The global circuit protection market size is expected to reach USD 80.10 billion by 2032, according to a new study by Polaris Market Research. The report “Circuit Protection Market Share, Size, Trends, Industry Analysis Report, By Product (Circuit Breaker, Fuse, HD Pro, Inrush Current Limiter, Mobile Power Protection, Overvoltage Protection, PTC Devices, GFCI); By Channel; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The need for circuit protection devices is rising as a result of the Internet of Things (IoT) and automation trends, which will assist to safeguard electrical devices and data transmission. Additionally, the need for circuit protection devices is being driven by the rapid uptake of smart grid technology for safeguarding the control systems used in smart grid networks. For instance, Siemens added a new compact version of circuit breaker, the HB1-Compact to its generator circuit breaker portfolio. This CB employs a method that does not require maintenance, vacuum switching, and it handles the most difficult limits.
It is anticipated that the rising sales of electric vehicles and efforts to produce goods of higher caliber and with more electrical safety would aid in the expansion of the global market. For instance, in January 2023, Leviton launched the EV Series charging station with 32-, 42- & 80-Amp levels. This charging can be easily integrated with other Leviton infrastructure such as surge protection devices, smart breaker, lighting, and load center.
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Additionally, the need for circuit protection devices is rising as the usage of renewable energy sources like solar and wind power increases. Circuit protection devices are crucial to the safe and dependable functioning of renewable energy systems. For instance, in December 2022, ABB launched the digital circuit breaker VD4 evo with advanced features. This intelligence enhances operation & maintenance efficiency by as much as 60% while reducing the danger of power outages by 30%. It is 15% smaller than conventional MV breakers and contributes to the reduction of up to 150 tonnes of CO2 emissions over a 30-year lifespan.
Circuit Protection Market Report Highlights
Polaris Market Research has segmented the Circuit Protection Market report based on product, channel, application, and region:
Circuit Protection Market, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Circuit Protection Market, Channel Outlook (Revenue - USD Billion, 2019 - 2032)
Circuit Protection Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Circuit Protection Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)