturing. So, these factors are likely to work as largest revenue generators in the circuit protection market in the following years.
Segments in Circuit Protection Market
The systems from the circuit protection market include surge protection devices, circuit breakers, ESD protection devices, and fuses. Based on end-use, the circuit protection market is bifurcated into electrical & electronics equipment, automotive, electric utility, industrial machinery, and construction. The fuses and circuit breakers segment has been estimated to hold the major share in the electric utility vertical during the forecast period due to increasing investments in the upgradation and expansion of power transmissions as well as distribution systems.
Growth Strategies in Circuit Protection Market
There are numerous players in the circuit protection market that are operating at regional and international levels. They are engaged in fierce competition based on innovation and pricing in order to enhance their visibility in the market arena. These circuit protection market players are pouring hefty funds into R & D activities to diversify their product portfolio.