Circuit Protection Components Market Report 2024 (Global Edition)

Global Circuit Protection Components Market Report 2024 Market Size Split by Type (Overcurrent Protection, Overvoltage Protection), by End-user Industries (Electronics & Electrical Equipment, Automoti...

Circuit Protection Components Market Report Description

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Competitive Landscape of the Circuit Protection Components Market 

There are several significant participants in the rather fragmented circuit protection components industry. Increasing their client base in international markets is a top priority for these market leaders. These businesses use smart joint ventures to boost their market shares and profits.

Circuit Protection Components Industry News

In January 2024, Bel Fuse Inc, a global pioneer in electronic circuit power, protection, and connection solutions, announced a senior leadership change. Steve Dawson has filled the position of president at Bel Power Solutions and Protection. After Dennis Ackerman's 37 years at the helm, Dawson will continue the company's growth and success. 

(Source: https://www.belfuse.com/news-detail/bel-announces-a-new-president-of-the-power-and-protection-segment)

In February 2024, ABB Ltd, announced that it would acquire SEAM Group, a market leader in energized asset management and advisory services for commercial and industrial building clients.

(Source: https://new.abb.com/news/detail/112652/abb-to-acquire-seam-group-to-expand-electrification-service-offering)

Top Companies Market Share in Circuit Protection Components Industry: (In no particular order of Rank)

• ABB Ltd.
• Bel Fuse Inc
• Schneider Electric SE
• Mitsubishi Electric Corporation
• Eaton Corporation plc
• General Electric Company
• Siemens AG
• Rockwell Automation
• Inc.
• Larsen & Toubro Limited
• NXP Semiconductors N.V.
• SCHURTER Holding AG
• Sensata Technologies Holding plc
• Texas Instruments 
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Circuit Protection Components Market 

Which Region Dominates the Circuit Protection Components  Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024, accounting for around 40% of the global revenue because of the trend towards upgrading and replacing older electrical systems with more modern ones. Rising concerns about equipment security are expected to drive demand for circuit protection solutions among electronic and telecommunications companies, fueling market expansion. As more and more homes and businesses adopt smart technologies, appliances, and electricals, the local circuit protection market is expected to witness expansion.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing category due to the increasing need for power in the area. The need for circuit protection products is predicted to rise due to the high energy demand caused by rapid urbanization and increasing building activity. Electric vehicle sales are rising in the region, another factor that could drive market expansion.

The current report Scope analyzes Circuit Protection Components Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Circuit Protection Components Market

According to Cognitive Market Research, the global circuit protection components market size was estimated at USD 47154.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 18861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030 because newer, more sophisticated electrical systems are gradually replacing their older counterparts in the region. The growing number of security breaches in electronic and telecommunications equipment will increase demand for circuit protection solutions, driving the market's expansion. The overcurrent equipment in North America is intricately tied to the expanding circuit protection components market. Overcurrent equipment and wire protection are necessities in any electrical system. When the current gets too high and could cause the conductors to heat up too much, an overcurrent protection device will open to prevent damage to the circuit. The market for overvoltage protection is experiencing expansion due to this reason. Market growth in North America is attributable, in part, to rising investments in the region's infrastructure.

Country Analysis

• According to Cognitive Market Research, the U.S. had a major share in the circuit protection components market, with a market size of USD 14881.87 million in 2024, projected to grow at a CAGR of 4.0% during the forecast period. This is major because the current industries in these areas are projected to undergo modernization and automation. 
• The Canada circuit protection components market had a market share of USD 2263.40 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. This is because state-of-the-art technology is used more frequently, and electric circuit units are being adapted for circuit protection components.
• The Mexico circuit protection components market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 1716.41 million in 2024.

 

Europe Circuit Protection Components Market

According to Cognitive Market Research, with a market value of USD 47154.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030, Europe accounted for a share of over 30% of the global market size of USD 14146.26 million because of the increasing need for renewable energy sources and electric automobiles. Several factors, such as the growing usage of industrial automation and investments in smart grid infrastructure, partly drive the market's rise. The surge in industrial platform sales across Europe is intimately linked to the burgeoning circuit protection components market. Users love industrial platforms because they are convenient and easy to use. Companies can now easily manufacture items in large quantities. In the days when machines were ubiquitous, people made most of their items by hand. It took a lot of time and energy, and using manual manufacturing methods was dangerous to the health and safety of the workers.

• The United Kingdom Germany circuit protection components market share of USD 983.52 million in 2024 is projected to grow at a CAGR of 3.5% during the forecast period. Due to the increasing mechanization of many economic units, circuit protection has become more important. 
• The France circuit protection components market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 538.59 million in 2024.
• According to Cognitive Market Research, the size of German circuit protection components market size was valued at USD 1159.14 million in 2024 and is projected to grow at a CAGR of 2.9% during the forecast period. This is major because the Increasing investment in infrastructure, commercial enterprises, and manufacturing has contributed to the region's rapid expansion. 
• The Italy circuit protection components market is projected to witness growth at a CAGR of 2.1% during the forecast period, with a market size of USD 503.47 million in 2024.
• The Russia circuit protection components market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 907.41 million in 2024.
• The Spain circuit protection components market is projected to witness growth at a CAGR of 1.8% during the forecast period, with a market size of USD 480.05 million in 2024.
• The Luxembourg circuit protection components market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 181.48 million in 2024.
• The Portugal circuit protection components market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 122.94 million in 2024.
• The Greece circuit protection components market is projected to witness growth at a CAGR of 3.0% during the forecast period, with a market size of USD 70.25 million in 2024.
• Rest of Europe circuit protection components market is projected to witness growth at a CAGR of 1.4% during the forecast period with a market size of USD 907.41 million in 2024.

 

Asia Pacific Circuit Protection Components Market

According to Cognitive Market Research, the global circuit protection components market size was estimated at USD 47154.2 Million, out of which Asia Pacific held the market of more than 23% of the global revenue with a market size of USD 10845.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2030 because the demand for electricity in the region is on the rise. The high energy consumption generated by fast urbanization and increased building activity are anticipated to rise, driving up the market for circuit protection equipment. The rising demand for circuit protection components in the Asia Pacific finds a pivotal ally in the growing preference for overvoltage protection. Overvoltage protection is crucial for an electrochemical cell to start the reaction. The target market is expected to experience expansion due to the rising demand for overvoltage protection and inrush current limiters in the telecom sector. Manufacturers of circuit protection devices are putting a lot of effort into developing new devices tailored to certain applications. Therefore, this market will likely grow.

• According to Cognitive Market Research, the China circuit protection components market size was valued at USD 4880.46 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. This is due to the growing number of smart grids installed and automated manufacturing processes.
• The Japan circuit protection components market is projected to grow at a CAGR of 6.5% during the forecast period, with a market size of USD 1496.67 million in 2024.
• The India circuit protection components market had a market share of USD 1301.46 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. This is due to an increase in the use of cutting-edge technology and a rise in the investment in building physical infrastructure.
• The South Korea circuit protection components market is projected to grow at a CAGR of 7.1% during the forecast period, with a market size of USD 1084.55 million in 2024.
• The Australia circuit protection components market is projected to grow at a CAGR of 7.7% during the forecast period, with a market size of USD 563.96 million in 2024.
• The South East Asia circuit protection components market is projected to grow at a CAGR of 9.0% during the forecast period, with a market size of USD 748.34 million in 2024.
• The Rest of Asia Pacific circuit protection components market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 770.03 million in 2024.

 

South America Circuit Protection Components Market

According to Cognitive Market Research the global circuit protection components market size was estimated at USD 47154.2 Million, out of which Latin America market has more than 5% of the global revenue with a market size of USD 2357.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2030 due to the increasing demand for power in the area. There will likely be a surge in demand for circuit protection devices due to the high energy consumption caused by rapid urbanization and increased building activities. The upswing in power and energy across Latin America is closely tied to the expanding circuit protection components market. the power and energy segment has grown substantially because power and energy are fundamental for many contemporary comforts, such as computers, transportation, communications, and state-of-the-art medical equipment. This essential need for affordable and dependable energy is even more pressing in emerging countries.

• According to Cognitive Market Research, the Brazil circuit protection components market size was valued at USD 1009.10 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. This is due to the growing demand for electrical appliances, smart technology, and circuit protection in private households and businesses, which is good news for the regional market.
• The Argentina circuit protection components market had a market share of USD 396.10 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. This is due to the general population's strong knowledge of circuit protection as a safety measure.
• The Colombia circuit protection components market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 209.84 million in 2024.
• Peru circuit protection components market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 193.33 million in 2024.
• The Chile circuit protection components market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 169.76 million in 2024.
• The Rest of Latin America's circuit protection components market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 379.59 million in 2024.

 

Middle East and Africa Circuit Protection Components Market

According to Cognitive Market Research, the global circuit protection components market size was estimated at USD 47154.2 Million, out of which Middle East and Africa held the major market of more than 2% of the global revenue with a market size of USD 943.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2030 because more people living in cities, more people building things, and more money going into initiatives that use renewable energy. The demand for this market in the region is anticipated to be driven by the increasing number of manufacturing and industrial trip units in the area. The rise of industrial platforms in the MEA region aligns with the flourishing circuit protection components market. The industrial segment has grown substantially due to industrialization, making it easier for companies to manufacture items in large quantities. Before machines were ubiquitous, workers often used their bare hands to make something. Manual production techniques were much more labor-intensive and dangerous for employees.

• According to Cognitive Market Research, the GCC Countries circuit protection components market size was valued at USD 403.64 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. This is due to the increasing urbanization and growing demand for circuit protection. The industry's focus on technological innovation also plays a key role in sustaining market growth and demand.
• The Egypt circuit protection components market is projected to grow at a CAGR of 6.0% during the forecast period, with a market size of USD 99.02 million in 2024.
• The South Africa circuit protection components market had a market share of USD 149.01 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. This is because developing a state-of-the-art digital infrastructure and other vital public works projects will drive economic growth in the area.
• The Turkey circuit protection components market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 81.11 million in 2024.
• The Nigeria circuit protection components market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 99.02 million in 2024.
• The Rest of MEA circuit protection components market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 111.28 million in 2024.

 

Circuit Protection Components Market Analysis

Circuit Protection Components Market Type Segment Analysis

According to Cognitive Market Research, overcurrent prevention held the major market share over the forecast period because it is useful for avoiding equipment damage and fire hazards. Hardware and other electrical components can be used for overcurrent protection, which controls or turns off current flow. Because of their simplicity, overcurrent relays are often more affordable than other forms of electrical protection. This is just one more perk of using these devices.

Overvoltage protection is the fastest-growing category over the forecast period because it provides the impetus for the reaction to get beyond the obstacle stopping it from continuing. So, to initiate the reaction in an electrochemical cell, the overvoltage is essential. Overvoltage protection and inrush current limiters are in high demand in the telecom sector, which is projected to drive growth in the target market. This market is anticipated to experience expansion because circuit protection manufacturers are concentrating on releasing new application-specific devices.

• Overcurrent Protection
• Overvoltage Protection

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Circuit Protection Components Industry. Request a Free Sample PDF!

Circuit Protection Components Market  End-User Industry Segment Analysis

According to Cognitive Market Research, energy and power hold a prominent market share because they are essential for various modern conveniences, including computers, transportation, communications, and cutting-edge medical equipment. The necessity for reliable and inexpensive energy is even more fundamental in developing nations. Power plants that produce nuclear energy, wind turbines, solar panels, and dams are among the many sources that contribute to electricity generation. The portability of energy sources is a major benefit.

Industrial is the fastest-growing category over the forecast period because of industrialization; it is now much simpler for businesses to produce goods in large quantities. Workers used their bare hands to create goods before mechanization became commonplace. The time and effort required for manual manufacturing methods were substantial, and there was also the risk to workers' health and safety. 

• Electronics & Electrical Equipment
• Automotive & Transportation
• Industrial
• Energy & Power
• Other End-user Industries

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion