|Circuit Protection Market 2022 Product Definition, Regional Outlook, Forecast And CAGR 2030|
Circuit Protection Market Growth & Trends
The global circuit protection market size is expected to reach USD 72,677.3 million by 2030 registering a CAGR of 5.9 from 2023 to 2030 according to a new study by Grand View Research, Inc. The primary drivers of the global market growth include expanding energy infrastructure development activities, the necessity of revamping the power transmission and distribution network, and a focus on creating new energy connectivity. Additionally, in order to protect the machinery from the probability of power fluctuation and short circuits, there is an increasing demand for advanced circuit protection equipment throughout industry verticals, including electronics, communications, and automotive. The growth of the global market is anticipated to be positively impacted by the above-mentioned factors in the upcoming years.
Rapid urbanization in developing nations and substantial government and private sector investment in renewable energy generation projects are the main drivers influencing the market’s expansion. Likewise, the market is anticipated to grow as a result of the global automotive industry’s surging sales, strict government restrictions, and consumer concern about passenger safety and security.
The demand for circuit-breakers is expected to rise as a result of factors like continued industrialization in developing nations, the expanding worldwide market for electric vehicles, and the proliferation of digitally connected gadgets. The rising temperature is also proliferating demand for air conditioners, which is projected to drive up demand for fuse and current protection components, thus aiding the growth of the global market.
The market was negatively affected as a result of the COVID-19 pandemic. In early 2020, the government enforced lockdown limitations resulting in suspended production. The lockdown restrictions disrupted the supply chain by delaying the product supply. However, as the government has eased workplace restrictions enabling assembly plants to resume operation the market is expected to recover. Similarly, the recovering automobile industry will foster market growth.
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Circuit Protection Market Segmentation
Grand View Research has segmented the circuit protection market report based on product, application, channel, and region:
Circuit Protection Product Outlook (Revenue, USD Million, 2018 – 2030)
· Circuit Breaker
o Low Current
o High Current
o Fast Acting
o Slow Blow
· HD Pro
o High Power Inline/Bulkhead GFCI
o High Power Inline/Bulkhead ELCI
o High Power Inline/Bulkhead EGFPD
· Inrush Current Limiter
· Mobile Power Protection
o Automatic Transfer Switch
o Battery Control Center
o Load Center
List of Key Players in the 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
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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