Circuit protection refers to various devices and components that are used to guard electrical circuit components and equipment from faults and malfunctions. Some of the major applications of circuit protection devices include surge protection devices that protect circuits from power surges, overvoltage and transient spikes as well as fuses and circuit breakers that prevent overcurrent from damaging circuits or starting fires. With the proliferation of smartphones, tablets and various other portable consumer electronic devices, the demand for circuit protection devices has significantly increased in order to protect sensitive internal components from power fluctuations and surges.
The global circuit protection market is estimated to be valued at US$ 54.17 Mn in 2023 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:
The growing demand for portable consumer electronics such as smartphones, laptops, and tablets remains the key driver boosting the growth of the global circuit protection market over the forecast period. Circuit protection devices play a critical role in protecting fragile internal components of such devices from power fluctuations and surges. Additionally, rapid industrialization and infrastructure development activities across developing regions are also augmenting the installation of circuit protection devices in machineries as well as in electricity transmission and distribution networks, thereby supporting the market growth. However, slower adoption of advanced circuit protection solutions in some price-sensitive developing markets may hamper the market growth to some extent over 2024-2031.
SWOT Analysis
Strength: Circuit protection helps to prevent equipment damage in case of excessive current or voltage in a circuit. It protects sensitive electronic components and equipment from short-circuit and overcurrent faults. Surge protection guards equipment from voltage spikes and fluctuations that could otherwise cause failures or decreased lifespan.
Weakness: When circuit protection fails or malfunctions, it can potentially cause safety hazards and property damage. Improper circuit protection device selection or installation can also leave gaps in coverage.
Opportunity: Rapid adoption of renewable energy sources is driving demand for robust protection solutions for solar PV and wind power generation and distribution infrastructure. Growing reliance on industrial automation also creates opportunities as effective circuit protection becomes increasingly critical for minimizing downtime.
Threats: Price erosion as commoditization of simpler circuit protection solutions increases competition. Intellectual property issues or technology changes could disrupt some manufacturers.
Key Takeaways
The global Circuit Protection Market Share is expected to witness high growth over the forecast period from 2024 to 2031. The market size for 2024 is projected to reach US$ 54.17 Mn and is expected to grow at a CAGR of 4.0% through 2031.
North America currently dominates the global circuit protection market and is expected to maintain its leading position over the forecast period as well. Growing investments in renewable energy infrastructure as well as rising demand for industrial automation in the region is expected to support continued growth. Asia Pacific is anticipated to be the fastest growing regional market led by countries such as China and India with expanding manufacturing sectors and electrical and electronic equipment 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. These leading manufacturers are focusing on new product launches, partnerships and expansions to increase market share.
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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