Circuit Protection Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Circuit Protection Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The circuit protection market size has grown rapidly in recent years. It will grow from $50.06 billion in 2023 to $55.41 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to electronics industry growth, increased demand for automotive electronics, increased in industrial automation, growth of the infrastructure development, and increased consumer electronics demand.

The circuit protection market size is expected to see rapid growth in the next few years. It will grow to $83 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to increasing smart grid implementation, solar and wind power generation, miniaturization and microelectronics, data center expansion, increasing safety and reliability concerns. Major trends in the forecast period include technological advancements, internet of things (iot), 5g technology rollout, industrial iot (iiot), and introduction of energy storage technologies.

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Market Drivers and Trends:

The growing demand for smartphones, PCs, laptops, and tablets is expected to drive the growth of the circuit protection market. Circuit protection is used to protect a device from damage caused by excessive flow of current. This situation can occur in electronic devices such as smartphones. By installing circuit protection, such a situation can be avoided. In April 2021, according to the report published by Canalys, a market analyst firm, PC sales have remained stagnating for years due to the rise of smartphones. Over the last year, global shipments of desktops, laptops, and workstations have surged by 55%. The raw numbers-82.7 million units-make it the company's highest first-quarter shipment order since 2012. Notebook and mobile workstation shipments have surged by 79% year over year to 67.8 million units. Therefore, the rising demand for smartphones, PCs, and tablets drives the circuit protection market growth.

Product launch shaping the circuit protection market. Companies are creating new and advanced products to satisfy market needs. For instance, in July 2022, ABLIC Inc., a Japan-based semiconductor company, launched the 4-/5-Serial Cell S-82B4/B5 Series and S-82C4/C5 Series of Battery Protection ICs. These lithium-ion battery protection ICs are designed to protect battery packs from overcharge, over-discharge, overcurrent, and short-circuit conditions.

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Major Key Players of the Market:

ABB Ltd., Alstom SA, Bel Fuse Inc., Eaton Corporation plc, General Electric Company, Hitachi Ltd., Keko-Vericon Sp. z o.o., Larsen & Toubro Limited, Mitsubishi Electric Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens Aktiengesellschaft, Texas Instruments Incorporated, Altech Corporation Pty. Ltd., Automation Systems Interconnect Inc., Bourns Inc., Carling Technologies Inc., CBI-electric: low voltage (Pty) Ltd., CHINT Electric Co. Ltd., Cooper Bussmann LLC, Delta Electronics Inc., E-T-A Circuit Breakers GmbH, Fuji Electric Co. Ltd., Hager Group, Legrand SA, Leviton Manufacturing Co. Inc., Littelfuse Inc., Lovato Electric S.p.A., Mersen S.A., Phoenix Contact GmbH & Co. KG

Circuit Protection Market 2024 Key Insights:

• The circuit protection market size is expected to see rapid growth in the next few years. It will grow to $83 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Explosive Growth In The Consumer Electronics Fuels Circuit Protection Market
• Ablic's Innovative Battery Protection Ics Revolutionize Circuit Protection Market
• North America was the largest region in the circuit protection market in 2023

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