Portland, OR, July 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thermal protector market was estimated at $59.97 million in 2021 and is expected to hit $88.77 million by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rapid expansion of the industrial, commercial, and residential sectors drives the growth of the global thermal protector market. On the other hand, 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 factor impedes the growth to some extent. However, rise in consumption of electrical equipment in applications such as building & construction, power transmission & power distribution, building, construction, and mining has supplemented the growth even more.
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Covid-19 scenario-
- The outbreak of the pandemic resulted in complete shutdown of manufacturing facilities, which do not come under essential goods, due to the prolonged lockdown across the world, which in turn impacted the global thermal protector market negatively.
- The pandemic influenced the global economy in the commercial and industrial spheres.
- However, as the global situation is getting back on track, the market has also started restoring at a gradual pace.
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The global thermal protector market is analyzed across application and region. Based on application, the motor segment contributed to more than two-fifths of the total market revenue each in 2021, and is projected to lead the trail by 2031. The same segment would also exhibit the fastest CAGR of 4.9% during the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global market. The same region would also manifest the fastest CAGR of 4.8% throughout the forecast period.
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The key market players analyzed in the global thermal protector market report include Portage Electric Products, Inc., Thermtrol Corporation, Haier Smart Home Co. Ltd., Guangzhou Senbao Electrical Appliances Co., Ltd., sensata technologies, inc., Calco Electric, Dongguan Henghao Electric Co., Ltd., Seki Controls Co., Ltd., Tianyin Electromechanical, and Jiangsu Changsheng Electric Appliance Co., Ltd. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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