Electric Fuse Market Size Projected to Generate a Revenue of $9,246.30 Million by 2031Download Sample Reports Overview
The Global Electric Fuse Market is predicted to be valued at $9,246.30 million by 2031, surging from $4,508.90 million in 2021, at a noteworthy CAGR of 7.7%.
Impact Analysis of COVID-19 on the Electric Fuse Market
The pandemic of COVID-19 has slowed the growth of the electric fuse market. This slowdown is primarily due to economic contraction, which has been caused by a halt in investment from various end-use industries. The pandemic has caused a decrease in demand for electric fuses due to reduced economic activity and reduced investment in infrastructure projects. The closure of factories and other manufacturing facilities also disrupted supply chains, leading to a shortage of raw materials and components required for production. This has resulted in delays in delivery of electric fuses and increased costs for manufacturers. Despite these challenges, the electric fuse market has also seen some positive impacts from the pandemic. For example, the pandemic has accelerated the adoption of remote working and online learning, which has led to an increase in demand for electronic devices such as laptops and tablets. This increased demand has provided some opportunities for electric fuse manufacturers who supply these devices.
Global Electric Fuse Market Analysis
The fuse market is expanding rapidly as a result of fierce competition among existing players, increased spending on renewable energy sources, increased demand for power transmission equipment, and global industrialization and urbanization. Rising power demand is creating numerous opportunities for the fuse market to expand. Circuit breakers and fuses are increasingly necessary due to the rapid adoption of IT and IoT technologies across a variety of industries. Furthermore, the demand for electric fuses is anticipated to soar due to the fast-expanding construction market, which includes both commercial and residential buildings. Numerous electrical equipment, including linked appliances, aesthetically pleasing lighting, air-conditioning facilities, security appliances, and so forth. The demand for these devices is also anticipated to increase over the projected period as a result of rising circuit breakers and fuses in the automotive industry as well as rising energy consumption.
Electric fuses have long been an important component of end-user circuit protection equipment. However, in the low-voltage market, there has been a significant shift away from the use of electric fuses and towards miniature circuit breakers (MCBs) and molded case circuit breakers (MCCBs), as these circuit protection devices are more dependable, safe, reusable, sensitive, have a better interface, and do not require manual intervention. MCBs, MCCBs, protective relays, and increased investments in smart grid vision are likely to limit market growth.
The market for electrical fuses is expanding significantly, and this expansion can be attributed to rising investments in energy storage and renewable sources, expanding T&D infrastructure plans, and a resurgence of building industry investments. Electric fuses are frequently required by electrical utilities due to their brief lifespan and affordable duplication. The Energy Information Administration (EIA) reports that over the past ten years, U.S. investments in circuit protection devices have increased by more than 60%, opening up possibilities for electric utilities to use electric fuses. The demand for electric fuses from the companies is also being fueled by the growing safety concerns surrounding photovoltaic systems and distributed energy resources. Medium voltage electric fuses are preferred because the electric utilities run at high voltage levels of 11 kV, 22 kV, and 33 kV.
Global Electric Fuse Market, Segmentation
The global electric fuse market is segmented based on voltage, end-use, and region.
The voltage segment is further classified into low, medium, and high. Among these, the medium sub-segment accounted a dominant market share in 2021. The growing investment in electricity generation and development of electricity transmission and distribution networks, as well as the high replaceability of medium voltage fuses, account for the highest share of this segment. The fuse contacts are designed with a high breaking capacity to ensure that the current flows within certain parameters. This segment is expected to expand rapidly during the forecast period due to increased demand for medium voltage fuses in T&D networks, transformers, circuit and motor protection, industrial applications, and renewable energy generation and delivery.
The end-user segment is further classified into residential, commercial, industrial, and others. The expansion of the construction and residential industries, the need to extend the lifespan of electrical equipment, and the increased flow of electronic devices for the construction of smart cities are the major factors driving market growth. Furthermore, rising investments in electric fuse market for renewable energy storage, as well as increased power supply to rural areas, will boost the electric fuse market's growth rate. Increased investments in electric infrastructure, increased electrification of the automotive industry, and a growing emphasis on industrialization and urbanization will also have a positive impact on the market growth rate.
The electric fuse market in the Asia-Pacific region is projected to show the fastest growth in 2021. The region's market is expanding as a result of rising electricity demand, a growing population, and a shift in government priorities towards minimizing overload situations to guarantee a steady supply of electricity. Due to increasing per capita power consumption brought on by increased urbanization, industrialization, the construction industry, and demand for better electric and electronic equipment, Asia-Pacific is predicted to hold the largest market share during the forecast period. The market for electric fuses is also likely to grow as a result of the region's developing nations' increased investment in infrastructure and power production.
Key Players in the Global Electric Fuse Market
Some of the leading Electric Fuse market players are
- 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