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Electric Fuse Market Analysis & Growth Projections 2024
Electric Fuse Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
Growth in consumer electronics is expected to propel the growth of the electric fuse market going forward. Consumer electronics refers to any electronic gadget designed for everyday, private, or professional use by consumers or end users. Electric fuses in consumer electronics act as crucial safety components, preventing damage to devices by interrupting the electrical circuit in case of overcurrent or short circuits. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, with sales surpassing $60 billion for the first time in company history in 2022, LG recorded its biggest annual revenue ever, up 12.9% from 2021, when sales for the first time went over approximately $52.70 billion. The LG Home Appliance & Air Solution Company had revenue of $22.5 billion in 2022, up 10.3% from the previous year. Therefore, growth in consumer electronics is driving the growth of 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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Major Key Players of the Market:
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
Electric Fuse Market 2024 Key Insights:
• 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%.
• Rising Electricity Consumption Propels Electric Fuse Market Growth
• Technological Advancements Drive Innovation In The Electric Fuse Market
• Asia-Pacific was the largest region in the electric fuse market share in 2023
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