Circuit Protection Market Size Worth $80.10 Billion By 2032 | CAGR: 5.6%

Circuit Protection Market Size Worth $80.10 Billion By 2032 | CAGR: 5.6%

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, 2024 - 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

  • Circuit breaker segment held the dominant position in global market in 2022 owing to the surge in residential and commercial activities worldwide.
  • The HVAC segment is expected to grow exhibit the fastest growth during the forecast period. This can be attributed to the climatic changes.
  • OEM segment held the largest market share in 2022 due to the rising demand for safe and reliable circuit breaker in a variety of products.
  • Asia Pacific registered high CAGR over the study period on account of rapid urbanization and increasing demand for advanced circuit breakers.
  • Global players include ABB, Schneider Electric, Mitsubishi Electric, Eaton Corporation, Kirloskar Electric, General Electric, Siemens, Hitachi and Larsen & Toubro.

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 Breaker
    • Low Current
    • High Current
  • Fuse
    • Fast Acting
    • Slow Blow
  • HD Pro
    • High Power Inline/Bulkhead GFCI
    • High Power Inline/Bulkhead ELCI
    • High Power Inline/Bulkhead EGFPD
  • Inrush Current Limiter
  • Mobile Power Protection
    • Automatic Transfer Switch
    • Battery Control Center
    • Inverter
    • Load Center
    • Others
  • Overvoltage Protection
    • Crowbar Devices
    • ESD Protector
    • Gas Discharge Tubes (GDT)
    • Metal Oxide Varistors (MOV)
    • Surge Protection Device (SPD)
    • Others
  • PTC Devices
    • Ceramic
    • Polymeric
  • GFCI
    • Adapters
    • In-line Cord Sets
    • Quad Boxes
    • Panel Mount
    • Right Angle Cord Sets
    • User Attachable
    • Others

Circuit Protection Market, Channel Outlook (Revenue - USD Billion, 2019 - 2032)

  • Agriculture
  • Automotive
  • Commercial & Residential Building
  • Household Appliances
  • HVAC
  • Power Generation
  • Recreational Vehicle (RV)
  • Telecom
  • Others

Circuit Protection Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • OEM
  • Retail
  • Wholesale

   Circuit Protection Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa