Medium Voltage Fuse Market Rapid Urbanization in APAC Augurs Well for Future
The TMR report identifies ABB Ltd., Eaton Corporation, Bel Fuse, Inc., Littelfuse, Inc., DF Electric, SIBA GmbH, Fuseco Inc., IPD Group Limited, General Electric, Mersen S.A, Fusetek, Pennsylvania Breaker, LLC, Powell Industries Inc., and Mitsubishi Electric as some of the leading companies of the global medium voltage fuse market, whereas Toshiba Corporation, Schneider Electric SA, Driescher Eisleben, LSIS Inc., and Denco Fuses are some of the other notable vendors.
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As per the projections of the TMR report, the demand in the global medium voltage fuse market will augment at a CAGR of 5.3% during the forecast period of 2017 to 2025, estimating it to be worth US$3,194.8 mn in 2025, considerably up from its evaluated valuation of US$2,116.3 mn in 2017.
In the near future, the key companies are expected to strategically concentrate on geographical expansion as well as acquisition of smaller players in order to maintain their position over the intense competitive landscape.
Local players from developing economies are steadily penetrating the mature markets with low cost offerings and players from developed economies defend their market share by responding with their own offerings with slashed prices to compete with the low cost strategy of smaller players. Thereby, increasing the risk of stagnation of companies from the intensive price-based competition in near future.
Based on type, current limiting fuses serves the maximum demand in the global medium voltage fuse market, owing to increasing adoption of these fuses, which are primarily used for overcurrent protection in electric distribution systems.
The current limiting fuses are further sub-segmented into E-Rated Fuses, R-Rated Fuses, PT Fuses/ E-Rated PT Fuses, and C-Rated Fuses. Application-wise, transformers contributed the majority of revenue share in 2015, which is a reflection of growing demand for fuses in transformers for large scale decentralization of power grids in many regions across the globe. Geographically, North America is most lucrative region, whereas Asia Pacific is projected for most prominent growth rate.
Need for Reliable Power Transmission Driving Demand
With rapid urbanization in developed as well as emerging economies alike, the demand for electricity and reliable power transmission escalating, and thereby providing a strong traction to the global medium voltage fuse market.
Electricity is at the backbone of many sectors and almost a basic need of humanity. With technological advancements, electricity production is promising to meet the requirements and consequently, the steps are being taken for efficient power transmission process.
The global medium voltage fuse market is also expected to grow from the demand arising from the growing construction and automotive sector. This driver is more prominent in the Asia Pacific region, rather than North America. Moreover, the increased expenditure and initiatives on renewable energy resources are also expected to bolster the growth of the global medium voltage fuse market.
Substantial Cost Obstructing Prosperity in Developing Regions
The construction of infrastructure requires substantial investments, which a number of emerging economies fail in, particularly for their rural areas.
Countries such as India has vast landscape with humongous population and consequently, widespread opportunities for the vendors of the medium voltage fuse market. Though the government is focused, unless this unmet demand is fulfilled, the market will continue to suffer in the recent future.
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