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 expected to expand at a notable pace through 2021-2027 due to the rising trend of miniaturization, growing investments in the electricity sector, and the surge in frequent power fluctuations. The influx of smart cities, increasing developments in IoT technology, and the mounting need to protect low-voltage electrical devices will drive the market expansion.
The increasing popularity of slim and smart portable appliances, expanding digitization, and the emerging automotive electronic applications are other factors putting positive impetus to the industry outlook.
In terms of protection, the market is classified across overvoltage, overcurrent, and ESD protection. Out of these, the demand for overcurrent circuit protection will gain traction through 2027 with increasing usage of smartphones and mobile technologies. Overcurrent protection is increasingly employed in power supply circuits in order to limit the output current of a power supply unit (PSU). The growing concerns over fault scenarios, like short-circuits and the higher need to protect the load and power supply will add to the segment growth.
Based on devices, the market size from ESD protection devices is likely to reach a substantial revenue share attributed to the rising penetration across the automotive, construction, and consumer electronics verticals. While the adoption of circuit breakers will rise with their rising preference, compact design, and ease of use.
With regards to industry, construction sector is set to be a lucrative revenue pocket for the market on account of the growing instances of shock and burn injuries caused owing to electrical fires. The increasing government support to limit these accidents, will further favor the market growth.
U.S. circuit protection market will gain notable proceeds with increasing advancements in building and construction in the region. It has been estimated that the annual construction spending in the U.S. increased from $1.271 trillion in 2018 to $1.324 trillion in 2019. Whereas, the rise in the number of smart building projects will fuel the product demand spurt in APAC.
The market is competitive and amalgamates the presence of key industry participants, such as S&C Electric Company, Siemens AG, Larsen & Toubro Ltd., General Electric Company, Toshiba, SIBA, Bel Fuse, Texas Instruments, Inc., Schneider Electric SE, and Eaton Corp.
Most of these electrical bigwigs are actively resorting to inorganic growth strategies, such as novel product developments, acquisitions, partnerships, and production expansions, whenever possible, to achieve a competitive advantage while reinforcing their global footprint.
For instance, in January 2021, ABB India introduced the Formula DIN-Rail portfolio which comprises a complete range of MCBs (Miniature Circuit Breakers), RCCBs (Residual Current Circuit Breakers) as well as Isolators that have uses in the electrical retail arena.
In another instance, Littlefuse, acquired major electrical components provider, Hartland Controls, for an undisclosed amount in February 2021. The acquisition is likely to help the former firm is combining its capabilities as well as strong customer relationships.
Role of COVID-19 on the circuit protection market trends
The ongoing COVID-19 outbreak triggered a backtracking impact on the global economic dynamics as it gave rise to major social and lifestyle changes on account of the regulation of the stringent lockdown, quarantine, and social distancing policies. This not only brought the closure of multiple facilities worldwide but also led to varying ordeals of anxiety, concerns, and fear among the consumers.
While the industry witnessed a considerable upheaval given the shuttering of most industrial operations, the growing obligation for electrical safety bolstered its demand across hospitals. The rising need for protection, reliability, and speed of execution of business processes following the ease of the containment drives is poised to enhance the industry growth in the post-pandemic era.
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