PUBLISHER: The Business Research Company | PRODUCT CODE: 1391096
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391096
“Circuit Protection Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on circuit protection market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for circuit protection? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The circuit protection market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Circuit protection involves devices that detect current or voltage variations and safeguard a circuit from issues such as overcurrent or overvoltage. To ensure optimal security, a range of protective devices is available in the market, including fuses, circuit breakers, RCCBs (Residual Current Circuit Breakers), gas discharge tubes, thyristors, and others.
The primary categories of circuit protection include overcurrent protection, electrostatic discharge (ESD) protection, and overvoltage protection. Overcurrent protection is a method of controlling or interrupting current flow using hardware and various electrical components. Devices such as circuit breakers, fuses, ESD protection devices, and surge protection devices are utilized, catering to original equipment manufacturers (OEMs), retail, and wholesale markets. Circuit protection finds application across diverse end-user sectors such as automotive and transportation, electrical and electronics, energy, construction, industrial, and others.
The circuit protection market research report is one of a series of new reports from The Business Research Company that provides circuit protection market statistics, including circuit protection industry global market size, regional shares, competitors with a circuit protection market share, detailed circuit protection market segments, market trends and opportunities, and any further data you may need to thrive in the circuit protection industry. This circuit protection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The circuit protection market size has grown rapidly in recent years. It will grow from $50.06 billion in 2023 to $55.41 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historical period can be attributed to several key factors, including the expansion of the electronics industry, heightened demand for automotive electronics, increased adoption of industrial automation, growth in infrastructure development, and a rise in consumer electronics demand.
The circuit protection market size is expected to see rapid growth in the next few years. It will grow to $83 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing implementation of smart grids, the rise in solar and wind power generation, advancements in miniaturization and microelectronics, expansion of data centers, and growing concerns about safety and reliability. Key trends expected in the forecast period encompass technological advancements, the proliferation of the Internet of Things (IoT), the rollout of 5G technology, the integration of Industrial IoT (IIoT), and the introduction of energy storage technologies.
The growth in demand for smartphones, PCs, laptops, and tablets is expected to be a key driver for the circuit protection market. Circuit protection plays a crucial role in safeguarding electronic devices, such as smartphones, from damage caused by an excessive flow of current. This protective measure is particularly relevant given the surge in global shipments of desktops, laptops, and workstations, which increased by 55% to 82.7 million units in the first quarter of 2021, as reported by Canalys. Notably, notebook and mobile workstation shipments rose by 79% year over year to 67.8 million units. This substantial growth in the demand for smartphones, PCs, and tablets underscores the significance of circuit protection in preventing potential damage and ensuring the reliability of electronic devices.
The increasing adoption of the Internet of Things (IoT) is anticipated to drive further growth in the circuit protection market. IoT, as a networked system of interconnected devices with the ability to transfer data without direct human involvement, enhances circuit protection by enabling real-time monitoring of electrical systems and predictive maintenance. This proactive approach reduces downtime and minimizes the risk of damage. According to a September 2022 report by Ericsson, global IoT connections reached 13.2 billion in 2022 and are projected to grow by 18% to 34.7 billion connections by 2028. This increasing adoption of IoT reinforces the importance of circuit protection in managing and securing interconnected systems.
The circuit protection market is also influenced by product launches introducing new and advanced solutions to meet market demands. A notable example is the July 2022 launch by ABLIC Inc., a Japan-based semiconductor company, of the 4-/5-Serial Cell S-82B4/B5 Series and S-82C4/C5 Series of Battery Protection ICs. These lithium-ion battery protection ICs are specifically designed to protect battery packs from overcharge, over-discharge, overcurrent, and short-circuit conditions. This product launch exemplifies the commitment of companies to innovate and address evolving market needs in the circuit protection sector.
Leading companies in the circuit protection market are strategically focusing on introducing innovative battery circuit protection solutions like Breaktor to establish a competitive advantage. Breaktor is an advanced circuit protection solution specifically designed to enhance vehicle safety and safeguard components from overcurrent in battery electric vehicles (BEVs). An illustrative example is Eaton Corporation PLC, an Ireland-based power management company, which introduced Breaktor in May 2022. This cutting-edge circuit protection technology aims to elevate vehicle safety by providing reliable protection against overcurrent faults in battery electric vehicles. Breaktor integrates the functionalities of fuses, pyro switches, and contactors, offering a compact and efficient solution for EV circuit protection.
Littelfuse, Inc., a prominent US-based electronic manufacturing company, made a strategic move in April 2022 by acquiring C&K Switches for $540 million. This acquisition positions Littelfuse Inc. for accelerated growth across diverse end markets. C&K Switches, a US-based manufacturer specializing in circuit protection and circuit breaker components, adds valuable expertise and capabilities to Littelfuse's portfolio. This strategic acquisition enhances Littelfuse Inc.'s position in the circuit protection market, reinforcing its commitment to delivering comprehensive and innovative solutions to meet evolving industry needs.
Major companies operating in the circuit protection market include ABB Ltd., Alstom SA, Bel Fuse Inc., Eaton Corporation PLC, General Electric Company, Hitachi Ltd., Keko-Vericon Sp. z o.o., Larsen & Toubro Limited, Mitsubishi Electric Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens Aktiengesellschaft, Texas Instruments Incorporated, Altech Corporation Pty. Ltd., Automation Systems Interconnect Inc., Bourns Inc., Carling Technologies Inc., CBI-electric: low voltage (Pty) Ltd., CHINT Electric Co. Ltd., Cooper Bussmann LLC, Delta Electronics Inc., E-T-A Circuit Breakers GmbH, Fuji Electric Co. Ltd., Hager Group, Legrand SA, Leviton Manufacturing Co. Inc., Littelfuse Inc., Lovato Electric S.p.A., Mersen S.A., Phoenix Contact GmbH & Co. KG
North America was the largest region in the circuit protection market in 2023. The regions covered in circuit protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the circuit protection market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The circuit protection market consists of sales of fuse, circuit breaker, polyswitch, RCCB, metal oxide varistor, and gas discharge tube. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.