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Electric Fuse Market Report

RA03687

Electric Fuse Market by Voltage (Low, Medium, and High), End-use (Residential, Commercial, Industrial, and Transportation), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA03687

Pages: 221

Dec 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Electric Fuse Market

Global Electric Fuse Market Analysis

The global electric fuse market is predicted to garner $7,848.9 million in the 2021–2028 timeframe, growing from $4,295.0 million in 2020, at a high CAGR of 8.2%.

Market Synopsis

Increasing electric consumption, rising investment in smart cities, and renewable energy sources are the key factors expected to drive electric fuse market.

However, government interference and environmental clearances in implementing grid expansion projects are likely to restrain the growth of the global industry during the forecast period.

According to the regional analysis of the market, the Asia Pacific electric fuse market is anticipated to grow at a CAGR of 8.9%, by generating a revenue of $3,117.9 million during the review period.

Electric Fuse Overview

An electric fuse is an electrical safety device that is used to limit current in an electrical circuit and protect the source from overcurrent. These fuses are made of silver, copper, and tin alloys that melt when exposed to high temperatures. Electrical fuse is a self-sacrificial, low-resistance gadget assembled in the fuse box that is used to disrupt a circuit. Fuse and circuit breaker have been employed as an important safety device, and electrical utility companies consider them to be excellent equipment against high voltages. Electric fuses are required in automobiles due to the incorporation of variety of electric components. Moreover, these electric fuses protect home appliances, industrial machinery, and electronic tools against incorrect current fluctuations by reducing and managing the electric load.  

COVID-19 Impact on Electric Fuse Market

The COVID-19 epidemic has moderately impacted the expansion of the electric fuse market. This slump is mostly due to economic contractions, which have resulted from a halt in investments from a variety of end-use industries. For example, the impact of the COVID-19 pandemic on the mining industry is yet unknown; the crisis is wreaking havoc on supply networks and commodity demand with each passing day. Across major commodities, significant price decreases have been witnessed, although in certain cases, prices have remained quiet. For example, metallurgical and thermal coal consumption has declined, while gold and iron ore demand has soared. Also, mining industry has slumped owing to which production of metals used in manufacturing electric fuse has decreased in last couple of years.

However, increasing investments in renewable energy sector by the governments across the world is likely to recover and foster the market growth in the post-pandemic period.

Increasing Global Investments in Energy Sources for Electricity Generation are likely to Drive the Market Growth

With an improving economy, more industry activity, and optimistic government policies, demand for electricity is steadily increasing. Governments all around the world are putting in place a variety of cutting-edge initiatives, such as providing 24x7 power, expanding power producing capacity, and upgrading current distribution infrastructure. In addition, with further technological advancement and investment in the sector of power generation, energy generation, transmission, distribution, and trade are likely to see rapid transformation.

Global energy investment totaled more than USD 1.8 trillion in 2017, according to the International Energy Association. Over USD 750 billion was spent on the electrical industry, with the remaining USD 715 billion spent on global oil and gas supplies. Furthermore, according to the Statistical Review of World Energy Report 2018, electricity generation increased by 2.8% in the last ten years, with emerging economies accounting for about 94% of the increase. Renewable energy provided for the biggest share of total energy generated, at 49%, or over half of total power generation. The fuse is widely employed in power generation and distribution to disconnect the power supply from a malfunctioning system, providing critical overload and short-circuit protection. As a critical component of an electric system, rising investment in power generation and related infrastructure is propelling the worldwide fuse market forward.

To know more about global electric fuse market drivers, get in touch with our analysts here.

Smart Grid Vision and Other Alternatives such as MCBs and MCCBs to Restrain the Growth of the Global Industry

Electric fuse has long been an important component of circuit protection equipment in end-user industries. In the low-voltage market, however, there has been a substantial transition from the usage of electric fuse to miniature circuit breaker (MCBs) and molded case circuit breaker (MCCBs), as these circuit protection devices are more dependable, safe, reusable, sensitive, have a superior interface, and do not require manual intervention. The market's growth is likely to be limited by MCBs, MCCBs, protective relays, and increased investments in smart grid vision.

Planned Power Generation across Nations to Foster the Growth of Electric Fuse

Unless extended and strengthened, planned power generation capacities are anticipated to impose strain on the existing power grid. According to the World Energy Council, at least 2,000 GW of new power producing capacity is required globally, with an additional 1,000 GW necessary to replace outdated infrastructure within the next decade. These capacity increases necessitate the construction of new, updated, and extended T&D infrastructure. The majority of existing electricity infrastructure in several affluent countries is outdated and in need of replacement. Electric fuse is primarily used in medium-voltage substations for feeder and distribution line protection, preventing transient short circuits from causing long-term power outages and ensuring that consumers have a consistent supply. The electric fuse market is expected to grow in the near future as current substations and feeder line protection are upgraded.

To know more about the global electric fuse market opportunities, get in touch with our analysts here.

Electric Fuse Market
By Voltage

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Based on voltage, the electric fuse market has been sub-segmented as low, Medium, and high of which the Medium sub-segment is projected to generate the maximum revenue with the substantial growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The medium sub-segment is predicted to have a dominating market share in the global market with a revenue of $1,943.0 million in 2020 and register a revenue of $3,453.2 million during the forecast period, growing at a CAGR of 7.9%. Fuse having the capacity to open circuit at voltages ranging from 1 kV to 38 kV are considered to be in the medium voltage range. The constant construction of transmission and distribution networks, as well as the high replaceability of fuses, have resulted in a significant demand for medium voltage fuses. Electric utilities, transformers & substations, distribution networks, and heavy industries such as the oil & gas industry are the primary end users of medium voltage fuses. Medium voltage fuses are mostly power fuses that are used for current limitation, motor circuit protection, and backup protection against default current.

The low sub-segment is predicted to have highest growth rate in the global market with a revenue of $965.7 million in 2020 and register a revenue of $1,854.6 million during the forecast period, growing at a CAGR of 8.9%. The usage of low voltage fuses has a number of advantages, including safety and prevention from damage caused by short circuits. This benefit is driving the growth of the low voltage fuse. Other advantages of low voltage fuse devices include ease of assembly, installation, and disassembly, all of which can help to market expansion.

Electric Fuse Market
By End Use

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Based on end-use, the market has been segmented into Residential, commercial, industrial, and transportation. Among the mentioned sub-segments, the transportation sub-segment is predicted to show the fastest growth and Residential sub-segment is expected to garner a dominant market share.

Source: Research Dive Analysis

The residential sub-segment of the global electric fuse market share is projected to be dominant and surpass $3,180.5 million by 2028, with an increase from $1,806.7 million in 2020. The constantly expanding construction market, which includes both commercial and residential structures, is likely to fuel electric fuse market demand. A vast number of electrical equipment, such as linked appliances, attractive lighting, air-conditioning facilities, security appliances, and so on, are found in modern infrastructures. These developments are likely to enhance the market growth in the segment.

The transportation sub-segment of the global electric fuse market forecast is projected to have highest growth rate and reach $974.4 million by 2028, with an increase from $489.8 million in 2020. In transportation sector, electric fuse is in high demand due to the global railway industry's rapid growth and development. Furthermore, demand for electric fuse from tractions is being driven by the rapid commercialization of transportation infrastructure such as electric trains and metros in emerging countries. Furthermore, in the near future, development of high-speed trains, freight wagons, and bullet trains across the world will provide prospects for electric fuse.

Electric Fuse Market
By Region

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The electric fuse market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Electric Fuse Market in Asia-Pacific to be the Fastest Growing

The Asia-Pacific electric fuse systems market accounted $1,624.6 million in 2020 and is projected to register a revenue of $3,117.9 million during the forecast period. Increasing per capita consumption of electricity, as a result of increased urbanization and industrialization, the construction sector, and demand for improved electric and electronic equipment, is predicted to drive rapid expansion in the Asia-Pacific region throughout the projection period. Furthermore, the electric fuse market is expected to rise due to a strong manufacturing base and rising investment in power generation and infrastructure development in the region's developing economies.

Competitive Scenario in the Global Electric Fuse Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Electric Fuse Market

Source: Research Dive Analysis

Electric fuse market share has been accounted by key players including ABB Ltd., Siemens AG, Schneider Electric SE, Fuji Electric Co., Ltd, Eaton Corporation Plc, Littelfuse, Inc., Mersen S.A, Bel Fuse Inc., SCHURTER AG, and Conquer Electronics Co., Ltd.,. The market is considerably fragmented and accounted by large number of small players. The majority of the main vendors provide all-encompassing suites with a wide variety of features.

In January 2019, Mersen, an electrical power company, launched the Class RK1 product series of fuses. The newly designed product is perfect for manufacturing facilities and stands out from existing fuses thanks to its durability, high-reliability performance, and arc flash mitigation capabilities. Through such advances, the corporation is committed to extend its product offering.

Porter’s Five Forces Analysis for the Global Electric Fuse Market:

  • Bargaining Power of Suppliers: Availability of raw material in abundance and manufacturers having variety of choices for procurement, the bargaining power of suppliers is low. Also, the switching cost for electric fuse manufacturers being low and availability of scope for backward integration, the overall bargaining power of supplier decreases.
    Thus, the bargaining power of the suppliers is low.
  • Bargaining Power of Buyers: The buyers gain significant amount of bargaining power as industry provides wider range of electric fuse options from large number of manufacturers. Also, the low switching cost for buyers is less and low product differentiation offered by companies gives bargaining power to buyers. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: In electronics industry, there are very few entry barriers owing to economies of scale, giving new entrants the opportunity to begin their venture. However, technological up-gradated products offered by the key manufacturers would slightly impede the entry of new startups.
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: In terms of competition, circuit breakers can be used as safety device in the event of power surge. Circuit breakers and protective relays are substituting electric fuse in existing medium-voltage infrastructures because these devices are more reliable and can be automated (avoid manual intervention). However, the substitute cannot be considered a complete switch because electric fuse is much less expensive, and effective in comparison.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The market is primarily fragmented with large number of small players and few number of large players. Owing to price differentiation, low entry barriers, and low capital investment competition rivalry in the market is likely to be high over the forecast period. 
    Therefore, the competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Low
  • Medium
  • High

  Segmentation by End-use

  • Residential
  • Commercial
  • Industrial
  • Transportation

  Key Companies Profiled

  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • Fuji Electric Co., Ltd
  • Eaton Corporation Plc
  • Littelfuse, Inc.
  • Mersen S.A
  • Bel Fuse Inc.
  • SCHURTER AG,
  • Conquer Electronics Co., Ltd.

Frequently Asked Questions
 

A. The global electric fuse market size was over $4,295.0 million in 2020 and is projected to reach $7,848.9 million by 2028.

A. The electric fuse market share is accounted by key players namely ABB Ltd., Siemens AG, Schneider Electric SE, Fuji Electric Co., Ltd, Bel Fuse Inc., SCHURTER AG, Eaton Corporation Plc, Littelfuse, Inc., Mersen S.A, and Conquer Electronics Co., Ltd.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future. Electric fuse has been leading investment opportunity amongst various sectors such as residential and commercial infrastructure, and transportation.

A. Asia-Pacific region accounts for largest market share of 37.83% in 2020 in electric fuse market.

A. An electric fuse is a device that prevents current from flowing in an electric circuit.

A. A fuse is an electrical safety device that protects an electrical circuit from overcurrent damage.

A. A little segment of wire with a low melting point and high resistance is used as an electric fuse. The circuit is protected from overloading and short circuiting by the device. A fuse wire can be constructed of pure tin or a copper-tin alloy.

A. An electric fuse is an electrical device that resists the flow of current in a circuit.

A. The valuation of electric fuse market is estimated at USD 7 billion by 2027.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By type trends
2.3.By application type trends
2.4.By function type trends 
2.5.By end-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.End Use landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Strategic overview

4.Electric Fuse Market, by Voltage

4.1.Low

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Medium

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.High

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Electric Fuse Market, by End Use

5.1.Residential

5.1.1.Others Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Commercial

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Industrial

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4. Transportation 

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

6.Electric Fuse Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Voltage, 2020-2028
6.1.2.Market size and forecast, by End Use, 2020-2028
6.1.3.Market size and forecast, by Country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Voltage, 2020-2028
6.1.5.2.Market size and forecast, by End Use, 2020-2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by Voltage, 2020-2028
6.1.6.2.Market size and forecast, by End Use, 2020-2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Voltage, 2020-2028

6.1.7.3.Market size and forecast, by End Use, 2020-2028

6.2.Europe

6.2.1.Market size and forecast, by Voltage, 2020-2028
6.2.2.Market size and forecast, by End Use, 2020-2028
6.2.3.Market size and forecast, by Country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028

6.2.5.Germany 

6.2.5.1.Market size and forecast, by Voltage, 2020-2028

6.2.5.3.Market size and forecast, by End Use, 2020-2028

6.2.6.UK

6.2.6.1.Market size and forecast, by Voltage, 2020-2028
6.2.6.2.Market size and forecast, by End Use, 2020-2028

6.2.7.France

6.2.7.1.Market size and forecast, by Voltage, 2020-2028
6.2.7.2.Market size and forecast, by End Use, 2020-2028

6.2.8.Italy

6.2.8.1.Market size and forecast, by Voltage, 2020-2028
6.2.8.2.Market size and forecast, by End Use, 2020-2028

6.2.9.Spain

6.2.9.1.Market size and forecast, by Voltage, 2020-2028
6.2.9.2.Market size and forecast, by End Use, 2020-2028

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Voltage, 2020-2028
6.2.10.2.Market size and forecast, by End Use, 2020-2028

6.3.Asia-Pacific

6.3.1.Market size and forecast, by Voltage, 2020-2028
6.3.2.Market size and forecast, by End Use, 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028

6.3.5.China

6.3.5.1.Market size and forecast, by Voltage, 2020-2028
6.3.5.2.Market size and forecast, by End Use, 2020-2028

6.3.6.Japan 

6.3.6.1.Market size and forecast, by Voltage, 2020-2028
6.3.6.2.Market size and forecast, by End Use, 2020-2028

6.3.7.India 

6.3.7.1.Market size and forecast, by Voltage, 2020-2028
6.3.7.2.Market size and forecast, by End Use, 2020-2028

6.3.8.South Korea

6.3.8.1.Market size and forecast, by Voltage, 2020-2028
6.3.8.2.Market size and forecast, by End Use, 2020-2028

6.3.9.Australia 

6.3.9.1.Market size and forecast, by Voltage, 2020-2028
6.3.9.2.Market size and forecast, by End Use, 2020-2028

6.3.10.Rest of Asia Pacific

6.3.10.1.Market size and forecast, by Voltage, 2020-2028
6.3.10.2.Market size and forecast, by End Use, 2020-2028

6.4.LAMEA

6.4.1.Market size and forecast, by Voltage, 2020-2028
6.4.2.Market size and forecast, by End Use, 2020-2028

6.4.3.Latin America 

6.4.3.1.Market size and forecast, by Voltage, 2020-2028
6.4.3.2.Market size and forecast, by End Use, 2020-2028

6.4.4.Middle East

6.4.4.1.Market size and forecast, by Voltage, 2020-2028
6.4.4.2.Market size and forecast, by End Use, 2020-2028

6.4.5.Africa

6.4.5.1.Market size and forecast, by Voltage, 2020-2028
6.4.5.2.Market size and forecast, by End Use, 2020-2028

7.Company profiles

7.1.ABB Ltd

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.Siemens AG

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Schneider Electric SE

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.Fuji Electric Co

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.Eaton Corporation Plc.

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.Littelfuse, Inc.

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.Mersen S.A

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Bel Fuse Inc.

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.SCHURTER AG

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.Conquer Electronics Co., Ltd

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

From the early days, fuses have been used as an essential safety device and is considered as an ideal equipment from power utility companies. An electric fuse is a component utilized to protect the electrical components from high currents. A metal strip or wire melts when high current flows through it and is an essential component of an electric fuse. It is used for short circuit and overload protection in low voltage and high voltage installations. Some of the advantages of electric fuse include, lesser operation time, zero maintenance, and the ability to interfere short circuit current without producing smoke or noise.

COVID-19 Impact on Electric Fuse Market

The outbreak of COVID-19 across the globe has moderately impacted the global electric fuse market growth. The impact on the market is majorly owing to the economic contractions which has led to a halt in investments from several end-use industries. For example, the crisis created due to coronavirus pandemic is wreaking havoc on commodity demand and supply networks with each passing day. Significant decrease in prices have been witnessed across major commodities, although in some cases, prices have remained quiet.

However, the governments of many countries across the globe as well as international organizations are instrumental in investments around renewable energy sector. According to International Energy Agency (IEA), renewable energy sources values for the biggest share of investment in power generation, with investment of more than US$350 billion by 2023. These factors are likely to prosper the electric fuse market growth in the post-pandemic period.

Electric Fuse Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global electric fuse market growth in the upcoming years.

For instance, in In January 2019, Mersen, the global expert in electrical power & advanced material, launched the electric fuse product series, ‘Class RK1 Reducer Fuses’. Ideal manufacturing facilities, the newly developed product has high-reliability performance, arc flash mitigation, and durability features to distinguish it from other fuses. The company aims to to expand its product portfolio through such innovations and developments.

In February 2021, Mersen completed the acquisition of the final 50% of Fusetech, a manufacturer of DIN LV, MV fuses, and fuses accessories, from Hager Group, its joint venture partner and took full control of the company. This acquisition will help Mersen to strengthen its manufacturing efficiency on the electric fuse market in Europe, and to integrate a high-performance site for manufacturing its future product ranges.

In June 2021, MTA, the electric mobility specialist acquired 80% share of EDN, an Italy-based leader in the design & manufacturing of On-Board battery Chargers (OBCs) and power converters for electric vehicles. The product portfolio of MTA supplied to OEMs, manufacturing electric & hybrid vehicles, ranges from 48V fuses and high voltage fuses and fuse holders to power distribution connectors and units.

Forecast Analysis of Global Electric Fuse Market

The global electric fuse market is projected to witness an exponential growth over the forecast period, owing to technological advancements and rising investments in the sector of power generation, transmission, energy generation, trade, and distribution across the globe. Conversely, environmental clearances and the government interference in implementing grid expansion projects are expected to hamper the market growth in the projected timeframe.

The increasing electric consumption, growing investments in smart cities and renewable energy sources are the significant factors and electric fuse market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global electric fuse market is expected to garner $7,848.9 million during the forecast period (2021-2028). Regionally, the Asia-Pacific market is estimated to observe fastest growth by 2028, owing to the rising per capita electricity consumption due to increased industrialization and urbanization in the region.

Key Players in the Global Electric Fuse Market

  1. ABB Ltd.
  2. Siemens AG
  3. Schneider Electric SE
  4. Fuji Electric Co., Ltd
  5. Eaton Corporation Plc
  6. Littelfuse, Inc.
  7. Mersen S.A
  8. Bel Fuse Inc.
  9. SCHURTER AG
  10. Conquer Electronics Co., Ltd.

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