Circuit protection are prime part of safety that include fuse and circuit breakers which are deployed in various equipment in case of unexpected power fluctuations. Voltage fluctuation damages electronic equipment reducing the life span of equipment and reducing the efficiency of the system. The designing and development of circuit protection system are in compliance with the safety and performance standards for electrical transmission, distribution network and electrical equipment.
Circuit protection have wide range of application in various industries including automotive, construction, transportation, electrical and electronic equipment and others. Circuit protection market in North America has maximum revenue share in global circuit protection market owing to the high technological advancement in countries such as the U.S. and greater disposable income of the population to invest in safety infrastructure.
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Circuit Protection Market: Drivers and Challenges
Increasing digitization in emerging regions leads to growth in adoption of automotive services. The urban population is prioritizing safety. The increasing usage of electronic devices such as smartphones, tablets, PCs has increased demand of circuit protection devices. These factors leads to growth of global circuit protection market. The infrastructural development in various regions and construction of smart cities leading to urbanization tend to offer ample opportunity for the global circuit protection market.
Environmental regulations formed the governing bodies tend to counter the innovation in circuit protection devices. Technical challenges during the manufacture of circuit protection system and increasing price of raw material hinder the manufacture of circuit protection system. These factors acts as challenge in the growth of global circuit protection market.
Circuit Protection Market: Segmentation
Circuit protection market can be segmented on the basis of product type, end-user and region
On the basis of product type, circuit protection market can be segmented into circuit breaker, fuses and others
On the basis of end-user sector, circuit protection market can be segmented into electric utility sector, industrial machinery sector, automotive sector and electrical and electronic equipment sector.
Circuit Protection Market: Regional Overview
Regionally, circuit protection market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa
North America and Western Europe regions hold the maximum revenue share in global circuit protection market. Emerging regions such as Asia Pacific excluding Japan, Eastern Europe showcases maximum potential owing to the smart building infrastructure in different countries of the region. Middle East and Africa and Latin America are expected to have significant growth during the forecast period for circuit protection market
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Circuit Protection Market: Competition Landscape
Few prominent players in the circuit protection market include:Siemens AG, ABB Ltd., Schneider Electric SE, ON Semiconductor Corp., NXP Semiconductors N.V, Rockwell Automation Inc., Texas Instruments Inc.,General Electric Company, and Larsen & Toubro Ltd.