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/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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