The global thermal overload relay market is expected to experience significant growth in the coming years. The increasing consciousness about the safety of the generators or motors in the power generation systems is boosting the market growth. The bimetallic strip segment and manufacturing segment are predicted to seize highest market share in the projected period. The Asia Pacific region is predicted to hold a dominant market share during the estimated period.
A latest report by Research Dive on the global thermal overload relay market reveals that the market is projected to surpass $11710 million by 2027, growing at a CAGR of 7.00% from 2020 to 2027.
The report includes the current scenario and future scope of the market. The research report is an ideal source of information for businesses and individuals in search of complete insights and statistics pertaining to the thermal overload relay industry. The report also provides key market segments, drivers, limitations, and investment opportunities throughout the forecast period.
Factors Impacting the Market Growth:
According to the report, rising awareness about the safety of generators or motors in the power generation systems is boosting the growth of the global thermal overload relay market. In addition, there are been a significant rise in the electricity consumption due to growing industrialization as well as modernization of industries and mounting population all over the world, which is leading toward increased demand for thermal overload relay. Moreover, rise in R&D activities for improving the safety of the power generation motors or generators is likely to unlock rewarding opportunities for the market growth.
The report segments the thermal overload relay market into type, application, and region.
Based on type, the report divides the market into following sub-segments:
• Bimetallic Strip
• Melting Alloy
Among these, the bimetallic strip segment is expected to hold maximum market share during the estimated period; mostly because of the enhanced efficiency of bimetallic strips in cutting the electricity flow in case of voltage or current fluctuations.
Based on application, the report categorizes the market into the following sub-segments:
• Electronics
• Manufacturing
• Aerospace & Defense
• Others
Among these, the manufacturing segment is projected to seize greatest market share in the forecast period. This is mainly owing to the widespread need for thermal overload relays in the manufacturing sector for the security of the heavy motors and generators from current or voltage fluctuations.
Regional Analysis:
The report provides the condition of the global thermal overload relay market over numerous regions including the following:
• Asia Pacific
• Europe
• LAMEA
• North America
Among these, the Asia-Pacific region is estimated to possess a maximum market share of the thermal overload relay market in the forecast period. This is mainly due to the growing consumer base and speedy growth of the industries in the emerging nations including India, Australia, China, and other countries.
Market Players and Business Strategies:
The report mentions some of the leading players in the global thermal overload relay market including the following:
• Schneider Electric
• Siemens
• Shihlin Electric & Engineering Corp.
• Mitsubishi Electric Corporation
• General Electric
• Shern Dian Electric Corp
• Larsen & Toubro Limited
• ABB
• Fuji Electric Co., Ltd
• Rockwell Automation, Inc.
The report caters some of the top business strategies of the players such as mergers and acquisitions, geographical expansions, innovative advances, new product launches, along with Porter Five analysis and SWOT analysis.
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