Electric Fuse Market Size to grow at over 4.50% CAGR To 2024
Posted by Mayur Yeole on March 25th, 2021
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 size is projected to reach USD 4.26 billion by 2024, registering approximately 4.50% CAGR during the assessment period (2019 -2024). 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.
Additionally, technological advancements and increasing demand for effective and advanced fusing technology boost the electric fuse market's size. Robust growth in the construction industry and the emergence of advanced electric fuses to ensure safety impact the market growth positively. Rising safety concerns associated with photovoltaic systems and distributed energy resources create substantial market demand. Furthermore, the increasing adoption of renewable energy sources and rising investments in power generation boost the market's growth.
On the other hand, fluctuating prices and the demand-supply gap in raw materials are major factors projected to impede market growth. Nevertheless, the high demand for medium voltage fuse due to the continuous construction of transmission and distribution networks and high replaceability of fuses would support the market growth throughout the review period.
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 electric fuse 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 market of electric fuse 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.
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.
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About the AuthorMayur Yeole
Joined: February 8th, 2021
Articles Posted: 565
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