The global Circuit Protection Market size is expected to reach USD 71.64 billion by 2028, expanding at a CAGR of 6.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to benefit from the growing need to upgrade power transmission and distribution networks and establish renewable energy connectivity. The rising demand for advanced circuit protection equipment in the automotive, electronics, and telecommunications sectors can be attributed to growing safety concerns related to short circuits and damage resulting from power fluctuations.
Increasing
access to electricity in developing countries, rising construction and
infrastructure development activities, and the growing number of renewable
power generation projects are also driving the market growth. Moreover, in the
automotive sector, continued urbanization and the strong emphasis passengers
are putting on safety and security in the wake of the growing number of
vehicles on the road are driving the adoption of circuit protection devices.
The
unabated growth in the world population, continued economic growth, and rapid
urbanization have triggered an increased demand for electricity globally.
Continued industrialization and urbanization are contributing to the increased
demand for energy in developing countries. The United Nations (UN) expects the
world population to grow from 7.6 billion in 2017 to 9.7 billion by 2050.
Electricity demand is also anticipated to rise in line with the rising levels
of household income, the continued electrification of the transportation
sector, the growing demand for air conditioning in the wake of the rising
temperatures, and the proliferation of digitally connected devices. Moreover,
the growing need for additional generation capacity can open new opportunities for
market growth over the forecast period.
Related Press
Release@ Circuit
Protection Market Report
Circuit Protection Market Report Highlights
- The power
generation segment is anticipated to expand at a CAGR of 5.6% over the
forecast period. The increased implementation of IT technologies in
several operations in the power generation sector is necessitating the
appropriate power management of IT products for better performance. This
is expected to drive the demand for circuit protectors in the power
generation segment
- In terms of
application, the commercial and residential building segment is poised to
expand at a CAGR of 6.4% during the forecast period. The need and
importance of circuit protection devices are continuously increasing in
commercial and residential buildings due to increasing incidences of
accidents and losses caused by electrical faults and short circuits
- In terms of
channel, the retail segment is estimated to account for significant market
size in terms of revenue by 2028, register a CAGR of 6.2% during the forecast
period. Many suppliers provide training sessions and certifications
pertaining to installation and servicing to distributors, retailers, and
installers based in the country. The certified distributors and installers
have become a part of an authorized distributor/installer network post the
training
- The market
in the Asia Pacific is anticipated to register the highest CAGR of 7.8%
over the forecast period. The growth in construction activities and the
growing adoption of renewable power generation sources, such as wind and
solar, have led to the increased demand for circuit protection devices in
the region
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based research
across a range of industries including technology, chemicals, materials,
healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment