The circuit protection market is forecast to reach $53.56 billion by 2022, according to a new report released by MarketsandMarkets.
According to the new market research report "Circuit Protection Market by Type (Overcurrent Protection, Overvoltage Protection, ESD Protection), Device (Circuit Breakers, Fuses, ESD Protection Devices, Surge Protection Devices), Industry, Geography - Global Forecast to 2022", published by MarketsandMarkets, the circuit protection market, the market was valued at USD 35.85 Billion in 2015 and is expected to reach USD 53.56 Billion by 2022, at a CAGR of 5.92% between 2016 and 2022.
Browse 66 market data Tables and 79 Figures spread through 159 Pages and in-depth TOC on "Circuit Protection Market"
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The increasing adoption of automotive electronics and the growth in the Internet of Things (IoT) market are the major drivers for the circuit protection market.
Circuit breakers to hold the largest size of the circuit protection market by 2022
Circuit breakers are the most widely used circuit protection devices; they offer advantages such as compact design and ease of use, among others. The market for circuit breakers is expected to be valued at USD 24.69 billion by 2022, growing at a CAGR of 6.03% during the forecast period. Circuit breakers have a wide range of applications in industries such as construction, automotive and transportation, and electrical and electronics equipment, among others.
The U.S. is a key market for building construction, which is driving the growth of the market for circuit breakers in North America. The growing inclination toward smart building infrastructure in both developed and developing economies, such as Japan, South Korea, and China, in this region; the presence of a huge customer base; and the rapid technological advancements in the smart home market are some of the factors driving the growth of the circuit protection market in APAC.
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Market for ESD protection devices to grow at the highest rate during the forecast period
The market for ESD protection is expected to grow at the highest CAGR of 6.32% during the forecast period. The surge in the sales of advanced electronic devices such as smartphones and laptops has resulted in the increasing demand for ESD protection. ESD protection devices have applications in various industries such as consumer electronics, construction, and automotive, among others.
The new generations of portable devices such as cell phones, MP3 players, and digital cameras are increasingly sensitive to damages from ESD voltages as newer IC technologies have smaller geometries and lower working voltages. With the increasing adoption of these portable devices, the demand for ESD protection is also growing. Also, buildings are inherent static generators, often leading to complaints of electric shocks from people touching metal objects such as door handles, filing cabinets, and hand rails.
Due to this factor, there is an increasing need for ESD protection in the construction industry. In addition, Automotive and transportation is a rapidly growing application area for ESD protection devices due to the increasing use of automotive electronics in this industry. Automated driver assistance, infotainment, navigation, and telematics, among others, are some of the major applications in the automotive industry. These applications require devices that incorporate electronics and microprocessor systems sensitive to electrostatic discharge. This factor is driving the growth of the market for the automotive and transportation industry.
North America to hold the major share of the circuit protection market between 2016 and 2022
North America, comprising the U.S., Canada, and Mexico, holds the largest share of the global circuit protection market. This region presents a huge opportunity for the circuit protection market considering the developments taking place in the construction, electronics and electrical equipment, energy, manufacturing, and automotive and transportation industries in North America.
The residential and commercial buildings are the major consumers of electricity in this region, which is leading to the increasing adoption of circuit protection devices in the construction industry. North America is also one of the largest markets for consumer electronics, which need protection from overcurrent, overvoltage, short circuit, and ESD. This factor is driving the growth of the Circuit Protection Market for the electronics and electrical equipment industry in this region.
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The major players in the circuit protection market are ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corp. Plc (Ireland), Schneider Electric SE (France), General Electric Company (U.S.), ON Semiconductor Corp. (U.S.), Mitsubishi Electric Corporation (Japan), NXP Semiconductors N.V (Netherlands), Rockwell Automation Inc. (U.S.), Texas Instruments Inc. (U.S.), Bel Fuse Inc. (U.S.), and Larsen & Toubro Ltd. (India).