What is Circuit Protection?
Circuit protection refers to the addition of suitable automatic circuit-interrupting devices in an electrical circuit. These circuit protection devices or CPDs, such as a fuse or circuit breaker, interrupt the current flow after a fault is detected. They are installed to prevent overheating of wire conductors and protect electrical equipment from damage. CPDs are available in a wide variety of shapes, types and specific current ratings. They are usually designed in compliance with the safety and performance standards for electrical transmission, distribution network and electrical equipment as mandated by governments of various nations.
What is the circuit protection market growth?
The latest research report by IMARC Group, titled “Circuit Protection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, offers a comprehensive analysis of the industry, which comprises insights on the global circuit protection market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.The global circuit protection market size reached US$ 44.1 Billion in 2022. Looking forward, IMARC Group expects the market to reachUS$ 61.2 Billion by 2028, exhibiting agrowth rate (CAGR) of 5.9% during 2023-2028.
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Global Circuit Protection Market Trends:
Rising safety concerns in various electronic products are primarily driving the market for circuit protection across the globe. In line with this, the adoption of more advanced circuit protection solutions has increased across various industrial verticals. Furthermore, advancements in automobile designs, which are more complex and intricate, along with the emerging trend of product miniaturization, are acting as another major growth-inducing factor. Leading industry players and manufacturers are consequently developing innovative and compact CPDs, which are increasingly incorporated in transmission and distribution (TD) networks. The advent of slim, smart and portable appliances with better power densities, improved sensitivity and faster processors is also creating a positive outlook for the market. Rapid industrialization and urbanization, especially in emerging economies, and advancements in the field of the internet of things (IoT) technology are some of the other factors that are expected to drive the market growth During 2022-2027.
Competitive Landscape with Key Players:
- ABB Ltd (NYSE: ABB)
- BEL Fuse Inc.
- Eaton Corp. PLC
- General Electric Company (NYSE: GE)
- Larsen Toubro Ltd.
- Mitsubishi Electric Corp.
- NXP Semiconductors N.V.
- ON Semiconductor Corp.
- Rockwell Automation (NYSE: ROK)
- Schneider Electric SE
- Siemens AG
- Texas Instruments Inc.
- Hitachi Ltd
Key Market Segmentation:
- Overcurrent Protection
- Electrostatic Discharge (ESD) Protection
- Overvoltage Protection
- Circuit Breakers
- ESD Protection Devices
- Surge Protection Devices
- Residential Building Construction
- Non-Residential Building Construction
- Electrical and Electronics
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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