Electrical Fuses Market: Production Enterprise To Become Main Application Phase In North North America
Growth in the North America electrical fuses has been robust, primarily because the region boasts rapid technological advancements, economic growth, and a sizeable increase in population. Moreover, the construction industry in North America has reported considerable growth in the last few years in response to the increasing spending on housing infrastructure. This is subsequently boosting sales opportunities for electrical fuses manufacturers in the region
Bolsted by these factors, the market for electrical fuses in North America is expected to have a CAGR of 6.0% between 2016 and 2024, forecasts Transparency Market Research (TMR). As per TMR, the North America electrical fuses market stood at US$1.84 bn in 2015 and is expected to reach US$3.09 bn by the end of 2024.
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Expansion of Automotive and Construction Sectors in the U.S. Boosts Application of Electrical Fuses
The U.S., Canada, and Mexico make the most lucrative markets for electrical fuses in North America. Among these nations, the U.S. held the largest share in the market in 2015. The rising demand for electrical fuses from the automotive and construction sectors of the country has catapulted it to the forefront of the North America electrical fuses market. In the same year, Canada emerged as the second-largest market for electrical fuses in North America, trailed by Mexico. The electrical fuses market in the U.S. is poised to reach US$2,152.0 mn by 2024 from a valuation of US$1,291.6 mn in 2015. The market is therefore poised to exhibit a CAGR of 5.9% from 2016 to 2024.
Additionally, in countries such as Mexico and the U.S., the production of vehicles has substantially increased, which has positively influenced the application of electrical fuses in the automotive sector.
Construction Industry to Emerge as Leading Application Segment for Electrical Fuses in North America
As a result of urbanization and industrial development, demand for electricity and reliable power delivery systems has been persistently increasing in North America. This has in turn given the sales of electrical fuses across the automotive and construction sectors a fillip. Electrical fuses are used across these industries to ensure safety during electricity transmission and distribution across these segments.
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The construction segment led the North America electrical fuses market in 2015 in terms of revenue. In that year, the segment accounted for a dominant share of 40.3% in the market. By volume as well, the segment led the North America electrical fuses market in 2015, with a share of 45.4%.
Furthermore, the advent of electrical vehicles also provides considerable opportunities for the market’s growth in North America. The increasing willingness among consumers to spend on hybrid and electrical vehicles is likely to bolster the applications of electrical fuses in EVs and hybrid vehicles.
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Some of the leading companies in North America electrical fuses market include General Electric,ABB Ltd, Eaton Corporation, S&C Electric Company, Schneider Electric SA, G&W Electric Company, Mitsubishi Electric, Siemens AG, Bel Fuse Inc., Mersen S.A and Littelfuse, Inc., among others.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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