The global electric fuse market witnesses substantial growth. The market growth attributes to the growing offshore investments in renewable power, T&D, and the construction industry. Increasing electrification substantiate the growth of the market, driving power consumption.
Besides, advantages of an electric fuse like zero maintenance, lesser operation time than the operation of a circuit breaker, and the ability to interrupt a short circuit current without producing noise or smoke escalate the market growth.
According to Market Research Future (MRFR), the global electric fuse market is projected to reach USD 6194.09 billion by 2030, registering approximately 5.6% CAGR during the assessment period (2023 -2030).
An electric fuse is used to safeguard electrical components from high currents. An electric fuse is used to protect electric parts from overload and short circuit during high voltage and low voltage installations. As a result, electric fuses enjoy colossal prominence, and its market garners exponential traction globally.
The growth of the electric fuse market is driven by several factors, including:
Rising investments in the renewable power industry: With the increasing focus on clean and sustainable energy sources, there has been a significant rise in investments in the renewable power industry. This has led to the development of new power generation projects, which in turn drives the demand for electric fuses
Growing electrification of the automotive industry: The automotive industry is undergoing a transformation towards electric vehicles (EVs) and hybrid vehicles. This shift towards electrification has increased the demand for electric fuses in automotive applications, such as battery management systems and power electronics
Increased spending on transmission and distribution infrastructure: The need for efficient transmission and distribution networks is driving investments in infrastructure development. This includes the installation of electric fuses for circuit protection and fault current interruption, ensuring the safety and reliability of the electrical grid
Strong growth in the electronics industry: The electronics industry is experiencing rapid growth, driven by advancements in technology and increasing consumer demand for electronic devices. Electric fuses are essential components in electronic circuits for protecting sensitive electronic components from overcurrent and short circuits
Revolutionary reforms in the global railway industry: The railway industry is undergoing transformative reforms, including the adoption of electrification for rail networks. This shift towards electric rail systems requires the installation of electric fuses for protection and control of electrical circuits in railway infrastructure
Major Players
Players leading the global electric fuse market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Hubbell (US), Siemens (Germany), Mersen (France), Bel Fuse (US), Legrand (France), G&W Electric (US), S&C Electric Company (US), and Little Fuse (US), among others.
Global Electric Fuse Market – Segmentation
The report is segmented into four dynamics;
By Type : Distribution Cutouts, Power Fuse & Fuse Link, and Cartridge & Plug Fuse.
By Voltage : Low, Medium, and High.
By End-Use : Utilities, Industrial, Commercial, Transportation, and others.
By Regions : Europe, North America, APAC, and Rest-of-the-World.
Global Electric Fuse Market – Regional Analysis
The Asia Pacific region dominates the global electric fuse market. The largest market share attributes to increased investments in the smart grid infrastructure development. Besides, substantial R&D investments, growing dependence on renewable power generation sources, and infrastructural activities substantiate the market size.
Moreover, burgeoning end-user industries such as automotive and electronics industries in the region drive market growth.
China holds the highest installed generation and distribution capacity led by the high demand for electric supply, resulting in an increased demand for the electric fuse. Similarly, growing power distribution in countries such as India, Australia, and Indonesia drives the regional market's growth. The APAC electric fuse market is expected to continue with its leadership throughout the forecast period.
North America holds the second largest share in the global electric fuse market. The market growth is driven by the growing construction projects and infrastructure development projects in the region. Additionally, the growing electronics sector and the electrical market drive the demand for the electric fuse in the region.
The US dominates the regional market, owing to the growing T&D lines. The North American electric fuse market is expected to register a significant CAGR during the assessment period.
Europe acquires a substantial share in the global electric fuse market. The market witnessing increased requirement of the wiring harness and other electrical components, in turn, increase the need for electric fuses. Also, factors such as the rapidly growing uses of electric instruments in healthcare foster the market's growth. Furthermore, vast adoption in rapidly growing utilities, industrial, commercial, transportation sectors in the region propels the market growth.
Global Electric Fuse Market – Competitive Analysis
Characterized by the presence of several fervent players, the global Electrical safety market size appears to be highly fragmented and competitive. Matured players incorporate collaboration, acquisition, partnership, technology launch, and expansion to gain a competitive advantage in this market.
These strategic initiatives support the growth and expansion plans of these players. On the product development and sales side, players invest in R&D, brand building, and building strong relationships with customers.
Industry/ Innovation/ Related News:
May 12, 2020 ---- Span.IO, Inc. (the US), a leading provider of electric products, announced receiving USD 10 MN funds for the mission to upgrade the lowly fuse box. Span develops and manufactures electric products to enable the rapid adoption of renewable energy and deliver an intuitive home interface.
The company is planning to pitch homeowners to upgrade the fuse box in mid-February 2021. The company has already sensed how tough things could be but was undeterred by the COVID19 crises and its potential implications on fundraising or its business.
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