The Circuit Protection Market is estimated to be valued at US$ 47.02 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The circuit protection market involves products that are used to protect electrical components and devices by preventing damage caused by overvoltage or short circuits. These products include fuses, circuit breakers, ESD protection devices, PTC resistors, varistors, and thermistors. They are widely used in industries such as consumer electronics, automotive, construction, and telecom & networking equipment. They ensure safety and reliability in power distribution.
Market key trends:
The rising demand for miniaturized components across consumer electronics and medical devices is projected to drive the market growth during the forecast period. Miniaturized components require compact protection devices to safeguard them from voltage fluctuations and surges. Manufacturers are focusing on developing tiny circuit protection components such as chip fuses, chip TVS diodes, and multilayer varistors. These protection devices have low profiles and take up very little space on printed circuit boards. Their small size allows fitting many of them in constrained spaces in devices without compromising on performance. This rising demand for miniature components is expected to boost the circuit protection market.
Porter’s Analysis
Threat of new entrants: The circuit protection market requires high initial investments for manufacturing, which poses a moderate threat of new entrants.
Bargaining power of buyers: The presence of various manufacturers gives buyers bargaining power in terms of price and quality.
Bargaining power of suppliers: Major companies have a significant influence on suppliers and backward integration decreases supplier power.
Threat of new substitutes: Substitutes available with advanced technologies provide low to moderate threat.
Competitive rivalry: Intense due to global presence of key players.
SWOT Analysis
Strength: Wide product portfolio and robust R&D capabilities. Weakness: High dependency on commodity prices and economic conditions.
Opportunity: Growth in industrial automation and rise in infrastructure projects. Threats: Trade barriers and stringent environmental regulations.
Key Takeaways
The Global Circuit Protection Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing investments in power transmission and distribution infrastructure projects globally. Regionally, Asia Pacific dominated the market in 2023, owing to high demand from China, India and other developing nations undergoing rapid industrialization.
Key players operating in the circuit protection market are ABB Ltd., NXP Semiconductors N.V., Bel Fuse Inc., Larsen & Toubro Limited, Schneider Electric SE, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc., and General Electric Company. ABB Ltd. is a major player, present across 100+ countries with over 42,000 patents.
For More Insights, Read: https://www.newswirestats.com/circuit-protection-market-demand-growth-and-regional-outlook-by-2030/
