 |
| Circuit Protection Market |
Circuit protection components are used in electronic devices and equipment to protect them from current surges, short circuits, etc. They help prevent equipment failure and protect against fire hazards. The increasing investments in infrastructure projects across regions is driving the demand for heavy machinery and industrial equipment which require extensive use of circuit protection components.
The global
Circuit Protection Market is estimated to be valued at US$ 54.17 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The rise in infrastructure projects is one of the key trends spurring growth in
the circuit protection market. Governments around the world are heavily
investing in development of transportation, power, and construction
infrastructure to promote economic growth. According to World Bank data, global
infrastructure investment needs are estimated to be over $94 trillion by 2040.
This creates substantial demand for construction machinery, industrial
automation equipment, electric vehicles, and renewable energy generation
systems worldwide, all of which utilize various circuit protection devices. As
infrastructure expenditure continues to expand significantly driven by
post-pandemic stimulus efforts, it will bolster the consumption of circuit
protection components over the forecast period.
Segment Analysis
The global circuit protection market is dominated by overload relays sub-segment.
Overload relays are mostly used in industrial equipment to protect electric
motors from damage caused by overloading orLocked rotor conditions. These
relays operate the circuit breaker or switch when the current passing through
the protected circuit rises above a predetermined value due to locked rotor or
excessive loads. They provide basic protection and contribute significantly to
the safety of industrial equipment and machinery.
Key Takeaways
The global Circuit
Protection Market Share is expected to witness high growth over the
forecast period of 2024 to 2031. The global Circuit Protection Market is
estimated to be valued at US$ 54.17 Mn in 2024 and is expected to exhibit a
CAGR of 4.0% over the forecast period 2024 to 2031.
Regional
analysis shows that Asia Pacific region dominates the global market and is
expected to continue its dominance in coming years. China, India, Japan and
other developing Asian countries contribute significantly to the growth of the
region primarily due to rapid industrialization and growing manufacturing
sector.
Key players operating in the circuit protection market are Pidilite Industries
Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, BASF SE. These
companies have strong distribution network across major markets and also engage
in new product development activities to target emerging applications.
Strengthening of distribution channels and expansion in developing markets will
be the key strategies adopted by major players to gain higher market shares.
For more insights, read- https://www.ukwebwire.com/circuit-protection-market-trends-size-and-share-analysis/
0 Comments