Circuit Protection Market To Expand Industry Growth At USD 71.64 Billion By 2028

 San Francisco, 18 Jan 2022: The Report Circuit Protection Market Size, Share & Trends Analysis Report By Product (HD Pro, Circuit Breaker, Fuse, GFCI, Inrush Current Limiter), By Application, By Channel, By Region, And Segment Forecasts, 2021 - 2028

The global circuit protection market size is expected to reach USD 71.64 billion by 2028, expanding at a CAGR of 6.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to benefit from the growing need to upgrade power transmission and distribution networks and establish renewable energy connectivity. The rising demand for advanced circuit protection equipment in the automotive, electronics, and telecommunications sectors can be attributed to growing safety concerns related to short circuits and damage resulting from power fluctuations.

Increasing access to electricity in developing countries, rising construction and infrastructure development activities, and the growing number of renewable power generation projects are also driving the market growth. Moreover, in the automotive sector, continued urbanization and the strong emphasis passengers are putting on safety and security in the wake of the growing number of vehicles on the road are driving the adoption of circuit protection devices.

The unabated growth in the world population, continued economic growth, and rapid urbanization have triggered an increased demand for electricity globally. Continued industrialization and urbanization are contributing to the increased demand for energy in developing countries. The United Nations (UN) expects the world population to grow from 7.6 billion in 2017 to 9.7 billion by 2050. Electricity demand is also anticipated to rise in line with the rising levels of household income, the continued electrification of the transportation sector, the growing demand for air conditioning in the wake of the rising temperatures, and the proliferation of digitally connected devices. Moreover, the growing need for additional generation capacity can open new opportunities for market growth over the forecast period. 

Access Research Report of Circuit Protection Market @ https://www.grandviewresearch.com/industry-analysis/circuit-protection-market-report

Circuit Protection Market Report Highlights

• The power generation segment is anticipated to expand at a CAGR of 5.6% over the forecast period. The increased implementation of IT technologies in several operations in the power generation sector is necessitating the appropriate power management of IT products for better performance. This is expected to drive the demand for circuit protectors in the power generation segment
• In terms of application, the commercial and residential building segment is poised to expand at a CAGR of 6.4% during the forecast period. The need and importance of circuit protection devices are continuously increasing in commercial and residential buildings due to increasing incidences of accidents and losses caused by electrical faults and short circuits
• In terms of channel, the retail segment is estimated to account for significant market size in terms of revenue by 2028, register a CAGR of 6.2% during the forecast period. Many suppliers provide training sessions and certifications pertaining to installation and servicing to distributors, retailers, and installers based in the country. The certified distributors and installers have become a part of an authorized distributor/installer network post the training
• The market in the Asia Pacific is anticipated to register the highest CAGR of 7.8% over the forecast period. The growth in construction activities and the growing adoption of renewable power generation sources, such as wind and solar, have led to the increased demand for circuit protection devices in the region

List of Players in Circuit Protection Market

• ABB Ltd.
• Bel Fuse Inc
• Schneider Electric SE
• Mitsubishi Electric Corporation
• Eaton Corporation plc
• General Electric Company
• Siemens AG
• Rockwell Automation, Inc.
• Larsen & Toubro Limited
• NXP Semiconductors N.V.
• SCHURTER Holding AG
• Sensata Technologies Holding plc
• Texas Instruments Incorporated

Access Press Release of Circuit Protection Market @ https://www.grandviewresearch.com/press-release/global-circuit-protection-market