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The global circuit protection market is expected to grow from USD 55 billion in 2022 to USD 98.49 billion by 2032, at a CAGR of 6% from 2023-2032. The increasing awareness about circuit protection and its benefits will augment the growth of the global circuit protection market.
The importance of safety and security in any sphere of life is paramount. Electrical circuits are fundamental to any electronic or energy device. They form the basis for energy flow or transfer. However, there are instances when excessive energy flows through a circuit and could potentially cause fatal damage to property and personnel. Environmental triggers like high temperature or contact with water can also cause circuit damage. Therefore, circuits must have a fail-safe to protect the device, surrounding property, and the user from harm. The circuit protection system has a weak link that breaks the energy flow when excessive energy or temperature rises. The circuit protection components primarily consist of circuit breakers, protective relays, fuses, and surge protection devices. Miniature circuit breakers are common examples found in residential homes as protective equipment. The increasing dependency on electrical energy has increased the demand for circuit protection. Similarly, the growing demand for electrical appliances, smartphones, and other electronics, given the rising disposable incomes and products in the market, will contribute to the circuit protection market’s growth. The stringent regulatory framework governing the safety and security of consumers will also augment the market’s growth.
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January 2023 - A leading provider of cutting-edge semiconductor solutions, Renesas Electronics Corporation, unveiled an automotive Intelligent Power Device (IPD) that will control power distribution within vehicles flexibly and safely, meeting the needs of the next generation of electrical/electronic architectures. Compared to a product with traditional TO-263 packaging, the new RAJ2810024H12HPD has a mounting area reduction of around 40% and is available in a tiny TO-252-7 container. Additionally, the new device's sophisticated current detecting feature enables highly accurate identification of anomalous currents like overcurrent. Engineers can now create extremely safe and precise power control systems that can identify even the slightest irregularities because the new IPD detects abnormal currents even at low loads.
The increasing demand for electricals – The modern lifestyle is associated with automation and digitization of life. Technological advancements and product innovations have led to the development of smart technologies, improving the quality of life. The contemporary world runs on smart connected devices. The increasing disposable income of consumers and the reduction in retail costs of smart technology have augmented the electrical consumption market. There is a rising demand for electronic appliances, smart connected devices, automated assistant devices, and other products that run on energy/electricity. The consumption of electricity and electrical has increased in the agricultural, industrial, and services sectors. The increased consumption of electricals demands a similar increase in safety and protection technology to safeguard property and users. Therefore, the increasing electrical demand will be followed by an equal rise in circuit protection demand. The demand for MCBs, fuses and protection relays is bound to increase, thereby driving the global circuit protection market's growth. The easy access to these services, given the presence of multiple market players, also augments the market's growth.
The volatile raw material prices – The components used in the manufacturing of circuit protection systems come from several different sources. They are sourced from another market, adding overhead costs like import duties, customs, transportation, storage, and acquisition. These parameters are subject to fluctuations in the market arising from trade wars, transportation problems, geopolitical developments, supply chain bottlenecks, or simple scarcity of raw materials. Such changes reflect in the retail prices of this component, which are highly volatile. The volatility in component prices impacts production costs, thereby significantly affecting the retail prices of circuit protection systems. The volatility leads to a lack of commitment to procure, produce or manufacture circuit protection systems, given the uncertainty of sales revenue. Therefore, the volatile raw material prices will hamper the market's growth.
Favorable government regulations – The energy sector is a critical economic sector of any country; therefore, it is owned, operated, monitored, and regulated by the federal government. Private players in the sector are subject to government monitoring, control, and regulation. The safety of property and personnel is paramount for regulatory institutions. There has been a rise in electrical shorting, faults, and current overload incidents, which has caused significant property and human loss. These incidents have affected households, hospitals, schools, and other critical infrastructure. These cause severe capital losses for the countries and set back progress. The human toll is another consequence that is beyond measure. These incidents are preventable and can be achieved through the deployment of circuit protection systems. These systems are a cost-effective way to avoid accidents caused by current overload, temperature rise, and other circumstantial triggers. Therefore, the government mandates the installation of circuit protection in every electrical and wiring system to avoid property and human loss. Furthermore, the government's initiative to create electrical safety awareness has encouraged private players to develop high-quality, safe, and secure electricals with the most advanced circuit protection systems. Furthermore, the demand for better quality and highly safe electrical has risen, given the consumers' willingness to pay more for improved products due to rising disposable income. The robust government accountability measures will encourage product innovations, offering lucrative global circuit protection market opportunities.
The rising environmental concerns – The new advanced circuit protection technology has several benefits and advantages over earlier products. However, they do come up with some cons, particularly regarding the environment. For instance, the SF6 circuit breakers release potent greenhouse gases that harm the environment. With the growing emphasis on sustainable development and environmental conservation, given the rising climate change crisis, unsustainable circuit protection devices will be under scrutiny. Their production and consumption will be discouraged in line with environmental conservation laws being adopted by governments globally. Furthermore, the vast amounts of electrical waste are also detrimental to the earth. Therefore, the rising environmental concerns will challenge the market's growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest global circuit protection market, with a 44.93% market revenue share in 2022. The North American region is home to the most developed nations in the world. The countries in the region have the means and capital to implement electrical safety measures for all units of the economy. Furthermore, they have a robust regulatory mechanism and accountability infrastructure to ensure that the country has high safety standards when it comes to electrical safety. The growing automation of the economic units has increased the demand for circuit protection. Additionally, the advent of 5G technology has increased the energy demands of telecommunications systems. The presence of key market players with access to the latest technologies, capital, and government support has propelled innovation in the circuit protection market. The government initiatives to develop crucial infrastructure, including a high-end digital infrastructure, will propel the region's growth. The high awareness about circuit protection as a safety measure in the general population adds to the market's favourability. The heavy use of electricals, appliances, and smart technologies by private economic units is a positive development for the regional circuit protection market.
North America region Circuit Protection Market Share in 2022 - 44.93%
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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. Circuit breakers, as the term suggests, are devices that break the current flowing through the electricals. The high voltage current or short circuits are prevented as the circuit breaker prevents the current from passing to the devices and mitigates the risk to property and personnel. They are highly reliable pieces of electrical safety. Circuit breakers are sensitive, which enables them to detect an abnormal rise in voltage or current and mitigate any losses. Circuit breakers are indispensable and must be reset once activated as a precautionary measure. They respond quickly, explaining their dominance in residential and commercial applications. Therefore, the growing development infrastructure and demand for residential housing, commercial spaces, etc., would propel the demand for circuit breakers.
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. The power generation and distribution sector deal with vast amounts of energy produced and transported over an extensive network grid. There are multiple moving parts, given the reach of these power distribution companies. The risk of failure is high given the several tangible parts. The energy carried is high, and failure or over-surge can cause catastrophic damage. The damage can be internal or can be caused to natural and anthropological factors. Circuit protection systems are transformers, power lines, distribution feeders’ circuits, substations, fuses, etc. can prevent any damage listed above. Therefore, the power generation sector uses a significant proportion of circuit protection systems. The government controls the critical energy sector and mandates the deployment of preventive measures such as circuit protection, thereby explaining the dominance of the segment in the market.
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. The bulk orders or demand for circuit protection systems originate from commercial, industrial, power generation, and other bigger units of the economy. Original equipment manufacturers specialize in these products and, therefore, can offer the best products at reasonable rates in vast quantities as required by previously mentioned economic sectors. They use the latest technology to manufacture circuit protection devices and offer the most reliable, durable, and effective products. The growing support from the government towards developing the market for original equipment manufacturers with their support schemes and funds work in favor of OEMs and enable them to dominate the segment.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 55 Billion |
| Market size value in 2032 | USD 98.49 Billion |
| CAGR (2023 to 2032) | 6% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Regional Segments | The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. |
| Segments | The research segment is based on product type, application, and distribution channel. |
As per The Brainy Insights, the size of the circuit protection market was valued at USD 55 billion in 2022 to USD 98.49 billion by 2032.
Global circuit protection market is growing at a CAGR of 6% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing demand for electricals.
The volatile raw material prices could hamper the market growth.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Product Type
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Distribution Channel
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The increasing demand for electricals
5.3. Restraints
5.3.1. The volatile raw material prices
5.4. Opportunities
5.4.1. Favourable government regulations
5.5. Challenges
5.5.1. The rising environmental concerns
6. Global Circuit Protection Market Analysis and Forecast, By Product Type
6.1. Segment Overview
6.2. Circuit Breakers
6.3. HD Pro
6.4. Mobile Power Protection
6.5. Fuse
6.6. Inrush Current Limiter
6.7. Overvoltage Protection
6.8. ESD Protection Devices
6.9. Surge Protection Devices
6.10. Others
7. Global Circuit Protection Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Agriculture
7.3. Commercial and Residential Building
7.4. HVAC
7.5. Automotive and Transportation
7.6. Electricals and Electrical Equipment
7.7. Industrial
7.8. Power Generation
7.9. Others
8. Global Circuit Protection Market Analysis and Forecast, By Distribution Channel
8.1. Segment Overview
8.2. Original Equipment Manufacturers (OEM)
8.3. Wholesale
8.4. Retail
8.5. Others
9. Global Circuit Protection Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Circuit Protection Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Circuit Protection Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. ABB Ltd.
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Bel Fuse Inc.
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Eaton Corporation PLC
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. General Electric Company
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Larsen & Turbo Limited
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Mitsubishi Electric Corporation
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. NXP Semiconductors
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Rockwell Automation Inc.
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Schneider Electric SE
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Siemens AG
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
2. Global Circuit Breakers Circuit Protection Market, By Region, 2019-2032 (USD Billion)
3. Global HD Pro Circuit Protection Market, By Region, 2019-2032 (USD Billion)
4. Global Mobile Power Protection Circuit Protection Market, By Region, 2019-2032 (USD Billion)
5. Global Fuse Circuit Protection Market, By Region, 2019-2032 (USD Billion)
6. Global Inrush Current Limiter Circuit Protection Market, By Region, 2019-2032 (USD Billion)
7. Global Overvoltage Protection Circuit Protection Market, By Region, 2019-2032 (USD Billion)
8. Global ESD Protection Devices Circuit Protection Market, By Region, 2019-2032 (USD Billion)
9. Global Surge Protection Devices Circuit Protection Market, By Region, 2019-2032 (USD Billion)
10. Global Others Circuit Protection Market, By Region, 2019-2032 (USD Billion)
11. Global Circuit Protection Market, By Application, 2019-2032 (USD Billion)
12. Global Agriculture Circuit Protection Market, By Region, 2019-2032 (USD Billion)
13. Global Commercial and Residential Building Circuit Protection Market, By Region, 2019-2032 (USD Billion)
14. Global HVAC Circuit Protection Market, By Region, 2019-2032 (USD Billion)
15. Global Automotive and Transportation Circuit Protection Market, By Region, 2019-2032 (USD Billion)
16. Global Electricals and Electrical Equipment Circuit Protection Market, By Region, 2019-2032 (USD Billion)
17. Global Industrial Circuit Protection Market, By Region, 2019-2032 (USD Billion)
18. Global Power Generation Circuit Protection Market, By Region, 2019-2032 (USD Billion)
19. Global Others Circuit Protection Market, By Region, 2019-2032 (USD Billion)
20. Global Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
21. Global Original Equipment Manufacturers (OEM) Circuit Protection Market, By Region, 2019-2032 (USD Billion)
22. Global Wholesale Circuit Protection Market, By Region, 2019-2032 (USD Billion)
23. Global Retail Circuit Protection Market, By Region, 2019-2032 (USD Billion)
24. Global Others Circuit Protection Market, By Region, 2019-2032 (USD Billion)
25. Global Circuit Protection Market, By Region, 2019-2032 (USD Billion)
26. North America Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
27. North America Circuit Protection Market, By Application, 2019-2032 (USD Billion)
28. North America Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
29. U.S. Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
30. U.S. Circuit Protection Market, By Application, 2019-2032 (USD Billion)
31. U.S. Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
32. Canada Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
33. Canada Circuit Protection Market, By Application, 2019-2032 (USD Billion)
34. Canada Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
35. Mexico Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
36. Mexico Circuit Protection Market, By Application, 2019-2032 (USD Billion)
37. Mexico Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
38. Europe Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
39. Europe Circuit Protection Market, By Application, 2019-2032 (USD Billion)
40. Europe Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
41. Germany Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
42. Germany Circuit Protection Market, By Application, 2019-2032 (USD Billion)
43. Germany Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
44. France Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
45. France Circuit Protection Market, By Application, 2019-2032 (USD Billion)
46. France Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
47. U.K. Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
48. U.K. Circuit Protection Market, By Application, 2019-2032 (USD Billion)
49. U.K. Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
50. Italy Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
51. Italy Circuit Protection Market, By Application, 2019-2032 (USD Billion)
52. Italy Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
53. Spain Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
54. Spain Circuit Protection Market, By Application, 2019-2032 (USD Billion)
55. Spain Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
56. Asia Pacific Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
57. Asia Pacific Circuit Protection Market, By Application, 2019-2032 (USD Billion)
58. Asia Pacific Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
59. Japan Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
60. Japan Circuit Protection Market, By Application, 2019-2032 (USD Billion)
61. Japan Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
62. China Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
63. China Circuit Protection Market, By Application, 2019-2032 (USD Billion)
64. China Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
65. India Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
66. India Circuit Protection Market, By Application, 2019-2032 (USD Billion)
67. India Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
68. South America Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
69. South America Circuit Protection Market, By Application, 2019-2032 (USD Billion)
70. South America Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
71. Brazil Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
72. Brazil Circuit Protection Market, By Application, 2019-2032 (USD Billion)
73. Brazil Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
74. Middle East and Africa Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
75. Middle East and Africa Circuit Protection Market, By Application, 2019-2032 (USD Billion)
76. Middle East and Africa Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
77. UAE Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
78. UAE Circuit Protection Market, By Application, 2019-2032 (USD Billion)
79. UAE Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
80. South Africa Circuit Protection Market, By Product Type, 2019-2032 (USD Billion)
81. South Africa Circuit Protection Market, By Application, 2019-2032 (USD Billion)
82. South Africa Circuit Protection Market, By Distribution Channel, 2019-2032 (USD Billion)
List of Figures
1. Global Circuit Protection Market Segmentation
2. Circuit Protection Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Circuit Protection Market Attractiveness Analysis by Product Type
9. Global Circuit Protection Market Attractiveness Analysis by Application
10. Global Circuit Protection Market Attractiveness Analysis by Distribution Channel
11. Global Circuit Protection Market Attractiveness Analysis by Region
12. Global Circuit Protection Market: Dynamics
13. Global Circuit Protection Market Share by Product Type (2022 & 2032)
14. Global Circuit Protection Market Share by Application (2022 & 2032)
15. Global Circuit Protection Market Share by Distribution Channel (2022 & 2032)
16. Global Circuit Protection Market Share by Regions (2022 & 2032)
17. Global Circuit Protection Market Share by Company (2021)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the circuit protection market based on below mentioned segments:
Circuit Protection Market by Product Type:
Circuit Protection Market by Application:
Circuit Protection Market by Distribution Channel:
Circuit Protection Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
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The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
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