Circuit Protection Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1228
Circuit Protection Market size is predicted to experience an exponential growth over the forecast period. The major factors pertaining to the increasing growth are rise in the automotive electronics industry and the Internet of Things (IoT) applications in diverse industry verticals.
The technology is integrated into various types of equipment in events of unexpected power fluctuations.as fluctuating voltage can damage electrical apparatus by reducing its lifespan and the efficiency of the device. Circuit protection market also enhances passenger comfort, driving assistance, and safety in automotive vehicles. The protection of the fragile and highly sensitive electronic components is done through electrical wiring systems. There is a high demand for fuses and circuit breakers in the design and engineering of automobiles, which may propel the circuit protection market growth. Furthermore, rising awareness associated with the user-safety has led to the growing customer demand for more advanced circuitry protection technologies that have highly specialized uses and maintained by several standards of the automotive segment.
Miniaturization is a trend significantly influencing the circuit protection market growth. With applications relentlessly moving towards more compact surface mount designs, Internal Circuits (ICs) have become more vulnerable to momentary electrical surges through circuits, thus making circuit protection a critical component. Businesses are now focused on adding value to their products, which has led to the creation of hybrid parts. This includes pre-assembling an over-voltage component with an over-current part. The trend has led to simplifications in design and purchasing alternatives for Original Equipment Manufacturers (OEMs). This places a higher emphasis on the appropriate selection of circuit protection components due to the varied nature of potential surges in the industry demand. The rapid growth of extremely slim, smart portable appliances with improved sensitivity, faster processors, extended battery life, and better power densities is another prevailing trend that offers opportunities for the circuit protection market. The increasing rate of industrialization and urbanization in emerging economies may surge the demand for the industry creating lucrative opportunities for vendors operating in the global market.
IoT technology is anticipated to have an exponential impact on circuit protection market over the next eight years and its applications are expected to extend into several fields. This will aid in connecting a wide range of smart devices in intelligent arrangements, delivering real-time information to the users, which offer insights to improve the decision-making process. Smart sensors will further streamline the data collection and distribution through integration and communications, lowering the energy consumption, improving production capabilities and enhancing various business processes. Connected devices can lead to an increased threat of system failure and reduce reliability. This provides lucrative opportunities for the growth of the circuit protection market.
However, increasing raw material costs are inhibiting the growth of the circuit protection market. Additionally, there are strict environmental regulations relating to SF6 circuit breaker technology, which at present are hindering the growth of circuit protection market.
Based on the type of protection, the circuit protection market has been segmented into overcurrent, overvoltage, and ESD protection. An essential requirement of any electrical system is overcurrent protection and is expected to hold the highest market share. Overcurrent is encountered when the current surpasses conductors or equipment rating as a result of short circuit or overload. Overcurrent protection device opens the device when this rating is reached. Electrostatic discharge is common in consumer electronics products, especially in smartphones and mobile technologies and will be a factor driving the circuit protection market growth.
On the basis of device, the circuit protection market has been segmented into fuses, circuit breakers, surge protection, and ESD protection devices. The market for ESD protection is expected to grow substantially during the forecast period. ESD protection devices have applications in various industries; for instance, construction, automotive, and consumer electronics. Circuit breakers are predicted to become the most widely used circuit protection devices. Besides a compact design, they also provide ease-of-use contributing towards their growing popularity.
Based on the industry, the circuit protection market has been segmented into electronics and electrical equipment, construction, energy, automotive, and others. Commercial and residential structures are major consumers of electricity, a leading factor that helps in the increased adoption of circuit protection technologies in the construction industry. Automotive and transportation is a rapidly growing application area for ESD protection devices and will hold the highest market share in the future.
The U.S. is a major market for building and construction, which is fueling the growth of the circuit protection market for circuit breakers. In countries, including China and Japan the demand for circuit protection is increasing owing to the factors such as rising rapid technological advancements and a growing predisposition towards smart building infrastructure.
The universal circuit protection market is highly fragmented and competitive due to the existence of many Small and Medium Businesses (SMBs) at the regional level with several local manufacturers across the world. Modern-day automobiles are fitted with electronic systems such as navigation and infotainment systems, engine, chassis and transmission electronics. Vendors in the circuit protection market include Siemens AG, Bel Fuse, General Electric Company Schneider Electric SE, Larsen & Toubro Ltd., Toshiba, Texas Instruments, Inc., Littelfuse, Eaton Corp., ABB Ltd., SIBA, and S&C Electric Company.
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