The thermal overload relays market is expected to grow at a compound annual growth rate of 8.03% over the forecast period to reach a market size of US$718.706 million in 2026 from US$418.543 million in 2019.
The thermal overload relays market is growing at a substantial rate over the last few years and is forecasted to grow significantly during the forecast period. The regions with the highest market share in the thermal overload relays market are Asia-pacific and North America due to the growing industrialization and urbanization across the countries.
Growing awareness related to the safety of the equipment used in the power generation industry is expected to be the major growth driver for the thermal overload relay market. Increasing industrialization and modernization of the industrial sector are enhancing the demand for electricity across the globe. This factor is ultimately responsible for the high demand for thermal overload relay devices in the end-user industries. Moreover, the growing population demands high power consumption so to meet the requirement of power consumption needs, electricity substations need thermal overload relay equipment’s to activate circuit breakers and activate alarm switches in case of irregular electricity flow.
Growing utilization of thermal overload relay for electricity transmission and distribution systems to protect the network systems from disturbances in the electric circuit is anticipated to propel the growth of the market in the coming years. Continuous research and development activities by many companies to improve the safety of the equipment are generating enormous growth opportunities in the thermal overload relay market.
Asia-Pacific accounted for the largest market share in the thermal overload relay market, because of its large consumer base with rapidly growing industries in developing countries like China, India, and others. North America accounted for the second-largest market and is projected to continue its growth during the forecast period.
Manufacturing emerged as one of the fastest-growing sectors in the world, rapidly growing manufacturing industry contributes to the growth of the thermal overload relays market. Manufacturing has emerged as one of the highest growth sectors in India. Several government initiatives and investments such as ‘Make in India’ program are helping the manufacturing industries in India to grow rapidly. In April 2021, Bharti Enterprises Ltd. and Dixon Technologies (India) Ltd., formed a joint venture to take advantage of the government's PLI scheme for the development of manufacturing of telecom and networking products. In April 2021, Godrej Appliances launched Made-in-India air conditioners (AC) and is planning to invest crores in its manufacturing units (located in Shirwal and Mohali) to increase its AC production capacity to 8 lakh units by 2025.
In July 2021, the government launched six technology innovation platforms to develop technologies to boost the manufacturing sector in India to compete globally.
In May 2021, the Telecom Equipment Manufacturers Association of India signed a collaboration deal with the Indo-Canada Chamber of Commerce to promote ‘Make in India’ and ‘Self-reliant India’ initiatives taken by the govt. to increase the manufacturing in sectors like ICT and Telecom.
Covid-19 has adversely affected the manufacturing industry across the globe. During the lockdown, manufacturing was one of the most negatively impacted industries. During the first wave of the pandemic, lockdown restrictions imposed by the government on the movement of goods and people severely impacted workforce capacity which brings nearly all manufacturing activity to a stand-still. By looking at the current scenario, it is analyzed that the manufacturing sector is roaring back across all the countries to serve the increased market demands which can be considered as a growth driver for the thermal overload relays market.
The increasing demand for thermal overload relays has led to the entry of several new players in the thermal overload relays market. Now, to increase their market share in the upcoming years many of these market players have taken various strategic actions like partnerships and the development of novel solutions, which is expected to increase the competition between the constantly evolving market players. Major market players- Siemens, ABB Asea Brown Boveri Ltd, LARSEN & TOUBRO LIMITED, Rockwell Automation, Inc., and Fuji electric co. ltd.
Market Drivers
Growing awareness about the safety protocols
Growing awareness related to the safety of the equipment used in the power generation industry is expected to be the major growth driver for the thermal overload relay market. Increasing industrialization and modernization of the industrial sector are enhancing the demand for electricity across the globe. This factor is ultimately responsible for the high demand for thermal overload relay devices in the end-user industries. Moreover, the growing population demands high power consumption so to meet the requirement of power consumption needs, electricity substations need thermal overload relay equipment’s to activate circuit breakers and activate alarm switches in case of irregular electricity flow.
Growing utilization of thermal overload relay for electricity transmission and distribution systems to protect the network systems from disturbances in the electric circuit is anticipated to propel the growth of the market in the coming years. Continuous research and development activities by many companies to improve the safety of the equipment are generating enormous growth opportunities in the thermal overload relay market.
Asia-Pacific accounted for the largest market share in the thermal overload relay market, because of its large consumer base with rapidly growing industries in developing countries like China, India, and others. North America accounted for the second-largest market and is projected to continue its growth during the forecast period.
Growing Manufacturing Industries
Manufacturing emerged as one of the fastest-growing sectors in the world, rapidly growing manufacturing industry contributes to the growth of the thermal overload relays market. Manufacturing has emerged as one of the highest growth sectors in India. Several government initiatives and investments such as ‘Make in India’ program are helping the manufacturing industries in India to grow rapidly. In April 2021, Bharti Enterprises Ltd. and Dixon Technologies (India) Ltd., formed a joint venture to take advantage of the government's PLI scheme for the development of manufacturing of telecom and networking products. In April 2021, Godrej Appliances launched Made-in-India air conditioners (AC) and is planning to invest crores in its manufacturing units (located in Shirwal and Mohali) to increase its AC production capacity to 8 lakh units by 2025.
In July 2021, the government launched six technology innovation platforms to develop technologies to boost the manufacturing sector in India to compete globally.
In May 2021, the Telecom Equipment Manufacturers Association of India signed a collaboration deal with the Indo-Canada Chamber of Commerce to promote ‘Make in India’ and ‘Self-reliant India’ initiatives taken by the govt. to increase the manufacturing in sectors like ICT and Telecom.
Covid-19 has adversely affected the manufacturing industry across the globe. During the lockdown, manufacturing was one of the most negatively impacted industries. During the first wave of the pandemic, lockdown restrictions imposed by the government on the movement of goods and people severely impacted workforce capacity which brings nearly all manufacturing activity to a stand-still. By looking at the current scenario, it is analyzed that the manufacturing sector is roaring back across all the countries to serve the increased market demands which can be considered as a growth driver for the thermal overload relays market.
Competitive Insights
The increasing demand for thermal overload relays has led to the entry of several new players in the thermal overload relays market. Now, to increase their market share in the upcoming years many of these market players have taken various strategic actions like partnerships and the development of novel solutions, which is expected to increase the competition between the constantly evolving market players. Major market players- Siemens, ABB Asea Brown Boveri Ltd, LARSEN & TOUBRO LIMITED, Rockwell Automation, Inc., and Fuji electric co. ltd.
Segmentation:
By Type
- Melting Alloy
- Bimetallic Strip
By End-User Industry
- Manufacturing
- Electrical and Electronics
- Aerospace and Defense
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- Italy
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Thermal Overload Relays Market Analysis, By Type
6. Thermal Overload Relays Market Analysis, By End-User Industry
7. Thermal Overload Relays Market Analysis, By Geography
8. Competitive Environment and Analysis
9. Company Profiles
Companies Mentioned
- ABB
- Siemens
- Schneider Electric
- Eaton
- Rockwell Automation
- Mitsubishi Electric
- Shihlin Electric
- Shern Dian Electric
- Fuji Electric
- Larsen & Toubro Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 112 |
| Published | November 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 418.54 million |
| Forecasted Market Value ( USD | $ 718.71 million |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
