New York, United States , May 19, 2023 (GLOBE NEWSWIRE) -- The Global Circuit Protection Market Size is to grow from USD 49.51 billion in 2022 to USD 90.35 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.
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Circuit protection is the practice of safeguarding electrical circuits and systems from potential damage caused by overcurrent, overvoltage, and other hazardous conditions. It involves the use of devices like fuses, circuit breakers, and surge protectors, which are designed to interrupt or limit the flow of current when necessary to prevent equipment damage and fires. Proper circuit protection is crucial in ensuring the safe and reliable operation of electrical systems in various applications, including residential, commercial, industrial, and transportation infrastructure.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Circuit Protection Market Size, Share, and COVID-19 Impact Analysis, By Product (Circuit Breaker, Fuse, HD Pro, Inrush Current Limiter, Mobile Power Protection, Overvoltage Protection, PTC Devices, and GFCI), By Application (Agriculture, Automotive, Commercial & Residential Building, Household Appliances, HVAC, Power Generation, Recreational Vehicle (RV), Telecom, and Others), By Channel (OEM, Retail, and Wholesale), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The HD pro segment is expected to grow at a CAGR of around 6.7% during the forecast period
Based on the product, the global circuit protection market is segmented into circuit breakers, fuse, HD pro, inrush current limiter, mobile power protection, overvoltage protection, PTC devices, and GFCI. The High Density (HD) pro segment in the circuit protection market is expected to witness significant growth due to the increasing demand for compact and reliable protection devices. HD pro devices offer higher levels of protection and performance in a smaller package, making them ideal for high-density applications where space is limited. The growing adoption of electronics in automotive, industrial, and consumer applications is expected to drive the demand for HD Pro devices in the coming years. Moreover, the increasing demand for advanced protection technologies in the power distribution systems and the growing focus on electrical safety is also expected to contribute to the growth of the HD pro segment in the circuit protection market.
The original equipment manufacturers (OEM) segment held more than 56.7% revenue share in 2022
Based on channel, the global circuit protection market is segmented into OEM, retail, and wholesale. The original equipment manufacturers segment held the largest market share in 2022, due to the increasing demand for advanced protection technologies in various industries. OEMs are the major consumers of circuit protection devices, and their demand is driven by the growing adoption of electronics in automotive, industrial, and consumer applications. The increasing demand for energy-efficient buildings and smart homes is also driving the demand for circuit protection devices in the OEMs segment. Moreover, the rise of smart grid technologies and the increasing focus on electrical safety have further boosted the growth of the OEMs segment in the circuit protection market.
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Asia-Pacific is predicted to grow at a significant CAGR of 6.8% over the projected period.
Based on region, the Asia-Pacific region is expected to grow significantly in the forecast period due to various factors. The increasing demand for electricity, rapid industrialization, and urbanization in countries like China and India are driving the demand for circuit protection devices in the region. Moreover, the growth of the automotive industry and the increasing adoption of electric vehicles in countries like China and Japan are creating new opportunities for the market. The increasing awareness of electrical safety and the implementation of government regulations and standards are also expected to fuel the growth of the circuit protection market in the Asia-Pacific region in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global circuit protection market include Eaton Corporation, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Littelfuse, Inc., STMicroelectronics N.V., Texas Instruments Incorporated, ON Semiconductor Corporation, Bourns, Inc., Bel Fuse Inc., TE Connectivity Ltd., Phoenix Contact GmbH & Co. KG, Infineon Technologies AG, and Mitsubishi Electric Corporation.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global circuit protection market based on the below-mentioned segments:
Circuit Protection Market, By Product
- Circuit Breaker
- Fuse
- HD Pro
- Inrush Current Limiter
- Mobile Power Protection
- Overvoltage Protection
- PTC Devices
- GFCI
Circuit Protection Market, By Application
- Agriculture
- Automotive
- Commercial & Residential Building
- Household Appliances
- HVAC
- Power Generation
- Recreational Vehicle (RV)
- Telecom
- Others
Circuit Protection Market, By Channel
- OEM
- Retail
- Wholesale
Circuit Protection Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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