May 18, 2024
Circuit Protection Market

Circuit Protection Market Is Expected To Be Flourished By Increasing Adoption Of Smart Devices

Circuit protection components are essential electronic devices that are used to protect electrical circuits from short circuits, overloading, surge current, etc. Circuit breakers, fuses, surge protectors, and ground fault circuit interrupters are some commonly used circuit protection devices. Surge protectors are used to protect sensitive electronic equipment from power surges and spikes that can damage internal circuitry. The growing adoption of smart devices such as smartphones, laptops, tablets, home appliances, industrial machinery, and others is fueling the demand for efficient and reliable circuit protection solutions. Smart devices feature sophisticated circuitry that requires robust safeguards to prevent damage from electrical faults.

The global Circuit Protection Market is estimated to be valued at US$ 54.17 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Adoption of smart devices (as referred to in the heading) has accelerated the demand for circuit protection solutions worldwide. Smartphones, tablets, smart appliances, and various IoT devices have complex internal circuitry that needs protection from voltage fluctuations, power surges, overloads, and short circuits. Circuit protection components ensure smooth functioning of electronics by shielding them from electrical faults and damages. Additionally, growing infrastructural development activities around the world are propelling the construction of commercial buildings and industrial facilities with advanced electrical systems that require robust circuit protection solutions. Countries are strengthening their power distribution infrastructure, which has boosted the installation of circuit breakers, fuses, and other protection components.

Segment Analysis

The global circuit protection market is dominated by the overcurrent protection segment, which holds around 30% of the total market share. Overcurrent protection devices like circuit breakers and fuses help protect electrical circuits from currents higher than the circuit’s design limit, which can potentially cause damage to wires or connected equipment. These devices are widely used in short circuit protection and surge protection applications, making them an integral part of electrical installations across industries.

PEST Analysis

Political: Regulations around fire safety and electrical safety are driving demand for circuit protection equipment. Multiple countries have strict norms around proper circuit protection installation.
Economic: As economies grow worldwide, demand for electricity is rising sharply. This is increasing investments in electrical infrastructure development, boosting opportunities for circuit protection product manufacturers.
Social: Rising awareness about electrical safety is prompting organizations and individuals to install robust circuit protection systems. Growing construction activity is also catalyzing market growth.
Technological: Advancements in material science are helping developers launch innovative circuit protection equipment like miniature circuit breakers with faster tripping mechanisms and compact dimensions. Adoption of renewable energy is another technological factor fueling the industry.

Key Takeaways

The global Circuit Protection Market Share is projected to reach a value of US$ 77.61 billion by 2031, expanding at a CAGR of 4.0% during the forecast period. Circuit protection devices play a vital role in ensuring safety of electrical systems from power surges, short circuits, and overloads.

The market in Asia Pacific dominates with around 35% share due to rapid industrialization and infrastructure growth in India, China, and other developing Asian economies. China represents the largest country market, followed by Japan and India. Government initiatives to strengthen power distribution networks are supporting regional demand.

Key players operating in the circuit protection market are Pidilite Industries Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, and BASF SE. Pidilite Industries and Akzo Nobel are prominent players in the circuit protection coatings segment. Sherwin-Williams and Sika have a comprehensive range of circuit protection solutions including sealants, tapes, and adhesives. BASF is another major manufacturer offering materials for various circuit protection applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it