Circuit Protection Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Key Circuit Protection Market Trend 2024-2033: Advanced Solutions Enhance BEV Safety
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The circuit protection market is on a rapid growth path, projected to expand from $50.06 billion in 2023 to $55.41 billion in 2024, with a CAGR of 10.7%. This expansion is driven by growth in the electronics sector, heightened demand for automotive electronics, advancements in industrial automation, infrastructure development, and rising consumer electronics needs.
What Is the Future Market Size of the Global Circuit Protection Market and Its Yearly Growth Rate?
The market is set to grow rapidly, reaching $83 billion by 2028 with a CAGR of 10.6%. Factors contributing to this growth include the implementation of smart grid technologies, increased solar and wind power generation, the miniaturization of electronics, data center expansion, and growing safety and reliability concerns. Key trends will include technological advancements, the rise of IoT, the rollout of 5G technology, advancements in industrial IoT (IIoT), and the introduction of energy storage technologies.
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What Are the Main Factors Driving Circuit Protection Market Expansion?
The growing need for smartphones, PCs, laptops, and tablets is expected to significantly enhance the market. Circuit protection technology safeguards devices against damage from excessive current flow, crucial for the longevity of electronic gadgets. According to Canalys, PC sales saw a significant increase, with global shipments rising by 55% in April 2021, the highest first-quarter shipment since 2012. As the demand for electronic devices continues to rise, so too will the need for effective circuit protection solutions.
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Who Are the Main Competitors Driving the Circuit Protection Market Forward?
Major companies operating in the 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
How Are New Trends Transforming the Circuit Protection Market Size?
The market is innovating with solutions like Breaktor for battery electric vehicles (BEVs). Eaton Corporation introduced this advanced circuit protection technology in May 2022 to safeguard against overcurrent, combining the functions of fuses and switches for enhanced vehicle safety.
What Are the Key Segments Within the Global Circuit Protection Market?
The circuit protection market covered in this report is segmented –
1) By Type: Overcurrent Protection, Electrostatic Discharge (ESD) Protection, Overvoltage Protection
2) By Device: Circuit Breakers, Fuses, ESD Protection Devices, Surge Protection Devices
3) By Channel Outlook: Original Equipment Manufacturer (OEM), Retail, Wholesale
4) By End-User: Automotive And Transportation, Electrical And Electronics, Energy, Construction, Industrial, Other End Users
North America’s Role as the Foremost Player in the Circuit Protection Market
North America was the largest region in the market in 2023. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Circuit Protection Market Definition
Circuit protection devices are designed to detect current or voltage anomalies and safeguard circuits from overcurrent or overvoltage issues. Common protective devices include fuses, circuit breakers, and gas discharge tubes.
The Circuit Protection Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Circuit Protection Market Report: Trends, Opportunities, Strategies, and More
The Circuit Protection Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into circuit protection market size, circuit protection market drivers and trends, circuit protection market major players, circuit protection competitors' revenues, circuit protection market positioning, and circuit protection market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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