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, 2022 - 2030

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, 2022 - 2030

Circuit Protection Market Growth & Trends

The global circuit protection market size is anticipated to reach USD 72.67 billion by 2030, expanding at a CAGR of 5.6% from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing energy infrastructure development activities and the rising importance to upgrade the power transmission & distribution network, coupled with a focus towards establishing new energy connectivity, are the major factors contributing to the global market growth. In addition, the demand for advanced circuit protection equipment from various industry verticals such as electronic, telecommunication, and automotive is increasing to safeguard the machinery from damage from short circuits and power fluctuation. This is expected to positively impact the global market growth in the coming years.

Rising demand for electricity from developing countries due to rapid urbanization, along with high investment by the government and private players in renewable power generation projects are major factors driving the market growth. Likewise, skyrocketing sales witnessed by the automotive sector worldwide and stringent government regulations, and consumers’ focus on the high safety and security of passenger is expected to augment the target market growth.

Continued industrialization in developing countries, the flourishing electric vehicles market globally, and the proliferation of digitally connected devices are aspects rising demand for electricity which is anticipated to increase demand for circuit breaker products. Moreover, demand for air conditioners is increasing due to the rising temperature, this is expected to increase demand for fuse and current protection products which is positively impacting the growth of the global market.

The COVID-19 pandemic had a negative impact on the market. The government imposed lockdown restrictions, bringing the manufacturing of products to a halt in the first quarter of 2020. The lockdown restrictions also delayed the product supply creating supply chain disruption. However, the market is expected to witness growth in 2022, as the government has removed the workplace restriction and manufacturing facilities are fully operational. Likewise, high demand from the automotive sector will support the market growth.

Circuit Protection Market Report Highlights

• The circuit breaker segment dominated the global market with more than 22.0% in 2021, this can be attributed to increasing energy infrastructure projects worldwide, resulting in demand for better quality fuses for the protection of electrical equipment. In addition, growing urbanization, along with increasing demand for uninterrupted energy supply is expected to support the target segment growth
• Asia Pacific is anticipated to grow at 7.8% CAGR over the forecast period. This growth can be attributed to increasing demand for energy from sectors such as Power Generation, Automotive, and Telecom
• Major players are focused on enhancing the business through acquisition and partnership.
• In November 2021, Littelfuse, Inc., a technology manufacturing company announced the acquisition of Carling Technologies, Inc., a global provider of switching and circuit protection technologies. The acquisition is expected to help Littelfuse, Inc. to enhance its product portfolio and enhance its business presence.