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 the growing demand for electricity and expanding T&D networks that will contribute to the growth of this market segment until the end of the 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 the mechanical relay is solid-state devices on account of their popularity owing to their ability to interrupt currents that are synchronous to alternating current waveforms. Solid-state devices interrupt with high alternating current flow and simultaneously avoid high voltage generation.
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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 the 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, the high cost of raw materials such as gold and silver used for component wiring is expected to hamper growth.
Dominant players in this market include Americas, APAC, and EMEA. The Asia Pacific was the largest market for circuit breakers, fuses, and relays, and is estimated to retain its market position attributing to investments in the power infrastructure. Growth in the construction and automotive market is a key factor that is expected to drive the market growth in the Asia Pacific in the forecast period Owing to these factors the growth rate in APAC is expected to reach a rate of over 7%
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