Newark, March 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 55 billion in 2022 Circuit protection market will reach USD 98.49 billion by 2032. Government policies have changed to become more sustainable and environment-friendly in response to growing concerns about climate change. However, the need for energy is increasing at the same rate as worries about climate change. It is projected that global energy consumption will increase as developing nations industrialize. Along with the growing adoption of renewable energy sources for electricity production, smart power networks are being built to combat climate change and satisfy growing energy demands. The robustness and effectiveness of smart power grids will enable nations to meet the growing energy demand, significantly boosting the expansion of the worldwide circuit protection market as the demand for these devices increases from the energy sector.
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Key Insight of the Circuit Protection Market
North America is expected to dominate the market during the forecast period.
The region's nations have the resources and cash necessary to implement electrical safety safeguards for all sectors of the economy. Additionally, they have a robust regulatory framework and infrastructure for accountability to guarantee that the nation has excellent safety standards when it comes to electrical safety. The necessity for circuit protection has increased as economic units become more automated. The introduction of 5G technology has also raised the energy requirements for telecommunications networks. Key market participants access to the newest technology, capital, and government assistance, as well as their financial stability, have fuelled innovation in the circuit protection market.
In 2022, the circuit breakers segment dominated the market with the largest market share of 47% and market revenue of 25.85 billion.
The product type segment is divided into circuit breakers, HD pro, mobile power protection, fuse, inrush current limiter, overvoltage protection, ESD protection devices, surge protection devices, and others. The circuit breaker segment dominated the market with a revenue share of around 47% in 2022.
In 2022, power generation accounted for the largest share of the market, with 44% and market revenue of 24.20 billion.
The application is divided into agriculture, commercial and residential building, HVAC, automotive and transportation, electrical and electrical equipment, industrial, power generation, and others. The power generation segment dominated the market with a market share of around 44% in 2022.
In 2022, the original equipment manufacturers segment dominated the market with the largest market share of 48% and revenue of 26.40 billion.
The distribution channel is divided into original equipment manufacturers, wholesale, retail, and others. The original equipment manufacturers (OEMs) segment dominated the market with a market share of around 48% in 2022.
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Advancement in market
October 2022 - The eFuse Protection, a family of four circuit-protection devices by Littelfuse Inc., offers integrated chip protection against overvoltage, overcurrent, short circuits, inrush currents, reverse currents, and overtemperature. The eFuse Protection integrated circuits are for wearable electronics, charging cables, battery devices, data communications power systems, fan power controls, and data storage drives. They provide power input ranging from 3.3 to 28 volts. The integrated circuits for eFuse Protection provide current limiters with quick response times and integrated protection features, as well as adjustable overvoltage thresholds, current limiting, and inrush current. They also shorten the design-in phase and improve reliability while extending the final product's battery life and lifespan.
Market Dynamics
Driver: the growing demand for circuit protection systems
Smart technologies are being developed as a result of technology developments and product innovations. Modern society relies on intelligent, linked technologies to function. The electrical consumption market has grown due to rising consumer disposable income and falling smart technology retail costs. Electronic appliances, smart connected gadgets, automated assistants, and other things that use electricity are in higher demand. The agricultural, industrial, and service sectors now consume more power and electrical. The rising usage of electricals necessitates equal growth in safety and protective technology. As a result, the need for circuit protection will increase at the same rate as the electrical demand. The global circuit protection market is expanding due to the rising demand for MCBs, fuses, and protection relays. Given the presence of numerous market players, the availability of these services is also contributing to the market's expansion.
Restraint: raw materials of circuit protection have volatile prices
The parts that go into making circuit protection systems originate from various sources. Since they come from another market, there are additional overhead expenses, including import taxes, customs fees, shipping, storage, and acquisition. Market variations resulting from trade disputes, transportation issues, geopolitical developments, supply chain bottlenecks, or a simple lack of raw materials might affect these factors. The retail costs of these highly volatile components reflect these changes. The fluctuation significantly impacts circuit protection systems' retail prices in component prices since it raises production costs. Given the uncertainty of sales revenue, the volatility causes a lack of commitment to purchase, develop, or manufacture circuit protection solutions. As a result, the market's expansion will be hampered by unstable raw material prices.
Opportunities: favorable government initiatives and funding for electrical safety
The federal government owns, operate, monitor, and control the energy industry because it is a crucial economic sector for any nation. Private participants in the industry are governed, supervised, and regulated by the government. The regulatory institutions' top priority is the security of people and property. Electrical shorting, faults and current overload occurrences have increased, resulting in considerable damage to property and casualties to people. These tragedies have all impacted households, hospitals, schools, and other crucial infrastructure. These result in significant financial losses for the nations and reverse the forward progress made thus far. Circuit protection technologies are used to stop these accidents from happening in the first place. The government has mandated the installation of circuit protection in all electrical and wire systems. Additionally, the government's campaign to raise awareness about electrical safety has inspired private companies to produce high-quality, secure electricals equipped with cutting-edge circuit protection systems. Furthermore, due to customers' growing readiness to spend more for superior items due to rising disposable income, the demand for higher quality and more highly safe electricals has increased. The strict government accountability regulations will promote product innovation, creating an attractive market potential for circuit protection worldwide.
Challenge: Growing concerns about environmental effects
The new, cutting-edge circuit protection technology has several advantages over prior versions. They do, however, list significant drawbacks, particularly concerning the environment. For instance, the SF6 circuit breakers generate significant greenhouse gases, which are bad for the environment. Given the increasing emphasis on sustainable growth and environmental conservation, unsustainable circuit protection devices will be under investigation, given the expanding climate change catastrophe. Per international environmental conservation rules, their manufacture and consumption shall be discouraged. Additionally, the enormous volumes of electrical waste produced harm the environment. As a result, the market's expansion will be hampered by growing environmental concerns.
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Some of the major players operating in the circuit protection market are:
• ABB Ltd.
• Bel Fuse Inc.
• Eaton Corporation PLC
• General Electric Company
• Larsen & Turbo Limited
• Mitsubishi Electric Corporation
• NXP Semiconductors NV
• Rockwell Automation Inc.
• Schneider Electric SE
• Siemens AG
Key Segments cover in the market:
By Product Type
• Circuit Breakers
• HD Pro
• Mobile Power Protection
• Fuse
• Inrush Current Limiter
• Overvoltage Protection
• ESD Protection Devices
• Surge Protection Devices
• Others
By Application
• Agriculture
• Commercial and Residential Building
• HVAC
• Automotive and Transportation
• Electricals and Electrical Equipment
• Industrial
• Power Generation
• Others
By Distribution Channel
• Original Equipment Manufacturers (OEM)
• Wholesale
• Retail
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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