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.
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.
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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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