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.
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