The growing adoption of distributed generation and smart grid networks has compelled installers to adopt efficient power supply units. Additionally, the increasing prominence of heavy-duty industrial machinery, especially in motor control operations on a large scale, will drive the demand for circuit protection equipment. The substantial migration to suburban areas, driven by an increased reliance on manufactured products, has placed a heightened focus on the expansion of residential, commercial, and industrial electricity networks. Furthermore, the expansion of electric transportation networks, process units, and Special Economic Zones (SEZs) in developing nations has had a positive impact on the demand for these units.
The industry has experienced substantial growth due to increasing concerns related to fire hazards, electrical supply faults, health, and operational safety risks. The absence of efficient electric grid networks in developing economies, combined with a focus on upgrading existing infrastructure in developed nations, has created a favorable business environment. Moreover, the expansion of product portfolios and strategic moves like acquisitions and mergers by major industry players are expected to drive industry growth as well.