According to the report titled ‘Global Circuit Protection Market Size study, by Type (Overcurrent Protection, Overvoltage Protection, ESD Protection), Device (Circuit Breakers, Fuses, ESD Protection Devices, Surge Protection Devices), Industry (construction, automotive and transportation, electronics and electrical equipment, industrial, energy, and others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global circuit protection market was valued at USD 44.7 billion in 2020 and is projected to grow at a healthy rate of 6.7% from 2021 to 2027, thus reaching USD 70.4 billion by the end of analysis timeframe.
 

Rising number of linked devices with higher risk of system failure in consort with higher demand from sectors like automobile and electronics & electrical are catalyzing the growth of global circuit protection market.
 

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With advancements in electrical equipment, several sectors are placing a greater emphasis on circuit protection and overall equipment security. Circuit protection ensures the protection from overvoltage, electrostatic discharge, short circuits, and electromagnetic interference to secure the wellbeing and dependability of electrical equipment.
 

Despite the positive outlook, the manufacturing of circuit protection equipment has been hampered by geopolitical movements and trade disputes, as well as varying degrees of lockdowns imposed in different parts of the world to curb COVID-19 spread. As a result of the scarcity of resources, raw material costs rose, causing order delays or cancellations leading to stifling of the worldwide circuit protection industry.
 

Considering the geographical scope, the market is bifurcated into North America, Latin America, Europe, and Asia Pacific. The demand for circuit protection in North America is likely to increase in the coming years, owing to rising concerns about the safety of electronics and communications equipment, coupled with investments in infrastructure development activities. 
 

Parallelly, Asia Pacific is anticipated to offer major development opportunities to the market player over 2021-2027, on account of increased construction activities, and widespread demand for renewable energy sources like wind and solar. Growth in end-user sectors such as automotive and agriculture, as well as rising energy consumption due to rapid urbanization are likely to contribute to market expansion in the area throughout the forecast period. 
 

Speaking of the competitive landscape, top-tier players in worldwide circuit protection market include General Electric Company, ABB Ltd., Eaton Corporation plc, Bel Fuse Inc., Rockwell Automation Inc., Larsen & Toubro Limited, Schneider Electric SE, NXP Semiconductors N.V., Mitsubishi Electric Corporation, and Siemens AG among others.