Electric Fuse Market Research Report by Type (Power Fuse & Fuse Link, Distribution Cutouts and Cartridge & Plug Fuse), by Voltage (Low, Medium and High), by End-Use (Utilities, Industrial, Commercial and Transportation) and by Region - Forecast till 2024
Electric Fuse Market Overview:
The electric fuse market size is projected to reach USD 4.26 billion by 2024 from an estimated USD 3.45 billion, at a CAGR of 4.50% from 2019–2024. Electric fuse is a device, which is used to protect load from overcurrent. An electric fuse consists of a metallic filament enclosed either in a ceramic, plastic or glass coating. The filament allows normal flow of current through it but in case of overload, the filament gets heated and breaks to stop the current flow. The various advantages of electric fuses include simple operation, less operation time compared to circuit breaker, no maintenance, and one of the cheapest types of protection in an electrical circuit.
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Electric Fuse Market Leading Players Analyzed are:
The key players operating in the global electric fuse market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Hubbell (US), Mersen (France), Bel Fuse (US), S&C Electric Company (US), Little Fuse (US), Legrand (France), and G&W Electric (US).
Electric Fuse Market Segmentation:
The global electric fuse market has been segmented based on type, voltage, end-use, and region.
On the basis of voltage, the global market is classified into low, medium, and high voltage. Medium voltage segment is expected to be the fastest growing segment in the electric fuse market. There is high demand for medium voltage fuse due to the continuous construction of transmission and distribution networks along with high replaceability of fuses.
On the basis of type, the global electric fuse market is segmented into power fuse & fuse link, distribution cutouts, and cartridge & plug fuse.
On the basis of end-use, the market is segmented into utilities, industrial, residential, commercial, and transportation. The transportation segment is estimated to register the highest growth rate during the forecast period.
The electric fuse market has been segmented into five regions, which are Asia-Pacific, North America, Europe, Middle East & Africa, and South America.
In 2018, Asia-Pacific held the largest share of the global electric fuse market, mainly due to the increasing investments in T&D network, rising investments in renewable energy sources, demand for automotive electronics, and high growth in construction sector. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increasing expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are experiencing growth due to the need for infrastructural development and rapid urbanization.
The market in North America is expected to be the second-largest owing to increasing demand for energy and modernization of infrastructure. The US is expected to dominate the North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some of the key players in Europe such as Legrand, Schneider Electric, and ABB. Germany is expected to dominate Europe due to the new electric fuse projects, especially designed for automotive systems. Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the Middle East & Africa and South America, respectively.
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