Thermal Protector Market Expected to Reach $88,744.9 thousand by 2031—Allied Market Research

The global thermal protector market size was valued at $59,971.2 thousand in 2022, and is projected to reach $88,744.9 thousand by 2031, registering a CAGR of 4.5% from 2022 to 2031.

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 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. Furthermore, Asia-Pacific is anticipated to dominate the market 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 global thermal protector industry is segmented into application and region. Depending on application, the thermal protector market analysis 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 thermal protector market growth is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global thermal protector market include Calco Electric, Dongguan Henghao Electric Co., Ltd. Guangzhou Senbao Electrical Appliances Co., Ltd. , Haier Smart Home Co. Ltd. Jiangsu Changsheng Electric Appliance Co., Ltd. , Portage Electric Products, Inc., Sensata Technologies, Inc., Seki Controls, Thermtrol Corporation, and Tianyin Electromechanical.

IMPACT OF COVID-19 ON GLOBAL THERMAL PROTECTOR MARKET

• Emergence of COVID-19 pandemic had a moderate impact on the growth of the global Thermal Protector market trends.
• This impact is primarily attributed to significant disruptions in the supply chain and shutdown of the manufacturing and end-use industries such as electronic equipments and consumer goods, hence resulting in decline in demand for thermal Protector during this period.
• However, with the opening of market after gradual lifting of lockdown and increase in consumption of electronic equipment’s will support the market demand for thermal protectors

Key findings of the study

• On the basis of application, the motor segment is anticipated to exhibit the highest CAGR of 4.9% from 2022 to 2031.
• Asia-Pacific garnered the highest thermal protector market share of 45% in 2021, in terms of revenue, and is expected to grow at a CAGR of 4.8%.