Based on the type of protection, the circuit protection market has been segmented into overcurrent, overvoltage, and ESD protection. An essential requirement of any electrical system is overcurrent protection and is expected to hold the highest market share. Overcurrent is encountered when the current surpasses conductors or equipment rating as a result of short circuit or overload. Overcurrent protection device opens the device when this rating is reached. Electrostatic discharge is common in consumer electronics products, especially in smartphones and mobile technologies and will be a factor driving the circuit protection market growth.
Circuit Protection Market is predicted to experience an exponential growth over the forecast period. The major factors pertaining to the increasing growth are rise in the automotive electronics industry and the Internet of Things (IoT) applications in diverse industry verticals. The technology is integrated into various types of equipment in events of unexpected power fluctuations.as fluctuating voltage can damage electrical apparatus by reducing its lifespan and the efficiency of the device.
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Miniaturization is a trend significantly influencing the circuit protection market growth. With applications relentlessly moving towards more compact surface mount designs, Internal Circuits (ICs) have become more vulnerable to momentary electrical surges through circuits, thus making circuit protection a critical component. Businesses are now focused on adding value to their products, which has led to the creation of hybrid parts. This includes pre-assembling an over-voltage component with an over-current part.
The trend has led to simplifications in design and purchasing alternatives for Original Equipment Manufacturers (OEMs). This places a higher emphasis on the appropriate selection of circuit protection components due to the varied nature of potential surges in the industry demand. The rapid growth of extremely slim, smart portable appliances with improved sensitivity, faster processors, extended battery life, and better power densities is another prevailing trend that offers opportunities for the circuit protection market. The increasing rate of industrialization and urbanization in emerging economies may surge the demand for the industry creating lucrative opportunities for vendors operating in the global market.
The U.S. is a major market for building and construction, which is fueling the growth of the circuit protection market for circuit breakers. In countries, including China and Japan the demand for circuit protection is increasing owing to the factors such as rising rapid technological advancements and a growing predisposition towards smart building infrastructure.
The universal circuit protection market is highly fragmented and competitive due to the existence of many Small and Medium Businesses (SMBs) at the regional level with several local manufacturers across the world. Modern-day automobiles are fitted with electronic systems such as navigation and infotainment systems, engine, chassis and transmission electronics. Vendors in the circuit protection market include Siemens AG, Bel Fuse, General Electric Company Schneider Electric SE, Larsen & Toubro Ltd., Toshiba, Texas Instruments, Inc., Littelfuse, Eaton Corp., ABB Ltd., SIBA, and S&C Electric Company.
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