Sep 21, 2021, 04:35 ET
SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- The global circuit protection market size is expected to reach USD 71.64 billion by 2028, expanding at a CAGR of 6.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to benefit from the growing need to upgrade power transmission and distribution networks and establish renewable energy connectivity. The rising demand for advanced circuit protection equipment in the automotive, electronics, and telecommunications sectors can be attributed to growing safety concerns related to short circuits and damage resulting from power fluctuations.
Key Insights & Findings:
- The power generation segment is anticipated to expand at a CAGR of 5.6% over the forecast period. The increased implementation of IT technologies in several operations in the power generation sector is necessitating the appropriate power management of IT products for better performance. This is expected to drive the demand for circuit protectors in the power generation segment
- In terms of application, the commercial and residential building segment is poised to expand at a CAGR of 6.4% during the forecast period. The need and importance of circuit protection devices are continuously increasing in commercial and residential buildings due to increasing incidences of accidents and losses caused by electrical faults and short circuits
- In terms of channel, the retail segment is estimated to account for significant market size in terms of revenue by 2028, register a CAGR of 6.2% during the forecast period. Many suppliers provide training sessions and certifications pertaining to installation and servicing to distributors, retailers, and installers based in the country. The certified distributors and installers have become a part of an authorized distributor/installer network post the training
- The market in the Asia Pacific is anticipated to register the highest CAGR of 7.8% over the forecast period. The growth in construction activities and the growing adoption of renewable power generation sources, such as wind and solar, have led to the increased demand for circuit protection devices in the region
Read 300 page market research report, "Circuit Protection Market Size, Share & Trends Analysis Report By Product (HD Pro, Circuit Breaker, Fuse, GFCI, Inrush Current Limiter), By Application, By Channel, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Increasing access to electricity in developing countries, rising construction and infrastructure development activities, and the growing number of renewable power generation projects are also driving the market growth. Moreover, in the automotive sector, continued urbanization and the strong emphasis passengers are putting on safety and security in the wake of the growing number of vehicles on the road are driving the adoption of circuit protection devices.
The unabated growth in the world population, continued economic growth, and rapid urbanization have triggered an increased demand for electricity globally. Continued industrialization and urbanization are contributing to the increased demand for energy in developing countries. The United Nations (UN) expects the world population to grow from 7.6 billion in 2017 to 9.7 billion by 2050. Electricity demand is also anticipated to rise in line with the rising levels of household income, the continued electrification of the transportation sector, the growing demand for air conditioning in the wake of the rising temperatures, and the proliferation of digitally connected devices. Moreover, the growing need for additional generation capacity can open new opportunities for market growth over the forecast period.
Grand View Research has segmented the global circuit protection market based on product, application, channel, and region:
- Circuit Protection Product Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)
- Circuit Breaker
- Low Current
- High Current
- Fast Acting
- Slow Blow
- In-line Cord Sets
- Quad Boxes
- Panel Mount
- Right Angle Cord Sets
- User Attachable
- HD Pro
- High Power Inline/Bulkhead GFCI
- High Power Inline/Bulkhead ELCI
- High Power Inline/Bulkhead EGFPD
- Inrush Current Limiter
- Mobile Power Protection
- Automatic Transfer Switch
- Battery Control Center
- Load Center
- Overvoltage Protection
- Crowbar Devices
- ESD Protector
- Gas Discharge Tubes (GDT)
- Metal Oxide Varistors (MOV)
- Surge Protection Device (SPD)
- PTC Devices
- Circuit Protection Application Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)
- Commercial & Residential Building
- Household Appliances
- Power Generation
- Recreational Vehicle (RV)
- Circuit Protection Channel Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)
- Circuit Protection Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)
- North America
- Asia Pacific
- South America
- Middle East & Africa
List of Players in Circuit Protection Market
- ABB Ltd.
- Bel Fuse Inc
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Eaton Corporation plc
- General Electric Company
- Siemens AG
- Rockwell Automation, Inc.
- Larsen & Toubro Limited
- NXP Semiconductors N.V.
- SCHURTER Holding AG
- Sensata Technologies Holding plc
- Texas Instruments Incorporated
Check out more studies related to electric circuits, conducted by Grand View Research:
- Circuit Breaker And Fuse Market – The global circuit breaker and fuse market size was valued at USD 13.58 billion in 2016. The market is expected to flourish owing to increasing need for upgradation to efficient networks along with renewable energy connectivity.
- Power Strip Market – The global power strip market size was valued at more than USD 10.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is expected to benefit from the increasing demand for a stable power supply.
Browse through Grand View Research's coverage of the Global Electronic Devices Industry
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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