Press release
Electric Fuse Market Growth Trends and Forecast 2024-2033
Electric Fuse Market
Electric Fuse Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $36.68 billion In 2028 At A CAGR Of 10.9% :
The electric fuse market size has grown strongly in recent years. It will grow from $4.24 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrialization and urbanization, growing electrical infrastructure, advancements in power electronics, safety and fire prevention, automotive electrification, increasing demand for consumer electronics, expansion of the telecommunications sector, consumer awareness on electrical safety.
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.
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Electric Fuse Market Major 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 Driver - 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.
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Prominent Trend - 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.
Electric Fuse Market Players
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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric fuse market share in 2023. North America was the second-largest region in the electric fuse market analysis. The regions covered in the electric fuse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Fuse Market Report Structure
3. Electric Fuse Market Trends And Strategies
4. Electric Fuse Market - Macro Economic Scenario
5. Electric Fuse Market Size And Growth
…..
27. Electric Fuse Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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