The latest report by IMARC Group, titled “Circuit Protection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global circuit protection market reached a value of US$ 42.8 Billion in 2021. Circuit protection refers to the deployment of a wide range of equipment in case of unexpected power fluctuations. It works by disconnecting power in the circuit, which prevents electrocution and fire threats. There are various components, such as fuse and circuit breakers, which are usually installed as circuit protection to avoid the wire conductor from overheating and damaging the equipment. Circuit protection devices are designed and developed to provide safety and high-performance standards in electrical transmission, distribution networks, and electronic equipment. The voltage fluctuations in equipment reduce the life span and efficiency of the system. As a result, a circuit protection system safeguards the low voltage devices from damages caused due to lightning and electrostatic discharge (ESD).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Circuit Protection Market Trends:
The global circuit protection market is primarily driven by the rapid growth of the automotive industry. In automotive vehicles, circuit protection is used to enhance driving assistance, passenger comfort, and safety. Besides this, the rapid digitization and the rising utilization of electronic devices, including smartphones, tablets, computers, and laptops, have increased the demand for circuit protection. Moreover, with the growing awareness among consumers regarding the quality and standards of electronic products, there has been rising adoption of advanced circuit protection technologies. Furthermore, several manufacturers are also developing innovative and miniaturized products that are more vulnerable to voltage and electrical surges. Other factors, such as the growing penetration of the Internet of Things (IoT), infrastructural development, and construction of smart cities, are fueling the market growth. Looking forward, the market is expected to grow at a CAGR of 5.6% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into overcurrent, electrostatic discharge (ESD) and overvoltage protection.
- On the basis of the device, the market has been classified into circuit breakers, fuses, ESD protection devices, and surge protection devices.
- The market has been categorized based on the end use into residential building construction, non-residential building construction, automotive, electrical and electronics, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being ABB Ltd., BEL Fuse Inc., Eaton Corp. PLC, General Electric Company, Larsen & Toubro Ltd., Mitsubishi Electric Corp., NXP Semiconductors N.V., ON Semiconductor Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Texas Instruments Inc. and Hitachi Ltd.
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