Global Circuit Protection Market
Posted by manisha on December 7th, 2020
Global Circuit Protection Market size was valued at US$ 37.81 Bn in 2019 and is expected to reach US$ 65.45 Bn by 2027 to exhibit a CAGR of 7.1 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the Global Circuit Protection market dynamics, structure by identifying and analyzing the market segments and project the global market size.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Circuit Protection market.
Circuit protection devices are used to protect low voltage devices from latch-ups or damage caused by lightning or electrostatic discharge. The main goal of circuit protection devices is safety and reliability. Circuit protection devices eliminate electrocution and fire threats. In North America has maximum revenue share in global circuit protection market due to the high technological advancement in countries.
The major factors behind the growth of the global circuit protection market are development in the automotive electronics market, growing internet of things market, development of the global electronics industry, fast growth of smart portable appliances and growing awareness about user-safety has generated major demand for more advanced circuitry protection technologies.
Rising prices of raw materials used for manufacturing circuit protection devices are restraining the growth of the global circuit protection market. Strict government rules relating to the use of SF6 circuit breaker technology is the key challenge to the growth of the market. The several opportunities are creating in the global Circuit Protection market due to Automation and urbanization in developing countries and IOT technology applications in which smart sensors are used to streamline data gathering.
The circuit breakers device type segment is expected to hold the largest market share during the forecast period owing to circuit breakers provide advantages like compact design and ease of use, among others. Due to its advantages, the circuit breakers are mostly used circuit protection devices. Also, circuit breakers have a wide range of applications in industries like construction, automotive and transportation, and electrical and electronics equipment, between others are driving the growth of the global circuit protection market.
Also ESD protection devices is expected to grow at the highest rate through the forecast period owing to ESD protection devices have applications in several industries like consumer electronics, construction, and automotive, among others, growing demand for ESD protection in advanced electronic devices such as smartphones and laptops, the demand for ESD protection is also rising due to the increasing adoption of portable devices, and the leading to complaints of electric shocks are growing necessity for ESD protection in the construction industry. These are the factors are expected for boosting the growth of the market.
Overcurrent protection type segment is expected to hold the largest share of the market during the forecast period owing to overcurrent is the most usually arising fault in the equipment in many industries like construction, electronics, and electrical equipment, and automotive and transportation, between others. All of these industries need devices for protection against overcurrent. This factor is driving the progress of the market for overcurrent protection.
The construction industry segment is expected to hold the largest market share during the forecast period owing to the increasing developments in the construction industry. The key applications of the construction industry are comprising residential and commercial buildings. Due to the developments in the industrial and real estate market in the recants years, the adoption of circuit protection devices in residential and commercial buildings has significantly increased. One of the key reasons for the growing demand for circuit protection devices in residential buildings is the rising market for smart homes and other connected devices.
Automotive & Transportation segment is expected to grow at a high rate during the forecast period owing to circuit protection devices protect automotive electronics, peripherals and portable electronics that can be charged in vehicles from damages affected by inductive voltage spikes, voltage transients, and reverse polarity. Automated driver assistance, infotainment, navigation, and telematics, among others, are some of the main applications in the automotive industry. This factor is boosting the growth of the market for the automotive and transportation industry.
North America is projected to hold the largest share of the circuit protection market during the forecast period owing to growths taking place in the construction, electronics and electrical equipment, manufacturing, and automotive and transportation industries. Increasing adoption of circuit protection devices in the construction industry due to the residential and commercial buildings. The U.S. is the main market for building construction, which is driving the growth of the market for circuit breakers in North America. North America is one of the major markets for consumer electronics, which want protection from overcurrent, overvoltage, short circuit, and ESD. This factor is driving the progress of the circuit protection market for the electronics and electrical equipment industry in this region.
Also factors driving the growth of the circuit protection market in Asia Pacific are the rising inclination toward smart building infrastructure in both developed and developing economies, such as Japan, South Korea, and China, in this region, the existence of a vast customer base, and the rapid technological advancements in the smart home market.
Global Circuit Protection Market, by Device
• Circuit Breakers
• Overcurrent Protection
• North America
• ABB Ltd.
For more information of visit:https://www.maximizemarketresearch.com/market-report/global-circuit-protection-market/25970/
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About the Authormanisha
Joined: June 26th, 2020
Articles Posted: 99
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