Thermal Protector Market

Thermal Protector Market Research, 2031

The global thermal protector market size was valued at $59,971.2 thousand in 2021, and is projected to reach  $88,774.9 thousand by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

COVID-19 pandemic resulted in complete shutdown of manufacturing facilities, which do not come under essential goods, due to continued lockdown in almost all over the world. The pandemic negatively influenced the global economy in all commercial and industrial sectors this resulted in negative imact on thermal protector market.

Thermal protector is a device, which protects the motor, compressor, and transformer of electronics from raised up temperatures. It disconnects the current at preset temperatures and re-establishes the current when the temperatures returns to normal. According to the International Energy Agency, worldwide energy utilization increased by 4.6% in 2021, twice than the normal rate in 2018. In addition, around 40% of electricity is being used for power electric motors. This was driven by strengthening of global economy in past few years and increase in demand for electricity. Furthermore, power demand is growing at the rate of 4%, and share of electricity in global energy consumption is estimated to reach 24% by 2040. With growing electricity requirement, the demand for electric products is expected to increase simultaneously, which is likely to drive the growth of the thermal protector market forecast globally. In addition, with exponentially increasing population, the demand for electricity is anticipated to escalate significantly, which eventually will foster the demand for electric appliances, thereby escalating the demand for thermal protectors.

According to the Central Electricity Authority India, power generation demand from thermal, hydro, and nuclear plants is expected to grow by 9.83% by 2030 and reached 1,356 million units in 2020. Thus, increase in power demand is expected to drive the market for electrical equipment and devices, which, in turn, will support the market growth for thermal protectors. The growth of the global thermal protector market is further driven by expansion of industrial, commercial, and residential sector. Along with this, increase in consumption of electrical equipment in applications such as building & construction, power transmission & power distribution, building, construction, and mining boosts the growth of the thermal protector market globally. Furthermore, rapid modernization in the electric grid is fueling the demand for electrical equipment, which will foster the demand for thermal protectors. However, fluctuations in raw material prices such as copper, aluminum, and steel lead to increase in electric motor prices, which, in turn, results in low demand for home appliances. This will eventually hamper the growth of the thermal protector market. The global thermal protector industry is segmented into application and region. Depending on application, the market is fragmented into motor, compressor, transformer, and others (coffee pots, automatic toasters, laminators, electric water pots, steam guns, steam irons, wind warmers, microwave ovens, and water dispensers). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

Asia-Pacific dominates the thermal protector market and consists of countries, such as China, India, Japan, and rest of Asia-Pacific. The developing nations in the region are predicted to witness a steady growth rate, owing to surge in growth of the overall economy. China is the main driver for the growth of Asia-Pacific thermal protector market. This is attributed to the fact that China is one of the largest consumers and producers of various home appliances and consumer electronics products. In addition, it is involved in exporting several input supplies to wide range of industries that are essentially used to produce finished goods

The Motor segment dominates the global Thermal Protector market share in 2022. The factors that drive the growth of the thermal motor protector market are increase in demand for electric motors in heating, ventilation, and air conditioning (HVAC) applications, owing to features such as high torque and lower noise level.

Impact of COVID-19 on thermal protector market

The COVID-19 pandemic has negatively affected the overall market and supply chain. COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV2) is transmitted among humans. It is a disease as same as flu symptoms including fever, cough, and difficulty in breathing. Since the outbreak in December 2020, the disease has spread to all over the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. COVID-19 pandemic resulted in complete shutdown of manufacturing facilities, which do not come under essential goods, due to continued lockdown in almost all over the world. The pandemic negatively influenced the global economy in all commercial and industrial sectors. Consumption declined due to lockdown imposed by respective government all over the word. It further disrupted the supply chain distribution. Correspondingly, governments have taken severe confinement measures, including shutting down buying markets, transport facilities, rallies, theaters, universities, and other crowd collecting spots.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermal protector market growth analysis from 2021 to 2031 to identify the prevailing thermal protector market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth thermal protector market analysis assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global thermal protector market trends, key players, market segments, application areas, and market growth strategies.

 Thermal Protector Market Report Highlights