Electric Fuse Market Overview
An
electric fuse is used in an electrical circuit to protect the electrical
devices against short circuits and overloads. It is one of the cheapest circuit
protection devices to interrupt an electrical circuit. The function of the fuse
is to allow the normal current to flow through the fuse and break the circuit
when a high magnitude current pass through it. The electric fuse market size is
projected to reach USD 4.26 billion by 2024 from an estimated USD 3.45 billion,
at a CAGR of 4.50% from 2019–2024.
Electric fuse is a device, which is used to protect
load from overcurrent. An electric fuse consists of a metallic filament
enclosed either in a ceramic, plastic or glass coating. The filament allows
normal flow of current through it but in case of overload, the filament gets
heated and breaks to stop the current flow. The various advantages of electric
fuses include simple operation, less operation time compared to circuit
breaker, no maintenance, and one of the cheapest types of protection in an
electrical circuit.
Industry Segmentation
On
the basis of voltage, the global market has been segmented into low, medium,
and high voltage. The medium voltage segment is the largest segment in the
market due to the continuous construction of T&D networks and the high
replaceability of fuses. The end users of medium voltage electric fuses are
utilities, transformers and substations, distribution networks, and heavy
industries.
On
the basis of type, the global market is segmented into power fuse & fuse
link, distribution cutouts, and cartridge & plug fuse. The power fuse &
fuse link segment is expected to dominate the electric fuse market, owing to
the rising demand for medium voltage fuses in T&D networks. On the basis of
end-use, the global market is segmented into utilities, industrial,
residential, and commercial. The utilities segment is expected to dominate the
electric fuse market during the forecast period.
Leading Players
The
key players of the global electric fuse market are ABB (Switzerland), Eaton
(Ireland), Schneider Electric (France), Siemens (Germany), Hubbell (US), Mersen
(France), Legrand (France), Bel Fuse (US), S&C Electric Company (US),
Little Fuse (US), and G&W Electric (US).
Regional Outlook
On
the basis of region, the global electric fuse market has been segmented into
Asia-Pacific, North America, Europe, the Middle East & Africa, and South
America.
The
growth of the electric fuse market in Asia-Pacific is driven by many factors
including the increasing investments in T&D, resulting in power
infrastructure development in the emerging economies of Australia, China,
Thailand, and India. Moreover, market players such as Legrand, ABB, and
Schneider Electric have signed contracts with industries to provide electric
fuse and necessary services. Furthermore, the rising safety concerns associated
with photovoltaic systems and distributed energy resources are other factors
driving the growth of electric fuse market, globally.
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