The global Circuit Protection Market is estimated to be valued at US$ 47.02 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The circuit protection market comprises devices such as fuses, circuit breakers, electro–mechanical relays, and varistors that are installed in electrical distribution and transmission systems to safeguard and secure electrical circuits from current surges, short circuits, and overloads. Fuses in particular are small and reset automatically, making them suitable for low-voltage household applications.
Market key trends:
One of the key trends in the circuit protection market is the growing adoption of miniature circuit protection devices. Component miniaturization has become critical for equipment manufacturers to reduce device footprint and optimize space utilization. Miniature circuit protection devices offering equivalent or higher ratings in smaller footprints are gaining popularity. Their compact size enables easier integration into dense circuit board layouts of electrical control systems, consumer electronics, telecom infrastructure and several other applications.
Segment Analysis
The circuit protection market can be segmented based on product, end use industry and region. By product, the fuses segment dominated the market in 2022 and is likely to exhibit dominance through the forecast period as well. Fuses are widely used in many industries owing to their low cost and ability to offer effective short circuit protection. By end use industry, the construction segment accounted for the largest market share in 2022 owing to rapid infrastructural development activities taking place globally. The construction industry requires robust circuit protection devices to ensure safety in wiring systems of residential and commercial buildings.
Key Takeaways
The Global Circuit Protection Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing construction activities worldwide coupled with stringent regulation mandating installation of protection devices in wiring systems.
Regional analysis North America dominated the global market in 2022 and is expected to maintain its dominance through 2028. This can be attributed to increasing investments in power transmission & distribution infrastructure in the region. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period owing to rapid industrialization and infrastructure development taking place in major economies such as China and India.
Key players: Key players operating in the circuit protection market are ABB Ltd., NXP Semiconductors N.V., Bel Fuse Inc., Larsen & Toubro Limited, Schneider Electric SE, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc., and General Electric Company. ABB Ltd. is a prominent player in the market and offers a broad portfolio of circuit protection products including fuses, circuit breakers, contactors and others.
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