June 22, 2024
Circuit Protection Market

The Rising Adoption of Electronics Drives the Global Circuit Protection Market

Circuit protection is necessary to safeguard sensitive electronic circuits and components from electrical faults and overcurrent conditions that can damage electronic systems or cause fires. Circuit protection devices such as circuit breakers, fuses, Electronic Protected Devices (EPDs), and inductors are widely used across various end-use industries like automotive, construction, electronics & electrical, power generation & distribution, and other industrial verticals to protect circuits from short circuits and overloads. The rising adoption of advanced electronics like smartphones, tablets, computers, industrial control systems among others have significantly increased the demand for circuit protection devices in recent years.

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 growing adoption of IoT devices across industrial sectors is one of the major trends driving the growth of the circuit protection market. IoT devices require robust circuit protection mechanisms to prevent damages from electrical faults. Manufacturers are focused on developing miniature circuit protection devices with advanced features to meet the requirements of small IoT devices. Furthermore, the rapid growth of the electric vehicle industry is boosting demand for efficient circuit protection components made using innovative materials that can withstand high voltages in electric vehicles. Technologies like Type-C connections that support high-power delivery are also driving innovations in circuit protection devices.

Porter’s Analysis

Threat of new entrants: Low. The circuit protection market requires high R&D investments and regulatory compliances which make it difficult for new players to enter.

Bargaining power of buyers: High. The market has several national and international vendors providing circuit protection solutions giving buyers higher bargaining power.

Bargaining power of suppliers: Moderate. While key raw materials used in circuit protection devices are commoditized, some electronic components originate from few suppliers giving them moderate bargaining power.

Threat of new substitutes: Low. Alternatives provide limited functionality against overcurrent, short circuits etc. making circuit protection devices indispensable.

Competitive rivalry: High. The market has several global and regional players differentiating via innovations, pricing and service quality leading to high competitive rivalry.

Key Takeaways

The global Circuit Protection Market Share is expected to witness high growth over the forecast period. 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

comprises- Asia Pacific region dominates with over 35% revenue share majorly led by China and India. Rapid infrastructure development and increasing electronics manufacturing is surging demand for circuit protection devices in the region. North America and Europe follow Asia Pacific in terms of market share.

Key players

operating in the circuit protection market are Pidilite Industries Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, and BASF SE. Pidilite Industries and Akzo Nobel lead the protective coatings segment while Sika and BASF dominate the concrete admixtures segment. The key players are focused on developing innovative and sustainable solutions to gain competitive advantage.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it