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 circuit protection 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 market 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.
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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 circuit protection 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 market
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 circuit protection market for the
construction industry in the region.
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