Circuit Tracer Market – Competitive Landscape Along With Diminishing Value In Industry Analysis With Size, Share, Growth, Latest Trend -2027
Research Reports
Apr 12, 2022
Market Research Future (MRFR) presumes the global Circuit tracer Market size to reach USD 11.56 million at 2% CAGR from 2021 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
The growing demand for energy efficiency and the changing energy landscape are the primary factors driving the growth of the worldwide circuit tracer market. Countries all over the world are attempting to boost their industrial sectors by promoting the use of automation and IoT technologies. Furthermore, the increasing volume of data generation is pushing expenditures in data center security and maintenance, increasing demand for circuit tracers and creating opportunities for market players.
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Key Players
The key players in the worldwide circuit tracer market are Emerson Electric Co (US), ETCON Corp (USA), FLIR Systems Inc (US), Fortive Corp (US), IDEAL INDUSTRIES INC (US), Klein Tools Inc (US), Megger Group Ltd (UK), PCE Holding GmbH (Germany), Triplett Test Equipment & Tools (US), and Zircon Corp (US). These companies work hard to provide a diverse product portfolio relating to circuit tracker systems. Furthermore, these companies are constantly striving to improve the existing available technology for circuit tracker systems.
COVID-19 Impact on the Worldwide Market
A circuit tracer system is an essential component of any power distribution network. However, demand for circuit tracers has been significantly reduced as a result of the impact of COVID-19, which has badly impacted the power distribution network. Disruptions in the supply chain resulted in a decrease in energy consumption and the installation of new capacity. Rising investments in renewable energy, on the other hand, are likely to boost demand for circuit tracers and mitigate the impact of the pandemic on market growth. Factors such as the timely identification of defects with circuit tracers, rising demand for power, and rising demand for ethernet are projected to boost the market. The COVID-19 outbreak has had a wide-ranging impact, including flight disruptions, travel bans, and quarantines. Furthermore, all indoor events were limited in over forty countries, and several countries declared a state of emergency. As a result of these circumstances, the circuit tracer market’s growth has halted, resulting in decreased business confidence, rising panic among the populace, and uncertainty about the future among vendors.
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Lack of Notable Product Developments
Leading vendors are participating in price wars to maintain their global market position, which has reduced the emphasis on new product development. As a result, the lack of notable product developments in recent years will result in moderate growth of the circuit tracer market over the study period.
Market Segmentation
The global circuit tracer market has been segmented based on voltage and application.
Based on voltage, the global circuit tracer market has been divided into up to 120V and above 120V.
Based on application, the global circuit tracer market has been divided into residential, commercial, and industrial.
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Regional Analysis
APAC to Dominate the Global Market
Due to rising urbanization and industrialization, which drive power demand, Asia Pacific holds the greatest share of the circuit tracer market. Power generation, transmission, and distribution are all needed to ensure an uninterrupted power supply in the face of escalating demand. The Asia Pacific market’s expansion may be ascribed to increased investments in data centers, which are being driven by the rapid adoption of smartphones and the Internet. Furthermore, growing industrialization and the increasing adoption of automation technologies are likely to drive the growth of the Asia Pacific circuit tracer market during the forecast period. Furthermore, an emerging trend in the circuit tracer market is the increased demand for circuit tracers in railways. Railways are an important means of transportation, particularly in Europe and Asia. The electrification of railways has come from a shift toward low-carbon transportation. Circuit tracers are in high demand as a result of this. As railways approach the goal of complete electrification, the safety and reliability of these trains have become a crucial problem. Electrical faults can be discovered promptly and without causing major service disruptions by using circuit tracers. This will result in better service due to less downtime and a higher degree of safety. As a result, the increased demand for circuit tracers in railways is likely to contribute to the growth of the circuit tracer market during the forecast period.
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