Circuit Protection Components Market Size

Circuit Protection Components Market Analysis

The circuit protection components market was valued at USD 45.7 billion during the current year and is anticipated to reach USD 63.8 billion by the end of the forecast period, registering a CAGR of around 5.6% during the forecast period. The market is moderately affected due to the supply chain disruption and the halting of manufacturing and production units in Q1 and Q2 of 2020. After the pandemic, the market gradually increased because many governments in various regions pushed the semiconductor industry, which was expected to drive the studied market. For instance, in February 2022, the European Commission announced a new European Chips Act that will enable EUR 15 billion (USD 17.11 billion) in additional public and private investments until 2030.

• Circuit protection involves installing fuses and circuit breakers to protect low-voltage electrical devices during power fluctuations. Regular voltage fluctuations can damage equipment through electrostatic discharge and decrease its overall lifespan. Circuit protection devices (CPDs), such as circuit breakers, electrostatic discharge, fuses, and surge protection devices, are installed to eradicate the threats of electrocution and fire. They are crucial in manufacturing smartphones, computers, laptops, battery packs, communication systems, and portable electronics.
• With the beginning of 5G technology, players are concentrating on upgrading the telecom infrastructure by deploying various pieces of equipment capable of handling the heavy communication load. This equipment is costly and gets damaged due to voltage fluctuation or overheating, resulting in players opting for advanced current protection solutions to reduce product damage and save on additional costs. This high need for overvoltage protection and inrush current limiters from the telecom sector is anticipated to boost the target market's growth.
• In June 2022, KYOCERA AVX launched a new interactive component search tool. It is available as a fixed navigation menu option on the KYOCERA AVX website and accessible via computer, tablet, or smartphone. The new component search tool allows users to quickly and easily explore an extensive selection of the company's proven portfolio of expertly engineered antennas, capacitors, circuit protection devices, filters, couplers, and inductors, as well as view and purchase available stock from its authorized distributor network.
• Further, in May 2022, Metrosil announced the launch of a unique range of pre-assembled CTPU enclosures. It allows for easy installation near the CT secondaries. Metrosil CTPUs, the world's overseeing CT open circuit protection components, can nowadays be ordered conveniently housed in welded sheet steel enclosures.
• The growing trend towards the electrification of vehicles has led to an increased demand for circuit protection devices, which ensure that the vehicle is safe for the passenger during all load situations that include overloads and collision events, short circuits, as well as quick charging and normal driving scenarios. As such, in May 2022, Eaton launched an electric vehicle battery circuit protection solution, the battery disconnect unit (BDU), that features Breaktor circuit protection technology to provide circuit protection in electrified vehicles.