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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Circuit protection devices are components that protect electrical circuits from damage caused by excess current from overloads or short circuits. They primarily consist of fuses, circuit breakers, electronic fuses and surge protection devices that aid in safeguarding systems by interrupting excessive currents that potentially cause damage to system components.
Market key trends:
The growing demand for energy efficiency measures has fuelled the adoption of smart circuit protection devices that reduce losses by minimizing unwanted shutdowns, protecting sensitive equipment from overvoltage and undervoltage and improving power quality. These smart devices prevent damage from electrical surges and outages using microprocessors, communication protocols, along with remote monitoring capabilities. They can also help optimize energy usage by load profiling and load shedding during peak hours.
SWOT Analysis
Strength: The market has strong growth prospects over the coming years due to growing demand for electricity and rising investments in power generation and transmission infrastructure projects globally.
Weakness: Higher initial investment requirements for setting up circuit protection infrastructure may act as a restraint for smaller players in the market.
Opportunity: Rising adoption of renewable energy sources provides opportunities for circuit protection product manufacturers to tap into solar and wind power generation segments. Growing motor vehicle production also opens up opportunities.
Threats: Political uncertainty and economic slowdowns in major regions can negatively impact investments in the circuit protection market.
Key Takeaways
The Global Circuit Protection Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period 2023 to 2030, due to increasing demand for electricity driven by industrialization and rising population.
Regional analysis: Asia Pacific region dominates the global market and is expected to continue its dominance, growing at a CAGR of over 7% during the forecast period. This can be attributed to high industrial and construction activities in China and India. Europe is another major market for circuit protection products due to stringent safety regulations.
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. These players are focusing on new product launches and expansion strategies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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