Circuit Protection Market Size, Share & Trends Analysis Report By Product (HD Pro, Circuit Breaker, Fuse, GFCI, Inrush Current Limiter), By Application, By Channel, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global circuit protection market size was valued at USD 44.75 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. The COVID-19 pandemic drastically altered the business dynamics of the market in 2020. Geopolitical changes and trade disputes, coupled with the varying degrees of lockdowns imposed in various parts of the world adversely affected the production of circuit protection products and disrupted supply chains. The ensuing shortage of raw materials triggered an increase in raw material costs and ultimately resulted in order delays or even order cancellations. To sustain their businesses through the disruptions, key players opted for business strategies such as new product launches, mergers and acquisitions, and technology innovation. For instance, In January 2021, Bel Fuse Inc. acquired RMS Connectors, Inc., a supplier of connector products from Cretex Companies, Inc. The acquisition would help the former expand the offering of Mil-Spec qualified connectors, including the MIL-DTL-83723 Series III connector, and increase revenue in the aerospace and military segment.

The global circuit protection market is expected to witness significant growth over the forecast period. The market is expected to benefit from the increasing number of connected devices and growing awareness regarding the quality and standards of electronics products, resulting in higher adoption of circuit protection devices to protect appliances from failures. The increasing demand for circuit protection products across areas such as automotive, commercial and residential buildings, household appliances, agriculture, and non-traditional end-use sectors of healthcare, defense, and transportation is driving the market worldwide.

The automotive industry is one of the largest industries in the world. The growth of the industry shows no signs of abating as automakers continue to invest aggressively in research and development and introduce newer models of cars, trucks, and buses. The continued growth of the automotive industry bodes well for the growth of the market over the forecast period. Apart from automobiles, circuit protection devices are also used in different types of consumer electronics that are finding increased adoption. Circuit protection devices can particularly protect LED displays, small electric motors, and electronic control mechanisms featured in consumer electronics from over current, over-temperature, and overvoltage. The growing demand for smartphones, PCs, laptops, and tablets, among other consumer electronics has subsequently triggered the demand for circuit protection devices.

The continued rollout of smart city projects by various governments also bodes well for the growth of the market over the forecast period. Several governments have rolled out plans for the development of smart cities. Smart cities feature various devices related to power generation, energy & security, smart grid management, and environment monitoring, interconnected using the Internet of Things (IoT) technology. Given the widening scope of smart city development, autonomous IoT infrastructures interconnecting street lighting, traffic signals, and industrial controls are poised to emerge gradually. IoT would also play an important role in monitoring devices for power generation, smart grid management, traffic control, and energy supply and security.

Product Insights

The circuit breaker segment dominated in 2020 and accounted for a revenue share of over 20%. A circuit breaker is a switching device intended to protect an electrical circuit from damage by interrupting an abnormal or fault current. The growing demand for better electrical connectivity, energy efficiency, and smart grids is necessitating the development of circuit breakers with higher accuracy, quality, and reliability. Furthermore, growing investments in power generation with a greater focus on the utilization of renewable energy sources, increasing capacity addition due to urbanization, rising demand for uninterruptable power supply, and enhancements in T&D networks are expected to drive the demand for circuit breakers.

The Ground Fault Circuit Interrupter (GFCI) segment is expected to witness significant growth over the forecast period. A GFCI is a protection device specifically designed to protect personnel against electric shocks by breaking the electrical circuit. State and central government initiatives encouraging the installation of GFCIs in residential and commercial buildings for protection against severe electrical hazards are expected to accelerate the demand for GFCIs in the near future. In addition, rising safety awareness among consumers related to the protection of electrical appliances from short circuits and the increasing number of seminars and workshops conducted by Electrical Safety Foundation International (ESFI) across spaces including communities, schools, and workplaces help create awareness about electrical safety measures.

Application Insights

The power generation segment dominated in 2020and accounted for a revenue share of over 20%. Rising technological development, shifts in government policies to stimulate new technology development, and rising consumer preference for green energy are expected to accelerate the energy demand worldwide. The increasing need for efficient, reliable, flexible, and uninterruptable power supply across every industry has resulted in the growing demand for protecting equipment associated with power generation. Circuit protection devices such as circuit breakers, fuses, overvoltage protection devices, and HD Pro including bulkhead GFCI/ELCI are significantly used across the industry.

The Heating, Ventilation, and Air Conditioning (HVAC) segment is expected to register the fastest CAGR over the forecast period. The HVAC industry is primarily driven by regional regulations for energy-efficient products, unpredictable climatic conditions, and the advent of improved designs. Moreover, a rise in the number of construction activities is expected to lead to an increase in HVAC installations. The HVAC industry has been negatively impacted by the COVID-19 in 2020 but is projected to witness growth in the long run. Additionally, rising awareness about health hazards caused by airborne particles and the growing need for improved indoor air quality have enabled HVAC systems to contribute to the reduction of disease transmission.

Channel Insights

The Original Equipment Manufacturer (OEM) segment dominated in 2020and accounted for a revenue share of over 50%. OEMs need to ensure that their electrical products operate safely and reliably, according to design specifications and industry and government standards. Shorter product life cycles, rising energy costs, intense global competition, and stringent government regulations are necessitating a reduction in time to market for circuit protection devices, thereby driving the need for implementation and innovation partners across the OEM channel.

The wholesale segment is expected to witness significant growth over the forecast period. Wholesalers create a prominent and robust network of electrical distributors to cater to various retailers worldwide. Including wholesalers, distributors, large international groups, and non-specialized professional distributors analyze customer's demand to ensure efficient purchase, support, and service experiences to their end-users. Moreover, some key market players maintain a broad category of authorized distributor networks to help wholesalers access a full line of products regardless of their market specialty.

Regional Insights

North America dominated in 2020and accounted for a revenue share of over 35%. The need for circuit protection is anticipated to increase owing to the rising concern about the safety of electronic and telecommunication equipment in the region. Increasing investment in infrastructure development activities is also expected to help the market grow in North America. For instance, In March 2021, the U.S. Department of Agriculture (USDA) announced that it had invested funds amounting to USD 598 million in 11 projects through the Electric Loan Program.

The Asia Pacific is expected to present considerable growth opportunities. The growth in construction activities and the growing adoption of renewable power generation sources, such as wind and solar, have led to the increased demand for circuit protection devices in the region. Furthermore, growth in end-user industries, such as automotive and agriculture, and the growing demand for electricity due to rapid urbanization is also anticipated to contribute to market growth in the region during the forecast period.

Key Companies & Market Share Insights

The key industry participants include ABB Ltd.; Bel Fuse Inc; Schneider Electric SE; Mitsubishi Electric Corporation; Eaton Corporation plc; General Electric Company; Siemens AG; Rockwell Automation, Inc.; Larsen & Toubro Limited; and Texas Instruments Incorporated. Leading companies are offering innovative solutions and products to stay ahead of competitors.

In response to the increasingly varying needs of circuit protection, market players are strengthening their collaborations with end-users and launching new products to cater to the widespread requirement of circuit protection devices. For instance, in October 2020, Bel Fuse Inc. launched the OZT Series of fuses. The high-temperature SMD resettable PPTC fuses were targeted at applications such as Ethernet and automotive. The series was made available in five chip sizes: 0ZTG (1812), 0ZTF (2920), 0ZTJ (1206), 0ZTH (1210), and 0ZTK (0805). The series is RoHS 2 and AEC-Q200 compliant. Some of the prominent players operating in the circuit protection market are:

• ABB Ltd.

• Bel Fuse Inc

• Schneider Electric SE

• Mitsubishi Electric Corporation

• Eaton Corporation plc

• General Electric Company

• Siemens AG

• Rockwell Automation, Inc.

• Larsen & Toubro Limited

• NXP Semiconductors N.V.

• SCHURTER Holding AG

• Sensata Technologies Holding plc

• Texas Instruments Incorporated

Circuit Protection Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018to 2028. For this study, Grand View Research has segmented the global circuit protection market report based on product, application, channel, and region:

• Product Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

  • Circuit Breaker

    • Low Current

    • High Current

  • Fuse

    • Fast Acting

    • Slow Blow

  • GFCI

    • Adapters

    • In-line Cord Sets

    • Quad Boxes

    • Panel Mount

    • Right Angle Cord Sets

    • User Attachable

    • Others

  • 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

• Application Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

  • Agriculture

  • Automotive

  • Commercial & Residential Building

  • Household Appliances

  • HVAC

  • Power Generation

  • Recreational Vehicle (RV)

  • Telecom

  • Others

• Channel Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

  • OEM

  • Retail

  • Wholesale

• Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

  • MEA