The global circuit protection market size is projected to surpass around USD 77.7 billion by 2030 and expanding growth at a compound annual growth rate (CAGR) of 5.9% during the forecast period 2021 to 2030.
London, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the circuit protection market size was estimated at USD 44.5 billion in 2021. The increased adoption of electronic devices, rapid urbanization, and rising demand for the protection of appliances resulting from power failures are the major factors that drives the growth of the global circuit protection market. The rising awareness regarding the safety of appliances and human individuals from the power failures and electric shocks respectively is expected to fuel the demand for the circuit protection products. Moreover, the increased demand for the various consumer electronics among the global population such as air conditioners, heating equipment, laptops, and various other wide ranges of products have rapidly boosted the consumption of the circuit protection products across the globe.
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Moreover, the growing demand from the various end use industries such as automotive, construction, and agriculture is fostering the demand. The automotive play a crucial role in the growth of the market as it is a huge industry and consumes a significant amount of the circuit protection products. Further, the rising popularity of the electric vehicles across the globe is projected to drive the growth of the global circuit protection market during the forecast period.The rising number of connected devices across the globe, rapid growth of the telecommunications sector, rising investments towards building a strong IT infrastructure, and growing number of residential and commercial buildings across the globe is significantly boosting the growth of the global circuit protection market.
Scope of the Circuit Protection Market
Market Size in 2021
USD 44.5 Billion
Growth Rate From 2021 to 2030
CAGR of 5.9%
Fastest Growing Market
2021 to 2030
North America dominated the global circuit protection market, garnering a significant market share of around 36% in 2020. The exponential growth of the automotive, IT, and telecommunications industries in the region has contributed towards the market growth. Moreover, increasing investments in the infrastructural development is further expected to drive the market growth. Further,the increased awareness regarding the safety of personnels and electric devices has impeded the market growth in North America.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by huge government investment in the urbanization, industrialization, and electrification of the rural areas. Moreover, increased presence of the world top consumer electronics manufacturers in this region significantly drives the adoption of numerous electronic devices that further fosters the demand for the circuit protection products across the region.
The rising number of connected devices across the globe is impeding the market growth. Further, the proposed plans of various nations to develop Smart Cities is expected to increase the power generation and increased adoption of IoT and digital devices, which will significantly contribute towards the growth of the market.
The lack of investments to develop proper infrastructure and lack of electricity in the rural areas of the underdeveloped nations is the major factors that may hamper the growth of the circuit protection market during the forecast period.
The increased adoption of the consumer electronic such as mobile phones, laptops, PCs, LED lights, air conditioners, fans, and washing machines has significant contributions towards the consumption of the circuit protection products.The rising demand for the consumer electronics owing to the factors such as increasing disposable income, demand for home improvement, and rising standards of living is expected to drive the adoption of various electronics, which in turn is expected to augment the demand for the circuit protection products across the globe.
Based on the product, the GFCI segment is estimated to be the most opportunistic segment during the forecast period. The rising awareness regarding the safety from electric shocks among the people is boosting the growth of this segment. Moreover, the government regulations regarding the safety from power has boosted the adoption of GFCIs in the residential and commercial buildings across the globe. The rising urbanization in the developing markets is estimated to be the significant driver of this segment.
Based on the application, the power generation segment dominated the global circuit protection market, accounting for around 21% of the market share in 2020. The rising demand for the efficient, uninterrupted, and flexible power is projected to contribute towards the market growth. Moreover, growing focus on the Green Energy is presenting growth opportunities to the market players.
Based on the distribution channel, the OEM segment accounted for around 51% of the market share in 2020. The wholesale segment is projected to be the fastest-growing segment during the forecast period.
Some of the prominent players in the global circuit protection market include:
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
Texas Instruments Inc.
Segments Covered in the Report
Mobile Power Protection
Inrush Current Limiter
Commercial & Residential Buildings
By Distribution Channel
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