Global Electric Fuse Market Report and Forecast 2023-2030
The global electric fuse market is expected to reach USD 6194.09 Million by 2030, growing at a CAGR of over 5.6% during the estimated forecast year of 2023-2030.
Electric fuses are safety devices that
protect electrical circuits from overcurrent. They work by melting a metal
strip or wire when too much current flows through them, thereby breaking the circuit
and preventing damage to other electrical components.
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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