CIRCUIT PROTECTION MARKET ANALYSIS

Circuit Protection MarketSize and Trends

The global circuit protection market size was valued at US$ 47.02 Billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.  The circuit protection market continues to grow as a result of new requirements, including measurement and communication capabilities, for power management systems. The need to address these challenges also drives the demand for new technologies and improved performance. The growing demand for consumer electronics is also contributing to the growth of the global circuit protection market. 

Global Circuit Protection Market: Regional Insights

North America is anticipated to show substantial growth in the global circuit protection market over the forecast period. The region is shows high demand for IoT devices for improving the operation and to monitor traffic signals power grids. This is further leading to rise in investments in generation of green power and increase in smart city initiatives in the region. Moreover, rise in demand for circuit protection solutions in telecommunication and electronic firms, owing to increasing worries around equipment. These factors are further expected to propel growth of the market in North America over the forecast future.

Furthermore, Asia Pacific is also projected to show robust growth in the global circuit protection market over the forecast period. This can be attributed to increasing urbanization and rise in construction activities across countries in the region leading to high demand for energy. As a result, the demand for circuit protection solutions is likely to increase in the region. Moreover, the sales of electric vehicles is on the rise across the region, which again is contributing to growth of the global circuit protection market in the region.

Figure 1. Global Circuit Protection Market Share (%), By Region, 2023

Global Circuit Protection Market Trends:

Rise in investments in industrial sector is a growing trend

Industrial sector is witnessing rising investment for leveraging the industrial infrastructure. This is further driving the demand for electrical switching devices in the market. The use of electrical switching devices is predominant in commercial and industrial sectors. As per the World Investment Report 2021, Asia Pacific showed US$ 535 billion of inflow from Foreign Direct Investment in 2020. China and Singapore contributed major share in this investment. Thus, the trend of growing industrial investment is in turn expected to aid in growth of the global circuit protection market over the forecast period.

Market players focusing on increasing production is another trend

Major players in the market are focusing on launch of novel products to cater the growing demand for circuit protection solutions. For instance, in February 2018, Mitsubishi Electric Corporation announced development of an integrated automation unit for production of vacuum interrupters and circuit breakers at the company’s Power Distribution System Center in Japan. The new unit focuses on deploying the IoT-based e-Factory of the company for achieving higher efficiency, productivity, and minimizing costs.