Electrical protection and control devices are the devices/components that are used to protect the machinery, components, and devices of an electric or electronic circuit against short circuits, over current and ground faults. The requirement of electric power is the necessity of the time. Electric power is required in industrial, commercial, and residential sector. The advancement in technology, use of computers even in small operations has made a radical shift in increase in power consumption. The efficient working of the power sources and protecting expensive machinery, components and devices against any disruptions and faults, the circuit uses various components such as Fuses or fuse wire, miniature and earth breakage circuit breakers and earthing and grounding techniques. Therefore, the developments in the industrial sector of power and energy vertical foster the growth of the global electrical protection and control market.
Rapid industrialization since several decades along with the economic growth worldwide has improved the setup of new industrial units, advancement of defense technologies, automotive sector, and consumer electronics. Latest smart technologies like Internet of Things, artificial intelligence have also increased the use of electrical power and energy round the globe. Currently in automotive sector, automobiles are equipped with much electronics. Also, the commercialization of electric vehicles requires high electrical power protection and control system for their efficient and long-term operating circuits. This is expected to increase the electrical protection and control market demand during the forecast period.
In addition, the defense vertical requires the electrical protection and control system reduce the operations disruption. The advanced technologies of radar system, satellite communication systems, unmanned vehicles, and drones require intact and safe circuitry of the device for optimal operations. This is anticipated to further drive the electrical protection and control market growth. Construction projects of dams and reservoir on various water bodies are being developed to meet the need of different industrial verticals. All the growing technologies and industries need constant and efficient power supply for the optimum working of machineries to meet the demand and survive the market competition. This further adds to the demand for electrical protection and control products.
The development of electronic and computer technology has promoted the use of relay technologies for hardware protection. The increase in competition and advancement in the hardware made various advancement in electric relay technologies from electro-mechanical to semiconductor. The advancement of manufacturing techniques of electronic hardware also has replaced the conventional relays with the micro-processor based digital and numeric relays. The electric protection and control system thus, uses techniques which isolates a faulty element and meets the demand for basic requirements which are reliability, selectivity, quick operation, and discrimination.
Rise in need of electric power in industrial vertical, advancement in the electrical protection and control components, developments in technologies like IoT and AI drive the growth of the electrical protection and control industry. Companies are installing machineries or manufacturing units to cater to the increase in requirements of the consumer. However, the factors including fire due to overheating, and damage due to moisture restrain the growth of the electrical protection and control market. The development of autonomous vehicle would require intelligent electrical protection and control, thus creating lucrative opportunities for the market growth during the projected period.
The electrical protection and control market is segmented on the basis of product, end use, and region. Based on product, the market is divided into monitoring devices, switching equipment, and protection equipment. Based on end use, the market is classified into residential, commercial, and industrial. Based on the region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report include Yaswaka America, Inc., Electronic Industries, Inc., Phoenix Contact, Wago Corp., Siemens Industry, Reed Rex, MDI, Inc., Mouser Electronics, and Steven Engineering. These players use several growth strategies such as partnership and new product launch to increase its share in electrical protection and control market.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global electrical protection and control market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
- Monitoring Devices
- Switching Equipment
- Protection Equipment
By End Use
- Oil & Gas
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East