Circuit protection devices (CPDs) are used to safeguard low voltage devices from latch ups or damage caused by lightning or electrostatic discharge (ESD). The primary goal of circuit protection devices are safety and reliability. Safety is assured by CPDs by disconnecting power in circuit in case of overvoltage or overcurrent which further eliminates electrocution and fire threats. A circuit breaker or a fuse is usually installed as CPD to prevent a wire conductor from overheating and damaging the electronic equipment and circuitry. Overheating results when too much amperage travels through a wire conductor which could generate enough heat to melt and burn wire insulation and nearby materials.
Circuit protection devices are integrated into various types of equipment including computers and laptops, cell phones, medical equipment, game systems, ATM machines, DVD players, battery packs, computer peripherals, set top boxes, modems, wireless communication systems, portable electronics, and network systems to avoid reduction in lifespan and for better efficiency. In automotive vehicles, CPDs are used to enhance driving assistance, passenger comfort, and safety.
Growing consumer awareness regarding the quality and standards of electronics products and growth of the global electronics industry are some of the factors expected to boost the global circuit protection market. Rising awareness about user-safety has generated significant demand for more advanced circuitry protection technologies. Growth of the electronics industry especially electric utilities and consumer electronics driven by product differentiation and development is anticipated to have huge impact on the circuit protection market. The move toward more compact surface mount designs have made Integrated Circuits (ICs) become further vulnerable to electrical surges through circuits, making circuit protection very important.
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The rapid growth of smart portable appliances with faster processors, improved sensitivity, better power densities, and extended battery life is also fueling the market growth. Rise in prices of raw materials used in circuit protection devices is expected to be the limiting factor for the growth of the market. Furthermore, strict government regulations pertaining to use of SF6 circuit breaker technology is also likely to hinder the market growth. IoT technology applications in which smart sensors are used to streamline data collection is expected to present huge market growth opportunity.
The global circuit protection market is segmented on the basis of type of protection, device, end-use, and region. On the basis of type of protection, the circuit protection market is segmented into overcurrent, overvoltage, and electrostatic discharge. Owing to growing adoption of overcurrent protection solutions, the overcurrent sub segment is likely to hold significant market share in the coming years. On the basis of device, the market is divided into ESD protection, fuses, circuit breakers, and surge protection devices. The circuit breakers segment is further divided into vacuum circuit breakers, SF6 circuit breakers and others.
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By end-use, the market is classified into automotive, construction, electrical equipment, energy and others. Need to pass regulatory standards of testing by various types of electronics components and durable or nondurable electronic consumer goods is expected to drive the market from electrical equipment sub segment. Geographically, the circuit protection market can be segmented into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Substantial growth of consumer electronics in Asia Pacific, especially in emerging economies including China, Japan, and India is anticipated to drive the regional circuit protection market over the forecast period.
The global circuit protection market has a large number of players, though with technical advancements, the market is expected to witness new entrants from developing regions. Some of the key players in the market are Siemens AG, ABB Ltd., Schneider Electric, Eaton Corp. PLC, Mitsubishi Electric Corp., On Semiconductor Corp., Rockwell Automation Inc. General Electric Company, Larsen & Toubro Ltd. and Texas Instruments Inc.
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