Circuit Protection Components Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 48.26 Billion |
| Market Size (2029) | USD 63.37 Billion |
| CAGR (2024 - 2029) | 5.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Circuit Protection Components Market Analysis
The Circuit Protection Components Market size is estimated at USD 48.26 billion in 2024, and is expected to reach USD 63.37 billion by 2029, growing at a CAGR of 5.60% during the forecast period (2024-2029).
- Circuit protection involves installing fuses and circuit breakers to protect low-voltage electrical devices during power fluctuations. Regular voltage fluctuations can damage equipment through electrostatic discharge and decrease its overall lifespan. Circuit protection devices (CPDs), such as circuit breakers, electrostatic discharge, fuses, and surge protection devices, are installed to eradicate the threats of electrocution and fire. They are crucial in manufacturing smartphones, computers, laptops, battery packs, communication systems, and portable electronics.
- With the beginning of 5G technology, players are concentrating on upgrading the telecom infrastructure by deploying various pieces of equipment capable of handling the heavy communication load. This equipment is costly and gets damaged due to voltage fluctuation or overheating, resulting in players opting for advanced current protection solutions to reduce product damage and save on additional costs. This high need for overvoltage protection and inrush current limiters from the telecom sector is anticipated to boost the target market's growth.
- For instance, in February 2022, the European Commission announced a new European Chips Act that will enable EUR 15 billion (USD 17.11 billion) in additional public and private investments until 2030.
- In June 2022, KYOCERA AVX launched a new interactive component search tool. It is available as a fixed navigation menu option on the KYOCERA AVX website and accessible via computer, tablet, or smartphone. The new component search tool allows users to quickly and easily explore an extensive selection of the company's proven portfolio of expertly engineered antennas, capacitors, circuit protection devices, filters, couplers, and inductors, as well as view and purchase available stock from its authorized distributor network.
- Further, in May 2022, Metrosil announced the launch of a unique range of pre-assembled CTPU enclosures. It allows for easy installation near the CT secondaries. Metrosil CTPUs, the world's overseeing CT open circuit protection components, can nowadays be ordered conveniently housed in welded sheet steel enclosures.
- The growing trend towards the electrification of vehicles has led to an increased demand for circuit protection devices, which ensure that the vehicle is safe for the passenger during all load situations that include overloads and collision events, short circuits, as well as quick charging and normal driving scenarios. As such, in May 2022, Eaton launched an electric vehicle battery circuit protection solution, the battery disconnect unit (BDU), that features Breaktor circuit protection technology to provide circuit protection in electrified vehicles.
Circuit Protection Components Market Trends
Automotive is Expected to Hold Significant Market Share
- The increase in hybrids and electric vehicles (EV-type cars) is rapidly reducing the environmental burden and increasing the number of ECUs (electronic control units), thereby leading to a more robust demand for electronic components whose miniaturization and further performance improvements have been rising. The growing market for these vehicles will offer further growth opportunities to circuit protection component manufacturers.
- In July 2022, a new set of European rules were introduced, requiring new vehicles to be equipped with a range of mandatory advanced driver-assist systems to improve road safety. The latest safety regulations will help to protect passengers, cyclists, and pedestrians across the EU, saving over 25,000 lives and avoiding at least 140,000 severe injuries by 2038.
- North America is one of the largest automotive hubs in the world. The region's economic growth has impacted the sale of passenger cars and commercial vehicles. Further, according to the US Department of Energy, in May 2024, the United States saw a surge in plug-in vehicle sales, with a total of 124,921 units sold. This figure comprised 98,797 Battery Electric Vehicles (BEVs) and 26,124 Plug-in Hybrid Electric Vehicles (PHEVs). Compared to May 2023, these sales marked a 3.2% increase. Notably, Plug-in Electric Vehicles (PEVs) accounted for 8.74% of all Light-Duty Vehicle (LDV) sales in the country for the month.
- Also, according to the China Association of Automobile Manufacturers, over 965,000 passenger automobiles and around 216,000 commercial vehicles were sold in China in April 2022; these numbers represent a 48% and a 42% decline, respectively, from the previous month. Such huge sales of vehicles will create an opportunity for the studied market to grow.
- Further, according to SIAM India, in 2023, India had produced 4.58 million passenger vehicles. The nation's automotive sector faced a downturn, attributed to both economic challenges and the reverberations of the COVID-19 pandemic, particularly in the financial years of 2020 and 2021.
Asia-Pacific is Expected to Register Significant Growth
- In recent years, India has witnessed remarkable growth in terms of the demand for and consumption of electricity. Growing urbanization and industrialization rates are among the primary factors behind this growth.
- Furthermore, the demand for circuit protection components is also expected to grow across their major end-user industries, such as automotive, consumer electronics, energy, and power, as these sectors are witnessing an upward trend.
- Further, China is also witnessing growth in terms of the adoption of electric vehicles. Growing awareness and various government-led initiatives are driving the sales of electric vehicles in the country. For instance, according to the China Association of Automobile Manufacturers (CAAM), in August 2023, China sold a total of 846,000 new energy vehicles. Of these, 808,000 were passenger electric vehicles, with the remaining 39,000 designated for commercial use. Breaking down the passenger electric vehicle segment further, sales figures stood at 559,000 units for battery electric vehicles (BEVs) and 248,000 units for plug-in hybrid electric vehicles (PHEVs).
- The government is also taking a number of initiatives to promote the growth of the Chinese automotive industry. For instance, in September 2022, the State Taxation Administration (STA), the Ministry of Finance (MOF), and the Ministry of Industry and Information Technology (MIIT) jointly announced the continuation of tax exemptions on purchases of new energy vehicles. Hence, with EV sales expected to sustain a similar growth pattern, the demand for circuit protection components across the country's automotive industry is also expected to grow further during the forecast period.
Circuit Protection Components Industry Overview
The circuit protection components market is fragmented and has several major players. These vendors with significant shares in the market are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market shares and profitability.
In May 2023, ProTek Devices announced the launch of a high-powered TVS array for board-level circuit protection in mobile devices, USB fast-charging voltage buses, batteries, and industrial equipment. The newly launched device intends to protect sensitive electronics from latch-up or damage due to electrical overstress, CDE, lightning, and ESD.
In November 2022, Siemens announced that it was expanding its generator circuit-breaker portfolio with a new compact version, the HB1-Compact (HB1-C). The versatile and highly customizable solution uses maintenance-free vacuum switching technology. These developments from vendors were expected to also drive the study market.
Circuit Protection Components Market Leaders
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ABB Ltd.
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Siemens AG
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Eaton Corporation PLC
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Schneider Electric SE
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
Circuit Protection Components Market News
- March 2024: Siemens launched a circuit protection device, the SENTRON ECPD (Electronic Circuit Protection Device), featuring advanced electronic switching technology. This device not only detects circuit faults but also swiftly switches off in case of errors, and can even trip the mechanical isolating contact downstream.
- December 2023: YAGEO Group introduces two new high-power transient voltage suppressor diodes: the TVS - SMAJ-HP6AT and the 1.5SMBJ-AT series. These diodes are designed to deliver exceptional overvoltage protection, emphasizing both power and reliability. The SMAJ-HP6AT series, housed in an SMA package, boasts an impressive 600W power capacity, surpassing the industry norm of 400W by 1.5 times.
Circuit Protection Components Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth in the Automotive Electronics Market
5.1.2 Growing Internet of Things (IoT) Market
5.2 Market Restraints
5.2.1 Rising Prices of Raw Materials
5.2.2 Environmental Regulations Pertaining to SF6 Circuit Breaker Technology
6. ANALYSIS OF VARIOUS CIRCUIT PROTECTION DEVICES
6.1 Circuit Breakers
6.2 Fuses
6.3 Inrush Current Limiter
6.4 ESD Protection Devices
7. MARKET SEGMENTATION
7.1 Type
7.1.1 Overcurrent Protection
7.1.2 Overvoltage Protection
7.2 End-user Industry
7.2.1 Electronics & Electrical Equipment
7.2.2 Automotive & Transportation
7.2.3 Industrial
7.2.4 Energy & Power
7.2.5 Other End-user Industries
7.3 Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Asia
7.3.4 Australia and New Zealand
7.3.5 Latin America
7.3.6 Middle East and Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 ABB Ltd.
8.1.2 Siemens AG
8.1.3 Eaton Corporation PLC
8.1.4 Schneider Electric SE
8.1.5 General Electric Company
8.1.6 On Semiconductor Corporation
8.1.7 Mitsubishi Electric Corporation
8.1.8 NXP Semiconductors N.V.
8.1.9 Rockwell Automation Inc.
8.1.10 Texas Instruments Inc.
8.1.11 BEL Fuse Inc.
8.1.12 Larsen & Toubro Ltd.
8.1.13 Littelfuse, Inc.
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. FUTURE OUTLOOK OF THE MARKET
Circuit Protection Components Industry Segmentation
Circuit protection components are devices that protect the circuit from overcurrent and overvoltage in the secondary circuits of electronic equipment. Chip-type protectors meet the requirements for high-density surface mounting technology and are more suitable for making compact equipment.
The study includes different types, such as overcurrent protection and overvoltage protection, for different end-user industries, including electronics and electrical equipment, automotive and transportation, industrial, and energy and power, in various geographies. The competitive landscape takes into account multiple companies' market penetration as well as their organic and inorganic growth strategies. For all of the above segments, market sizes and forecasts are provided in terms of value (USD).
| Type | |
| Overcurrent Protection | |
| Overvoltage Protection |
| End-user Industry | |
| Electronics & Electrical Equipment | |
| Automotive & Transportation | |
| Industrial | |
| Energy & Power | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Circuit Protection Components Market Research Faqs
How big is the Circuit Protection Components Market?
The Circuit Protection Components Market size is expected to reach USD 48.26 billion in 2024 and grow at a CAGR of 5.60% to reach USD 63.37 billion by 2029.
What is the current Circuit Protection Components Market size?
In 2024, the Circuit Protection Components Market size is expected to reach USD 48.26 billion.
Who are the key players in Circuit Protection Components Market?
ABB Ltd., Siemens AG, Eaton Corporation PLC, Schneider Electric SE and General Electric Company are the major companies operating in the Circuit Protection Components Market.
Which is the fastest growing region in Circuit Protection Components Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Circuit Protection Components Market?
In 2024, the North America accounts for the largest market share in Circuit Protection Components Market.
What years does this Circuit Protection Components Market cover, and what was the market size in 2023?
In 2023, the Circuit Protection Components Market size was estimated at USD 45.56 billion. The report covers the Circuit Protection Components Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Circuit Protection Components Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Circuit Protection Components Industry Report
Statistics for the 2024 Circuit Protection Components market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Circuit Protection Components analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Circuit Protection Components Market Report Snapshots
