USD 1.34 billion
Report ID:
SQMIG45K2020 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
64
|Figures:
75
Inrush Current Limiter Market size was valued at USD 1.34 billion in 2022 and is poised to grow from USD 1.46 billion in 2023 to USD 2.91 billion by 2031, at a CAGR of 9.00% during the forecast period (2024-2031).
Inrush current limiter, a thermistor produced from transition metal oxide material, that has been formed at extremely high temperatures, and can easily and effectively protect circuits of electrical and electronic devices against inrush currents as it is a component used to limit inrush current for keeping away from cumulative damage to components, blowing fuses or tripping circuit breakers. They exhibit several advantages over their alternatives that include offering a single-part solution. This eliminates the need for a resistor, relay, and timer, making it cost-effective and less complex. They are also more reliable because they do not contain moving parts nor require logic control; and are more cost-effective on account of power consumption during continuous operation.
The increasing demand from the power generation industry coupled with the increased usage of current limiters in industrial applications will surely drive the current limiter market during the forecast period. The scope is huge as its positive impact and benefits of inrush current limiters can be seen in current green energy applications which are continually expanding and developing since the last few years.
US Inrush Current Limiter Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.34 billion
Largest Segment
Raw Water Treatment
Fastest Growth
Boiler
Growth Rate
9.00% CAGR
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Global inrush current limiter market is segmented based on the age group, type and region. Based on type, global inrush current limiter market is segmented into negative temperature coefficient (NTC) thermistors, positive temperature coefficient (PTC) thermistors, and fixed resistors. Based on end-user, the inrush current limiter market is segmented into automotive, industrial, energy, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on type, global inrush current limiter market is segmented into negative temperature coefficient (NTC) thermistors, positive temperature coefficient (PTC) thermistors, and fixed resistors. The negative temperature coefficient thermistor segment can protect electronic circuits in several applications. Electronic equipment including transformers, electric motors, and others generate very high inrush currents when they are turned on, and that may lead to damage to other components. The segment is likely to lead the inrush current limiter market attributing to the electronics circuit protection applications; and is also anticipated to witness significant growth rate over the forecast years.
Positive temperature coefficient thermistors are temperature-dependent resistors based on special semiconductor ceramics with a high positive temperature coefficient (PTC). They produce relatively low resistance value at room temperature. When current flows through a PTC, the heat generated raises the temperature of the PTC. Once a certain temperature is exceeded, resistance of PTC rises significantly. This can be used to protect circuits or devices against overcurrent. In this case, the overcurrent brings the PTC to a high temperature and the resulting high resistance then limits the overcurrent.
Fixed resistors can also help to limit inrush current but they are less efficient, since the resistance falls from the value required to limit the inrush current. They are much more budget friendly than thermistors, and are found in most compact fluorescent lamps.
Analysis by End-user
Based on end-user, the inrush current limiter market is segmented into automotive, industrial, energy, and others. The industrial and energy segment is growing due to the adoption of inrush current limiters in electronic appliances and industrial equipment. Furthermore, increasing usage of inverters, wind turbines, and other energy systems is driving the sales of the segment.
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Asia Pacific is anticipated to lead the global inrush current limiter market owing to the several factors such as growing power generation projects using green energy systems, and household electronics like PCs, TV sets, home inverters. Moreover, the increased requirement of inrush current limiters in consumer electronics, medical, automotive, aerospace, and military sectors may also boost the market growth during the anticipated period. The need for intelligent buildings in developing countries in the region is bringing the need for protection from sudden power surges, which is further propelling current limiters growth rate. In addition, the increasing alternative energy sources for primary applications in India, China, Japan, and others are also responsible for the regional growth.
The North America and Europe region is significantly growing attributing to the increased demand for inrush current limiter in the automotive industry and electronics consumer.
The market is also growing due to the potential sales of the product for medical applications in Latin America.
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Drivers
Diverse Applications to Bolster Market Growth
Restraints
Resistance to Hinder Market Growth
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Global inrush current limiter market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global inrush current limiter market analysis, Asia Pacific (APAC) is growing at a rapid pace during the projection period thanks to the availability of major manufacturers across the region. The wide applications of the product in industrial power tools, machines with high current circulating are bringing its need to the large extent. Whereas, the presence of replacement of current limiting components may negatively affect the growth of the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1.34 billion |
Market size value in 2031 | USD 2.91 billion |
Growth Rate | 9.00% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Inrush Current Limiter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Inrush Current Limiter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG45K2020