Circuit Protection Market Size, Share & Trends Analysis Report By Product (Circuit Breaker, Fuse, Inrush Current Limiter, Mobile Power Protection), By Channel, By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global circuit protection market size was valued at USD 45.43 billion in 2021 and is expected to advance at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. The demand for connected devices is growing rapidly globally, along with skyrocketing electronic appliance sales in developing countries, resulting in high demand for circuit protection products for equipment safety, which is a major factor expected to drive the growth of the global market. In addition, stringent government regulations pertaining to the quality of electronic products, along with high demand for fuses, overvoltage protection, and PTC Devices from the automotive and telecommunication sector are factors expected to positively impact the target market growth.

The automotive sector across the globe is witnessing rapid growth, manufacturers are investing heavily in R&D activities with the focus to introduce new electric vehicles with more efficiency and better quality. Also, automotive ethernet is gaining popularity globally aimed at faster communication within the automotive infrastructure. This increasing electric vehicle sales and approach towards providing a better quality product with enhanced electric safety is expected to support the global circuit protection market growth.

Moreover, circuit protection devices are widely used in the telecommunication industry. With the advent of 5G technology players are focused on upgrading the telecom infrastructure by deploying various types of equipment that are capable to handle the heavy load of communication. This equipment is costly and gets damaged due to voltage fluctuation or overheating resulting in players opting for advanced current protection solutions to lower the product damage and save additional cost. This high demand for overvoltage protection and inrush current limiters from the telecom sector is expected to boost the target market growth. Also, circuit protection manufacturers are focused on the introduction of new products focused on a particular application is expected to boost the market growth. In December 2021, Semtech Corporation, a global supplier of analogy and mixed-signal semiconductors announced the launch of a new SurgeSwitch product line. The newly introduced products are designed to protect circuits and systems operating in industrial and telecom environments.

The fluctuation in raw material prices is a major factor expected to hamper the global circuit protection market growth. Materials such as glass, solenoids, diodes, and metal wirings are used in manufacturing circuit breakers and fuses. Fluctuating in the prices of these materials impacts the overall prices of the end product. Also, the high cost of SF6 circuit breaker technology products poses a major challenge in its adoption. The SF6 circuit breaker products are added with minimal content of silver and gold to increase the efficiency of the product this increases the assembly cost making the overall product expensive.

Covid-19 negatively impacted the global circuit protection market growth. The government had imposed strict regulations to control the pandemic outbreak. Production facilities operations were at a halt due to the complete lockdown imposed by the governments globally. This temporary halt at production facilities lowers the demand for products from automotive and electronics manufacturers. However, the market is witnessing growth in 2022 as the production facilities are at full operations and demand for electric vehicles and consumer appliances is increasing which will ultimately increase demand for circuit breaker products. 

Product Insights

The circuit breaker segment dominated the global market in 2021 and accounted for a revenue share of over 22.0%. Increasing residential and commercial construction activities globally, along with increasing demand for better electrical connectivity is ultimately increasing demand for more efficient circuit breaker products that are highly reliable and accurate. Moreover, high investment by the government and private players in renewable energy projects aimed at the rising demand for power is expected to drive the demand for circuit breakers.

The PTC device segment is expected to witness faster growth over the forecast period. This growth can be attributed to increasing residential and commercial construction activities globally. The PTC devices with polymeric material have the ability to withstand high heat, have greater internal resistance, and provide low resistance compared to fuse. Thus, due to the available benefits of polymers material, the demand for polymeric PTC devices from the telecom and automotive sector to protect equipment against electric hazards is expected to support the segment growth.     

Application Insights

The power generation segment dominated in 2021 and accounted for a revenue share of 20.5%. Rising demand for energy from the commercial and industrial sector, along with inclination towards adoption of green energy is resulting in demand for circuit breakers, fuses, and overvoltage protection devices which is anticipated to augment the market growth. Also, increasing investment by the government in green power generation, and the establishment of smart grids and power distribution centers are expected to increase demand for circuit protection products.

The HVAC segment is expected to witness account for faster CAGR over the forecast period. The growth in HVAC systems can be attributed to changing climatic conditions. HVAC system manufacturers are introducing new products that are energy efficient with improved design, which is attracting consumers. This increasing installation of new HVAC systems is expected to support the segment growth.

Channel Insights

The original equipment manufacturers segment is anticipated to dominate the global market by acquiring a share of over 58.2% in 2021. Stringent government regulations related to quality standards, resulting in OEMs focused on manufacturing products that operate safely and reliably as per industry standards.

The wholesale segment is expected to witness significant growth over the forecast period. Wholesales have a robust network of product distributors that cater the consumer needs globally. Due to covid-19, the commercial operations were at a halt resulting in huge losses, now companies are focused on rearranging their distribution operations to recover from the losses which are expected to support the target segment growth.

Regional Insights

North America accounted for 35.5% revenue share in 2021 and is expected to grow steadily over the forecast period. This can be attributed to increasing investment in green power generation, along with the emphasis on smart city projects is increasing demand for IoT devices for better operation and monitoring of power grids, traffic signals, etc. In addition, the rising demand for circuit protection products from electronic and telecommunication players due to rising concerns related to equipment is expected to support the market growth.  

The Asia Pacific is expected to witness significant growth over the forecast period. Rapid urbanization and increasing construction activities, result in high demand for energy which is expected to increase the demand for circuit protection products. Additionally, increasing electric vehicle sales in the region are expected to contribute to the market growth. 

Key Companies & Market Share Insights

Key players that dominated the global market in 2021 include ABB Ltd., Bel Fuse Inc., Schneider Electric SE, Mitsubishi Electric Corporation, and Eaton Corporation Plc. Manufacturers are focused on product development activities and the introduction of new products in order to attract new customers and stay ahead of the competition.

Moreover, players are strengthening their presence through strategic acquisition and partnership which is expected to help them acquire a significant share in the market. For instance, in March 2021, Bel Fuse Inc. a global electronic product supplier announced the acquisition of EOS POWER INDIA Pvt. Ltd. The acquisition is expected to help the company to enhance its product portfolio in high-power density and low-profile products. Some prominent players in the circuit protection market 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

• NXP Semiconductors N.V.

• SCHURTER Holding AG

• Sensata Technologies Holding plc

• Texas Instruments Incorporated 

Circuit Protection Market Report Scope

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the circuit protection market report on the basis of product, application, channel, and region.

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Circuit Breaker

    • Low Current

    • High Current

  • Fuse

    • Fast Acting

    • Slow Blow

  • 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

  • Circuit Interrupters

    • GFCI

      • Adapters

      • In-line Cord Sets

      • Quad Boxes

      • Panel Mount

      • Right Angle Cord Sets

      • User Attachable

      • Others

    • High Power Interrupters

      • High Power Inline/Bulkhead GFCI

      • High Power Inline/Bulkhead ELCI

      • High Power Inline/Bulkhead ELCI

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Agriculture

  • Automotive

  • Commercial & Residential Building

  • Household Appliances

  • HVAC

  • Power Generation

  • Recreational Vehicle (RV)

  • Telecom

  • Others

• Channel Outlook (Revenue, USD Billion, 2018 - 2030)

  • OEM

  • Retail

  • Wholesale

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • South America

  • Middle East & Africa