Time Delay Fuses

Time Delay Fuses Market Outlook

The global time delay fuses market is projected to reach approximately USD 1.5 billion by 2035, growing at a compound annual growth rate (CAGR) of around 5% during the forecast period of 2025 to 2035. This growth can be attributed to several factors, including the increasing demand for electrical safety components across various industries, as well as the growing trend towards automation and smart technologies in industrial applications. Additionally, the rise in consumer electronics and the automotive sector, which necessitate the use of reliable and efficient fuses, is further contributing to the market's expansion. The market is also witnessing technological advancements, with manufacturers focusing on developing more efficient and durable fuse solutions that cater to the evolving needs of end-users. The increasing focus on renewable energy sources, coupled with stringent regulations regarding electrical safety, is expected to provide further impetus to the market growth.

Growth Factor of the Market

The time delay fuses market is primarily driven by the rising awareness of electrical safety, with more industries recognizing the critical role that fuses play in protecting electrical circuits from overloads and short circuits. As industries such as manufacturing and automotive adopt advanced technologies, the need for reliable and efficient circuit protection solutions becomes more prominent. Moreover, the expanding consumer electronics market has led to increased investments in fuse technology that offer enhanced performance and reliability, which is crucial for devices that are often subjected to variable power loads. The automotive industry's transition towards electric vehicles is significantly impacting the demand for time delay fuses as these vehicles incorporate more sophisticated electrical systems that require advanced circuit protection solutions. Furthermore, the growing trend of industrial automation and smart manufacturing is pushing manufacturers to invest in innovative fuse technologies that can withstand harsh conditions while providing optimal protection. Finally, the regulatory framework surrounding electrical safety standards is becoming stricter, prompting industries to adopt high-quality fuse solutions that comply with safety regulations.

Key Highlights of the Market

• The market for time delay fuses is anticipated to reach USD 1.5 billion by 2035.
• Projected CAGR of around 5% from 2025 to 2035.
• Increased demand from the automotive and consumer electronics sectors.
• Technological advancements in fuse design and materials.
• Growing emphasis on electrical safety and compliance with standards.

By Product Type

Cartridge Fuses:

Cartridge fuses are one of the most commonly used types of time delay fuses, known for their ability to withstand temporary overloads while still providing reliable protection against short circuits. Their cylindrical design allows for easy installation and replacement, making them ideal for industrial settings where downtime costs can be significant. The robust nature of cartridge fuses makes them suitable for high-voltage applications, which is why they are frequently found in applications such as power distribution and large electrical systems. Furthermore, advancements in materials and manufacturing processes have improved their performance characteristics, leading to a growing preference for cartridge fuses among engineers and designers. As industries continue to evolve, the demand for cartridge fuses is expected to remain strong, driven by the need for dependable and efficient circuit protection solutions.

Blade Fuses:

Blade fuses are widely recognized for their versatility and reliability, making them a popular choice across various applications, particularly in the automotive sector. Their design allows for easy insertion and removal, facilitating quick replacements that are crucial for maintaining operational efficiency in vehicles and electronic devices. Blade fuses are available in various amperage ratings, catering to the diverse needs of automotive circuits, consumer electronics, and HVAC systems. Moreover, the continuous innovation in blade fuse technology is enhancing their thermal performance, reducing the risk of overheating and failure. As the automotive industry moves towards more advanced electrical systems, the demand for blade fuses is likely to grow, especially with the increasing integration of electronic components in vehicles.

Surface Mount Fuses:

Surface mount fuses have gained popularity in recent years, especially in the consumer electronics segment, due to their compact size and ease of integration into printed circuit boards (PCBs). Their low profile makes them ideal for modern devices where space is a constraint, enabling manufacturers to design sleeker and more efficient products. Surface mount fuses are also known for their quick response times, which is essential for protecting sensitive electronic components from transient overloads. As technology continues to miniaturize, the demand for surface mount fuses is anticipated to rise, further driven by the increasing complexity of electronic devices. Their ability to provide reliable circuit protection in compact applications makes them a favored choice among engineers and product designers.

Plug Fuses:

Plug fuses are primarily found in residential and light commercial applications, where they serve as a user-friendly solution for circuit protection. Their design allows for easy installation and replacement, making them accessible for non-technical users. Plug fuses are particularly effective in protecting electrical circuits in homes, offering a level of convenience that appeals to many consumers. Despite facing competition from newer technologies, plug fuses remain relevant due to their simplicity and effectiveness in basic circuit protection. As the focus on electrical safety in residential applications continues to grow, the market for plug fuses is likely to maintain stability, particularly in areas where traditional fuse solutions are still preferred.

Resettable Fuses:

Resettable fuses, also known as Polyfuses or PTC fuses, offer a unique advantage over traditional fuses as they can reset themselves after a fault condition has been cleared. This characteristic makes them particularly attractive for applications where downtime needs to be minimized, such as in telecommunications and automotive electronics. Resettable fuses are gaining traction due to their ability to provide a reliable safety feature without the need for manual replacement, thus increasing operational efficiency and reducing maintenance costs. The rising trend of embedded systems and smart technologies is further driving the adoption of resettable fuses, as they can easily be integrated into modern electronic designs. As the demand for sustainable and cost-effective solutions rises, resettable fuses are expected to play a significant role in the future of circuit protection.

By Application

Industrial Equipment:

In the industrial sector, time delay fuses are essential for protecting machinery and equipment from overloads and short circuits, ensuring operational continuity and safety. The complexity and scale of industrial systems necessitate robust circuit protection solutions that can handle unpredictable power surges and maintain operational integrity. As industries increasingly embrace automation and advanced manufacturing technologies, the demand for specialized fuses that can withstand harsh working conditions is rising. Time delay fuses offer a reliable solution by providing selective protection, allowing certain equipment to continue operating while safeguarding more sensitive components. With the ongoing industrial revolution and the push for increased efficiency, the application of time delay fuses in industrial equipment is expected to grow steadily, reflecting the sector's evolving needs.

Consumer Electronics:

The consumer electronics sector is characterized by rapid innovation and increasing complexity in electronic devices, leading to a heightened need for effective circuit protection solutions. Time delay fuses are crucial in safeguarding devices such as smartphones, laptops, and home appliances from electrical faults, which can lead to device malfunctions or even fires. As devices become more integrated with advanced features and functionalities, the demand for reliable fuses that can manage power fluctuations and protect sensitive components is paramount. The continued growth in the consumer electronics market, coupled with technological advancements, ensures a steady demand for time delay fuses, especially in high-value products that prioritize safety and reliability.

Automotive:

The automotive industry has seen a substantial shift towards electrification and smart technologies, leading to an increased demand for circuit protection solutions like time delay fuses. As vehicles incorporate more electronic components, including advanced driver-assistance systems, infotainment systems, and electric power management, the need for reliable and high-quality fuses becomes critical. Time delay fuses provide the necessary protection against overloads and short circuits, ensuring that these complex electronic systems operate safely and efficiently. Furthermore, the industry's transition to electric and hybrid vehicles has spurred the development of specialized fuses that can handle higher current loads and protect sensitive components. With the automotive sector continuing to innovate, time delay fuses are set to play a crucial role in enhancing vehicle safety and performance.

Telecom:

The telecommunications sector relies heavily on reliable electrical systems to ensure uninterrupted service delivery, making time delay fuses an integral component in network infrastructures. With the increasing demand for bandwidth and connectivity, telecom equipment requires robust protection against power surges and transient faults that could disrupt services. Time delay fuses provide efficient overload protection, allowing telecom operators to maintain operational reliability while safeguarding their equipment from electrical faults. As the telecom industry continues to expand and modernize, the adoption of advanced circuit protection solutions, including time delay fuses, is expected to grow, reflecting the sector's focus on enhancing network performance and reliability.

Aerospace:

The aerospace industry demands the highest standards of safety and reliability, making time delay fuses a critical component in aircraft systems. Time delay fuses are used to protect electrical circuits in various applications, including avionics, power distribution, and cabin systems, ensuring operational integrity and passenger safety. Given the stringent regulatory requirements and the potential consequences of electrical failures in aviation, the reliance on high-quality fuses is paramount. The growing trend towards more electric aircraft and innovations in aerospace technology are likely to drive the demand for advanced fuse solutions that can withstand the challenging conditions faced by aircraft. As the industry continues to evolve, time delay fuses will remain essential for ensuring the safety and performance of aerospace systems.

By Distribution Channel

Online Stores:

Online stores have emerged as a significant distribution channel for time delay fuses, driven by the increasing trend of e-commerce and the convenience it offers to consumers and businesses alike. With a wide range of products available at competitive prices, online platforms provide easy access to various brands and types of fuses, catering to the diverse needs of customers. The ability to compare products, read reviews, and access detailed specifications helps purchasing decisions, making online stores a preferred option for many consumers seeking reliable circuit protection solutions. Additionally, the growth of online marketplaces has expanded the reach of manufacturers and distributors, allowing them to tap into global markets and meet the rising demand for time delay fuses across different regions. As e-commerce continues to flourish, the share of online sales in the time delay fuses market is expected to increase significantly.

Electrical Wholesalers:

Electrical wholesalers play an essential role in the distribution of time delay fuses, acting as intermediaries between manufacturers and end-users. These wholesalers typically stock a wide range of electrical components, including various types of fuses, and provide valuable services such as technical support and product recommendations. Their established relationships with manufacturers enable them to offer competitive pricing and ensure timely delivery, which is crucial for contractors and businesses that require reliable circuit protection solutions. As the construction and industrial sectors continue to grow, the demand for electrical wholesalers who can provide comprehensive product offerings and expert advice will likely remain strong. This segment is particularly significant for bulk purchases and industrial applications where maintaining adequate inventory is essential for operational efficiency.

Direct Sales:

Direct sales channels, where manufacturers sell their products directly to end-users or businesses, have been gaining traction in the time delay fuses market. This approach allows manufacturers to establish direct relationships with their customers, providing a better understanding of their needs and preferences. By eliminating intermediaries, manufacturers can offer competitive pricing and better control over the sales process, ensuring that customers receive high-quality products and support. Direct sales are particularly beneficial for companies that require specialized fuse solutions tailored to their unique applications. As manufacturers continue to innovate and expand their product offerings, the importance of direct sales in reaching specific market segments is expected to increase, catering to customers seeking customized solutions.

Retail Stores:

Retail stores remain a vital distribution channel for time delay fuses, particularly for consumers and small businesses seeking immediate solutions for electrical circuit protection. Local hardware stores and specialty electrical supply shops provide customers with easy access to a variety of fuses, allowing them to make informed purchasing decisions based on their specific requirements. The convenience of purchasing fuses in-store and receiving instant assistance from knowledgeable staff contributes to the continued relevance of retail channels. Additionally, as DIY projects and home improvement activities gain popularity, retail stores are likely to see increased foot traffic from consumers looking for reliable fuse solutions. The retail segment emphasizes the importance of having readily available products to meet the immediate needs of customers, which sustains its role in the overall time delay fuses market.

Distributors:

Distributors serve as key players in the time delay fuses market, facilitating the flow of products from manufacturers to end-users across various industries. Their extensive networks and established relationships with multiple manufacturers allow them to offer a comprehensive range of fuses and related products to customers. Distributors often provide value-added services, such as inventory management and logistical support, making it easier for businesses to access the products they need without the burden of maintaining large inventories. As industries continue to demand efficient supply chain solutions, the role of distributors in streamlining the procurement process is likely to grow. Their ability to provide reliable support and timely deliveries will contribute to the ongoing expansion of the time delay fuses market.

By Region

The North American time delay fuses market is poised for significant growth, driven by the increasing adoption of electrical safety measures across various industries. The region is expected to hold a substantial share of the global market, with a projected CAGR of 5.2% from 2025 to 2035. The U.S. is a key player in this market, largely due to its advanced industrial base and stringent safety regulations that require robust circuit protection solutions. Moreover, the booming automotive and consumer electronics sectors in the region are likely to foster demand for high-quality time delay fuses, as manufacturers seek to enhance the reliability and safety of their products. As companies in North America continue to innovate and invest in electrical safety technologies, the time delay fuses market is expected to flourish, aligning with the growing focus on sustainable and reliable electrical systems.

In Europe, the time delay fuses market is also on an upward trajectory, characterized by a strong emphasis on safety regulations and standards across various industries. The European market is projected to grow steadily, with significant contributions from the industrial equipment and automotive sectors. The increasing integration of advanced technology in these sectors demands reliable circuit protection solutions, driving the adoption of time delay fuses. As European manufacturers prioritize safety and efficiency, the market is expected to benefit from innovations in fuse technology and design. The continued focus on renewable energy sources and green technologies is likely to further enhance the demand for time delay fuses, aligning with the region's commitment to sustainability and safety.

Opportunities

The time delay fuses market presents numerous opportunities for growth, especially in emerging economies where industrialization is rapidly advancing. As these regions develop their manufacturing and infrastructure sectors, the demand for reliable electrical safety solutions is expected to increase significantly. Manufacturers can capitalize on this opportunity by expanding their distribution networks and establishing partnerships with local companies to ensure that their products are readily available in these markets. Moreover, the increasing adoption of automation and smart technologies across various industries offers a fertile ground for innovation in fuse technology. By investing in research and development, manufacturers can create advanced fuse solutions that cater to the evolving needs of end-users, thereby gaining a competitive edge in the market. The growing emphasis on electrical safety regulations further enhances the opportunities for time delay fuses, as industries strive to comply with stringent standards and improve overall safety.

Another opportunity lies in the growing trend of electrification and green technologies, particularly in the automotive sector. With the rise of electric vehicles (EVs) and renewable energy systems, the need for advanced circuit protection solutions is becoming increasingly important. Time delay fuses are essential for safeguarding the complex electrical systems found in EVs, helping to ensure safety and performance. Manufacturers focusing on developing specialized time delay fuses for electric vehicles and renewable energy applications can tap into a rapidly expanding market segment. Furthermore, the potential for collaboration with technology companies in the development of smart fuses and integrated protection solutions offers a significant opportunity for innovation. As the market continues to evolve, companies that proactively identify and leverage these opportunities will be well-positioned for success in the time delay fuses market.

Threats

Despite the promising outlook for the time delay fuses market, several threats could impede its growth. The increasing competition from alternative circuit protection solutions, such as circuit breakers and resettable fuses, poses a challenge to traditional time delay fuses. As manufacturers innovate and improve the performance of these alternatives, they may gain market share at the expense of conventional fuses. Additionally, the rapid pace of technological advancements in electrical safety and protection may outstrip the ability of some time delay fuse manufacturers to adapt, leading to a potential loss of relevance in a competitive landscape. Furthermore, fluctuations in raw material prices and supply chain disruptions can impact production costs and profitability, making it essential for manufacturers to develop resilient supply strategies to mitigate these risks. The presence of counterfeit products in the market may also undermine consumer trust and confidence, posing a significant threat to established brands.

Restraining factors also exist, particularly in markets where regulatory frameworks vary significantly. Inconsistent standards can lead to confusion and compliance issues for manufacturers and end-users, potentially hindering the adoption of time delay fuses in certain regions. Additionally, the increasing focus on product efficiency and miniaturization may constrain the market for traditional time delay fuses, pushing manufacturers to invest in research and development to create smaller and more efficient alternatives. As industries continue to evolve, manufacturers must remain agile and responsive to changing market demands to address these restraints effectively. Overall, the time delay fuses market must navigate these challenges while leveraging opportunities for growth to ensure continued success.

Competitor Outlook

• Schneider Electric
• Eaton Corporation
• Littlefuse Inc.
• TE Connectivity
• Cooper Bussmann
• Amphenol Corporation
• Mersen S.A.
• General Electric (GE)
• Siemens AG
• Fujitsu Limited
• Bel Fuse Inc.
• Carling Technologies
• Littelfuse
• IXYS Corporation
• Havells India Limited

The competitive landscape of the time delay fuses market is characterized by the presence of several key players who are actively engaged in product innovation and strategic partnerships. Leading companies like Schneider Electric and Eaton Corporation are at the forefront, leveraging their extensive research and development capabilities to introduce advanced fuse technologies that cater to the varying needs of different sectors. These companies often focus on expanding their product portfolios to include a wider range of fuses designed for specific applications, enhancing their competitive advantage. Additionally, many established players are also investing in sustainability initiatives, developing eco-friendly fuse solutions that align with global trends towards environmental responsibility.

Littlefuse Inc. and TE Connectivity are also significant competitors, known for their robust manufacturing processes and commitment to quality. These companies have established strong relationships with distributors and wholesalers, ensuring that their products are widely available in both online and offline channels. They leverage their brand reputation to gain customer trust while continuously improving their product offerings based on feedback and market trends. Furthermore, partnerships with technology companies are common in this sector, as firms seek to integrate smart technologies into their fuse solutions, addressing the growing demand for intelligent electrical systems.

On the other hand, emerging companies such as Amphenol Corporation and General Electric are making strides in the market by focusing on niche applications and specialized fuse solutions. Their ability to adapt quickly to changing market dynamics and customer preferences allows them to compete effectively against larger players. With the increasing complexities of electrical systems, companies that offer tailored solutions and support services are likely to gain a competitive edge. As the time delay fuses market continues to evolve, the competitive landscape will remain dynamic, with established players and new entrants vying for market share through innovation and strategic initiatives.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Littelfuse
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Siemens AG
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Mersen S.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Bel Fuse Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Cooper Bussmann
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Fujitsu Limited
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Littlefuse Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 TE Connectivity
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 IXYS Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Eaton Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Schneider Electric
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Amphenol Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Carling Technologies
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 General Electric (GE)
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Havells India Limited
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Time Delay Fuses Market, By Application
    • 6.1.1 Industrial Equipment
    • 6.1.2 Consumer Electronics
    • 6.1.3 Automotive
    • 6.1.4 Telecom
    • 6.1.5 Aerospace
  • 6.2 Time Delay Fuses Market, By Product Type
    • 6.2.1 Cartridge Fuses
    • 6.2.2 Blade Fuses
    • 6.2.3 Surface Mount Fuses
    • 6.2.4 Plug Fuses
    • 6.2.5 Resettable Fuses
  • 6.3 Time Delay Fuses Market, By Distribution Channel
    • 6.3.1 Online Stores
    • 6.3.2 Electrical Wholesalers
    • 6.3.3 Direct Sales
    • 6.3.4 Retail Stores
    • 6.3.5 Distributors

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Time Delay Fuses Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Time Delay Fuses market is categorized based on

By Product Type

• Cartridge Fuses
• Blade Fuses
• Surface Mount Fuses
• Plug Fuses
• Resettable Fuses

By Application

• Industrial Equipment
• Consumer Electronics
• Automotive
• Telecom
• Aerospace

By Distribution Channel

• Online Stores
• Electrical Wholesalers
• Direct Sales
• Retail Stores
• Distributors

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Schneider Electric
• Eaton Corporation
• Littlefuse Inc.
• TE Connectivity
• Cooper Bussmann
• Amphenol Corporation
• Mersen S.A.
• General Electric (GE)
• Siemens AG
• Fujitsu Limited
• Bel Fuse Inc.
• Carling Technologies
• Littelfuse
• IXYS Corporation
• Havells India Limited