According to the new
market research report "Circuit Protection Market by Type (Overcurrent Protection, Overvoltage
Protection, ESD Protection), Device (Circuit Breakers, Fuses, ESD Protection
Devices, Surge Protection Devices), Industry, Geography - Global Forecast to
2022", the
circuit protection market, the 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 increasing adoption of automotive electronics and the growth
in the Internet of Things (IoT) market are the major drivers for the circuit
protection market.
Circuit breakers to hold the largest size of
the circuit protection market by 2022
Circuit breakers are
the most widely used circuit protection devices; they offer advantages such as
compact design and ease of use, among others. The market for circuit breakers
is expected to be valued at USD 24.69 billion by 2022, growing at a CAGR of
6.03% during the forecast period. Circuit breakers have a wide range of
applications in industries such as construction, automotive and transportation,
and electrical and electronics equipment, among others. The U.S. is a key
market for building construction, which is driving the growth of the market for
circuit breakers in North America. The growing inclination toward smart
building infrastructure in both developed and developing economies, such as
Japan, South Korea, and China, in this region; the presence of a huge customer
base; and the rapid technological advancements in the smart home market are
some of the factors driving the growth of the circuit protection market in
APAC.
Market for ESD protection devices to grow at
the highest rate during the forecast period
The market for ESD
protection is expected to grow at the highest CAGR of 6.32% during the forecast
period. The surge in the sales of advanced electronic devices such as
smartphones and laptops has resulted in the increasing demand for ESD
protection. ESD protection devices have applications in various industries such
as consumer electronics, construction, and automotive, among others. The new
generations of portable devices such as cell phones, MP3 players, and digital
cameras are increasingly sensitive to damages from ESD voltages as newer IC
technologies have smaller geometries and lower working voltages. With the
increasing adoption of these portable devices, the demand for ESD protection is
also growing. Also, buildings are inherent static generators, often leading to
complaints of electric shocks from people touching metal objects such as door
handles, filing cabinets, and hand rails. Due to this factor, there is an
increasing need for ESD protection in the construction industry. In addition,
Automotive and transportation is a rapidly growing application area for ESD
protection devices due to the increasing use of automotive electronics in this
industry. Automated driver assistance, infotainment, navigation, and
telematics, among others, are some of the major applications in the automotive
industry. These applications require devices that incorporate electronics and
microprocessor systems sensitive to electrostatic discharge. This factor is
driving the growth of the market for the automotive and transportation
industry.
North America to hold the major share of the
circuit protection market between 2016 and 2022
North America,
comprising the U.S., Canada, and Mexico, holds the largest share of the global
circuit protection market. This region presents a huge opportunity for the
circuit protection market considering the developments taking place in the
construction, electronics and electrical equipment, energy, manufacturing, and
automotive and transportation industries in North America. The residential and
commercial buildings are the major consumers of electricity in this region,
which is leading to the increasing adoption of circuit protection devices in
the construction industry. North America is also one of the largest markets for
consumer electronics, which need protection from overcurrent, overvoltage,
short circuit, and ESD. This factor is driving the growth of the circuit
protection market for the electronics and electrical equipment industry in this
region.
The major players in
the circuit protection market are ABB Ltd. (Switzerland), Siemens AG (Germany),
Eaton Corp. Plc (Ireland), Schneider Electric SE (France), General Electric
Company (U.S.), ON Semiconductor Corp. (U.S.), Mitsubishi Electric Corporation
(Japan), NXP Semiconductors N.V (Netherlands), Rockwell Automation Inc. (U.S.),
Texas Instruments Inc. (U.S.), Bel Fuse Inc. (U.S.), and Larsen & Toubro
Ltd. (India).
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