Albany, NY -- (SBWIRE) -- 11/13/2018 -- Circuit protection devices are used to safeguard electrical instruments during unpredicted electricity fluctuations. The power supply is intentionally interrupted by these circuit protection devices during overcurrent, overheating, and overvoltage conditions in order to save the equipment and user. Fluctuations in voltage or current can permanently damage the electrical instruments, and overheat can cause fire and harm humans and property. In automobiles, an electrical wiring system is installed to protect the highly sensitive electronic components.

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Miniaturization is a recent trend in the global circuit protection market. Many companies are primarily focusing on providing compact designs of circuit protection devices. With rapid growth in extremely slim and smart portable equipment with extended battery life, demand for circuit protection devices is increasing significantly to protect these devices from power fluctuations and blackouts. Companies are adding new value to their products in order to create hybrid parts that includes both over voltage and over current parts. Rising awareness about user safety is playing an important role in the growth of the circuit protection market. These days, awareness regarding safety is growing and hence demand for advanced circuit protection technologies is increasing rapidly. The increasing penetration of electronic devices has enhanced the demand for circuit protection devices. Rising number of automobiles is also driving the growth of the global circuit protection market. Automobiles currently are embedded with electronic systems such as transmission electronics, driver assistance, engine electronics, safety features, and passenger comfort systems in order to control the automobiles. All electronic components in automobiles are protected by installing an electrical wiring system. Factors such as construction of smart cities and developments in infrastructure in various regions, and rapid industrialization and urbanization in developing countries are expected to offer ample opportunities for the global circuit protection market in the near future. However, the high raw material costs and technical challenges faced by manufacturers are some factors that may hinder the growth of the global circuit protection market.

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The global circuit protection market can be segmented by protection type, device, end-use industry, and geography. On the basis of protection type, the market can be segmented into over voltage, over current, overheating, and electrostatic discharge (ESD). The over current protection segment is anticipated to expand significantly during the forecast period owing to the increasing requirements of electrical systems to reduce the occurrence of overcurrent. On the basis of device, the circuit protection market can be segmented by circuit breakers, fuses, and surge protection devices. The electrostatic discharge (ESD) segment is expected to expand at a significant rate over the forecast period owing to the characteristic of encountering overcurrent during short circuit or overload. In ESD, protection devices open up when current or voltage reaches its maximum value. The popularity of ESD is increasing due to its compact structure and advanced characteristics. Demand for ESD is rapidly increasing in transportation and automotive industry. In terms of end-use industry, the circuit protection market can be segmented by commercial and residential. Commercial segment includes construction, transportation, automotive and other. The commercial segment is expected to expand exponentially owing to the increasing adoption of protection circuits in construction industry. Geographically, the circuit protection market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South Africa. North America region is projected to contribute high revenue shares during the forecast period due to the developed economy and growing investments in construction and automotive industries. Demand for circuit protection devices in countries such as China and Japan is increasing owing to the growing technological advancements and industrialization.

The global circuit protection market includes a large number of players. Some of the key players are ABB Ltd., Siemens AG, General Electric Company, Larsen & Toubro Ltd., Eaton Corp., Schneider Electric SE, Texas Instruments, Inc., S&C Electric Company, NXP Semiconductors N.V., Mitsubishi Electric Corp., BEL Fuse Inc., and Rockwell Automation Inc.

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