Thermal Protector Market to Expand with Significant CAGR during 2031

A thermal protector is a device, which protects the motor, compressor, and transformer of electronics from raised temperatures. It disconnects the current at preset temperatures and re-establishes the current when the temperatures return to normal. According to the International Energy Agency, worldwide energy utilization increased by 4.6% in 2021, twice the normal rate in 2018. In addition, around 40% of electricity is being used to power electric motors. This was driven by the strengthening of the global economy in the past few years and the increase in demand for electricity. Furthermore, power demand is growing at a rate of 4%, and the share of electricity in global energy consumption is estimated to reach 24% by 2040. With growing electricity requirements, the demand for electric products is expected to increase simultaneously, which is likely to drive the growth of the thermal protector market globally.

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In addition, with an 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 a surge in the growth of the overall economy. China is the main driver for the growth of the 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 a wide range of industries that are essentially used to produce finished goods

The rise in the demand for electronic equipment and the upgradation of existing grid networks across the globe will propel the demand for the Thermal Protector market. The growth of the global thermal protector market is further driven by the expansion of the industrial, commercial, and residential sectors. Along with this, the increase in the consumption of electrical equipment in applications such as building & construction, power transmission & power distribution, building, construction, and mining boosts the growth during the thermal protector market forecast period.

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The global thermal protector industry is segmented into applications and regions. Depending on the application, the thermal protector market analysis is fragmented into the motor, compressor, transformer, and others (coffee pots, automatic toasters, laminators, electric water pots, steam guns, steam irons, wind warmers, microwave ovens, 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.

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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%.

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