The circuit
protection market was valued at USD 35.85 billion in 2015 and is expected
to reach USD 53.56 billion by 2022, at a CAGR of 5.92% between 2016 and 2022.
The growth in the automotive electronics and Internet of Things (IoT) markets
is driving the growth of the market. Industrialization and urbanization
lead to an increase in demand for energy in most industries. Developing
countries such as China, India, and Brazil are currently increasing their power
generation capacity to fulfil the growing demand for energy. Due to urbanization
and industrialization, the developing countries hold a major share of the
market for circuit breakers and fuses.
This
report segments the circuit protection industry based on type, device,
industry, and geographical regions. On the basis of type, the market has been
segmented into overcurrent protection, ESD protection, and overvoltage
protection. The most fundamental requirement in any electrical system is the
proper overcurrent protection of conductors and equipment. An overcurrent
protection device protects the circuit by opening the device when the current
reaches a value that would cause an excessive or dangerous temperature rise in
conductors. This factor is driving the growth of the market for overvoltage
protection.
The
circuit protection market, on the basis of device, has been segmented into
circuit breakers, fuses, ESD protection devices, and surge protection devices.
Electrostatic discharge is common in consumer electronics products, especially
in smartphones. With the increasing use of consumer electronics, the demand for
ESD protection devices is also rising. This factor is driving the growth of the
market for ESD protection devices.
On
the basis of industry, the market has been segmented into construction,
automotive and transportation, electronics and electrical equipment,
industrial, energy, and others. The residential and commercial buildings are
the major consumers of electricity; this factor is leading to the increasing
adoption of circuit protection devices in the construction industry.
North America is expected to hold the largest
share of the circuit protection industry during the forecast period.
According to the U.S. Environmental Protection Agency (EPA) report, Washington
D.C., Los Angeles, San Francisco, Atlanta, New York City, Chicago, Dallas-Fort
Worth, Houston, Denver, Phoenix, and Boston are the Top 11 cities with the most
number of energy-certified buildings in 2015. This is driving the growth of
the market for the construction industry in the region.
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