Circuit Protection Market To Witness A Significant Growth Of USD 72,677.3 Million By 2030


 San Francisco, 31 Jan 2024: The Report Circuit Protection Market Size, Share & Trends Analysis Report By Product (Circuit Breaker, Fuse, Inrush Current Limiter, Mobile Power Protection), By Channel, By Application, By Region, And Segment Forecasts, 2023 - 2030

The global circuit protection market size is expected to reach USD 72,677.3 million by 2030 registering a CAGR of 5.9 from 2023 to 2030 according to a new study by Grand View Research, Inc. The primary drivers of the global market growth include expanding energy infrastructure development activities, the necessity of revamping the power transmission and distribution network, and a focus on creating new energy connectivity. Additionally, in order to protect the machinery from the probability of power fluctuation and short circuits, there is an increasing demand for advanced circuit protection equipment throughout industry verticals, including electronics, communications, and automotive. The growth of the global market is anticipated to be positively impacted by the above-mentioned factors in the upcoming years.

Rapid urbanization in developing nations and substantial government and private sector investment in renewable energy generation projects are the main drivers influencing the market's expansion. Likewise, the market is anticipated to grow as a result of the global automotive industry's surging sales, strict government restrictions, and consumer concern about passenger safety and security.

The demand for circuit-breakers is expected to rise as a result of factors like continued industrialization in developing nations, the expanding worldwide market for electric vehicles, and the proliferation of digitally connected gadgets. The rising temperature is also proliferating demand for air conditioners, which is projected to drive up demand for fuse and current protection components, thus aiding the growth of the global market.

The market was negatively affected as a result of the COVID-19 pandemic. In early 2020, the government enforced lockdown limitations resulting in suspended production. The lockdown restrictions disrupted the supply chain by delaying the product supply. However, as the government has eased workplace restrictions enabling assembly plants to resume operation the market is expected to recover. Similarly, the recovering automobile industry will foster market growth.

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

Circuit Protection Market Report Highlights

  • In 2022, the circuit breaker segment accounted for more than 21.77% of the global market. This growth in energy infrastructure projects can be related to the demand for higher-quality fuses to protect electrical equipment. In addition, the target segment is anticipated to grow as urbanization and the demand for reliable energy sources both rise
  • Over the course of the forecast period, Asia Pacific is expected to increase at a 7.0% CAGR. This development is ascribed to an increase in energy consumption from industries including power generation, transportation, and telecommunication
  • The main stakeholders' attention is on expanding the company through partnerships and acquisitions. For instance, in July 2022 the Irish-American power management giant Eaton Corporation announced that it would buy a 50% stake in Jiangsu Huineng Electric Co. Ltd

Circuit Protection Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 48,470.8 million

Revenue forecast in 2030

USD 72,677.3 million

Growth rate

CAGR of 5.9% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in the 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

 

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