Press release
Global Electric Fuse Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Schneider Electric SE, Siemens Aktiengesellschaft, Mersen S.A., ABB Ltd.,
Electric Fuse Global Market Report 2024
The electric fuse market size is expected to see strong growth in the next few years. It will grow to $5.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to electrical equipment modernization, increased stringency of safety standards, rapid growth in electric vehicles, integration of energy storage systems, increasing complexity of electrical networks, demand for compact and efficient fuses, resilience planning in electrical networks. Major trends in the forecast period include technological innovations in fuse design, advancements in semiconductor technology, digitalization of power distribution, customization for specific applications, miniaturization of components, advancements in fuse materials, expansion of power distribution networks, smart grid infrastructure.
Market Overview -
An electrical fuse refers to a safety device that is operated to offer protection against the overflow of current in an electrical circuit. A metal wire or strip is an important component of an electrical fuse that melts when an overcurrent flows through it. Stopping or interrupting the current, helps protect the device. The purpose of a fuse is to protect a circuit and any appliances connected to the circuit if the current exceeds the limit of the fuse due to voltage fluctuations or shorts.
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Rising Electricity Consumption Propels Electric Fuse Market Growth
The increasing electric consumption is expected to drive the electric fuse market. Electric consumption is the amount of electricity consumed over a specific period, expressed in Wh (or kWh). Electric consumption is increasing due to rising population, economic development, and technological developments. Electrical fuses such as UL power fuses are increasingly needed in a variety of industries such as medical, industrial, lighting, power generation, appliances, climate control, and automobiles that consume a lot of electricity to limit the overflow and reduce wastage. For instance, according to the US Energy Information Administration (EIA), a statistical agency of the US department of energy, the US consumed about 3.9 trillion kilowatt-hours (kWh) of electricity in 2021, about 2% more than in 2020. Thus, the increasing electric consumption will drive the electric fuse market in the forecast period.
Competitive Landscape -
Major companies operating in the electric fuse market report are Schneider Electric SE, Siemens Aktiengesellschaft, Mersen S.A., ABB Ltd., Eaton Corporation plc, Bel Fuse Inc., Littelfuse Inc., Legrand SA, S&C Electric Company, G&W Electric Company, SCHURTER Holding AG, Hubbell Incorporated, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., Bourns Inc., SIBA GmbH, EFEN GmbH, Hollyland Electronic Technology Co. Ltd., Pacific Engineering Corporation, AEM Components Inc., KYOCERA Corporation, Alstom SA, Maxwell Technologies LLC, OptiFuse, Protectron Electromech Pvt. Ltd., Xiamen SET Electronics Co. Ltd., Larsen & Toubro Limited, Pennsylvania Breaker LLC, Toshiba Corporation, TE Connectivity Ltd., Coromandel International Limited, Israel Chemicals Limited, K+S Aktiengesellschaft, ociedad Química y Minera de Chile S.A., Yara International ASA
Technological Advancements Drive Innovation In The Electric Fuse Market
Technological advancement is a key trend gaining popularity in the electric fuse market. Major companies operating in the market are developing technologically advanced electric fuses that are compatible with electric vehicles to gain a competitive edge in the market. For instance, in May 2022, Littelfuse, a US-based circuit protection manufacturer launched new 828 series high-voltage cartridge fuses, a type of electric fuses that provide superior overcurrent protection for automotive electric vehicle designs. 828 series high-voltage cartridge fuses comply with AEC-Q200 and are available in 500 through-hole and 300 bolt-down packages. In addition to being RoHS-compliant, the company's fuses are lead-free and free of halogens. Printed circuit boards or screw-in assemblies can be used with the fuse series, which operates between -55 and 125 degrees Celsius temperature range. The fuses eliminate the need for mounting components or lead-forming processes as they feature end caps with integrated stand-off leads and bolt-down functions.
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Key Segments -
The electric fuse market covered in this report is segmented -
1) By Product Type: Industrial Power And UL Fuses, Axial Radial Thru Hole Fuses, Cartridge Fuses, Surface Mount Fuses, Specialty Power Fuses
2) By Type: Power Fuse And Fuse Links, Distribution Cutouts, Cartridge And Plug Fuses, Other Types
3) By Voltage: Low Voltage, Medium Voltage
4) By End-Users: Utilities, Industrial, Residential, Commercial, Transportation, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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