Press release
Soaring Demand Set to Propel Electric Fuse Market to $5.91 Billion by 2029
Electric Fuse
What Is the Expected CAGR for the Electric Fuse Market Through 2025?
In recent times, there has been a consistent growth in the electric fuse market size. The market is projected to expand from a worth of $4.45 billion in 2024 to $4.64 billion in 2025, marking a compound annual growth rate (CAGR) of 4.3%. This growth during the historic period results from factors such as increasing urbanization and industrialization, the development of electrical infrastructure, progress in power electronics, devoted attention to safety and fire prevention, the rise in automotive electrification, a boom in consumer electronics demand, growth in the telecommunications sector, and improved consumer consciousness regarding electrical safety.
What's the Projected Size of the Global Electric Fuse Market by 2029?
Expectations are high for substantial growth in the electric fuse market in the coming years. The market is projected to escalate to $5.91 billion by 2029 with a compound annual growth rate (CAGR) of 6.2%. This growth during the predicted period can be credited to factors like upgrading of electrical equipment, heightened safety standard requirements, a swift increase in electric vehicles, amalgamation of energy storage systems, rising complexity of electrical circuits, the need for small and efficient fuses, and planning for resilience in electrical networks. The forecast period will also be marked by key trends such as technological evolution in fuse design, advancements in semiconductor technology, the digitization of power distribution, customization for particular applications, component miniaturization, developments in fuse materials, the growth of power distribution networks, and smart grid infrastructure.
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Top Growth Drivers in the Electric Fuse Industry: What's Accelerating the Market?
The surge in electricity usage is predicted to spur the growth of the electric fuse market. Electricity consumption, quantified in Wh (or kWh) over a particular period, is on the rise due to increasing population, economic progress, and technological advances. This rise necessitates the use of electrical fuses such as UL power fuses across various sectors like medical, industrial, lighting, power generation, appliances, climate control, and automobile to prevent superfluous use and reduce wastage by limiting the overflow. For example, projections by the US Energy Information Administration (EIA), a statistical arm of the US Department of Energy, suggest that by 2024, the contribution of renewables to electricity generation is predicted to increase from 30% in 2023 to 37% in 2026. This increase is largely due to the expansion of more affordable solar PV technology, further indicating that escalating electricity consumption will propel the electric fuse market during the projected period.
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What Trends Will Shape the Electric Fuse Market Through 2029 and Beyond?
The electric fuse market is experiencing a surge in popularity due to technological advancements. Major players in the market are manufacturing cutting-edge electric fuses compatible with electric vehicles to maintain a competitive lead. For example, Littelfuse, a leading American producer of circuit protection, unveiled a new range of high-voltage cartridge fuses (828 series) in May 2022, designed to provide enhanced over-current protection for electric vehicle designs. Certified to AEC-Q200 standards, these fuses are available in 500 through-hole and 300 bolt-down variants. Besides being RoHS-compliant, the fuses from Littelfuse are also lead-free and devoid of halogens. They can be utilized with printed circuit boards or screw-in assemblies, and can operate within a temperature range of -55 to 125 degrees Celsius. The fuses have been designed with integral standoff leads and bolt-down functions in their end caps, removing the need for additional mounting components or separate lead-forming procedures.
What Are the Main Segments in the Electric Fuse Market?
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
Subsegments:
1) By Industrial Power And UL Fuses: Industrial Power Fuses, UL Recognized Fuses
2) By Axial Radial Thru Hole Fuses: Axial Fuses, Radial Fuses
3) By Cartridge Fuses: Type C Cartridge Fuses, Type D Cartridge Fuses
4) By Surface Mount Fuses: Chip Fuses, Thin Film Fuses
5) By Specialty Power Fuses: Motor Protection Fuses, Overcurrent Protection Fuses, Automotive Fuses
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Which Top Companies are Driving Growth in the Electric Fuse Market?
Major companies operating in the electric fuse market 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.
Which Regions Will Dominate the Electric Fuse Market Through 2029?
Asia-Pacific was the largest region in the electric fuse market share in 2024. 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.
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