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.
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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 passes thorugh it.
Competitive Landscape
Hubbell (US), Little Fuse (US), Schneider Electric (France),
Mersen (France), Bel Fuse (US), G&W Electric (US), Siemens (Germany), Eaton
(Ireland), S&C Electric Company (US), ABB (Switzerland), and Legrand
(France) are the notable players in the electric fuse market.
Electric Fuse Market Segmentation
The global electric
fuse market
has been segmented based on type, voltage, end-use, and region.
On the basis of
type, the global market is segmented as power fuse & fuse link,
distribution cut-outs, and cartridge & plug fuse. The power fuse & fuse
link segment is expected to dominate the market during the forecast period.
On the basis of
voltage, the global market has been segmented into low, medium, and high
voltage. The medium voltage segment is expected to dominate the market during
the forecast period.
On the basis of
end-use, the global market is segmented as utilities, industrial, residential,
and commercial. The utilities segment is expected to dominate the market during
the forecast period due to the rising safety issues related to photovoltaic
systems and distributed energy resources, which would drive the demand for
electric fuses from the utilities.
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.
Increasing
investment in smart grid infrastructure along with high expenditure on the
development of transmission & distribution network infrastructure is faring
well for the growth of the Asia Pacific electric fuse market. The recent years
have witnessed heightened infrastructure development activities, especially the
development of renewable power generation, which has further boosted the demand
for electric fuse within the market. China is a key contributor to the APAC
electric fuse market. The region witnessed the highest number of installations
of renewable power generation and distribution capacity, which generated
massive demand for electric fuse in the region. Furthermore, heightened
investment in power infrastructure in countries such as Australia, Indonesia,
and India are driving the growth of the electric fuse market in the region.
North America
is anticipated to be the second largest electric fuse market. Accelerated
investment in transmission and distribution lines is favouring the growth of
the North America market. The US is the largest country-specific market within
North America, which is propelled the presence of major market leaders in the
region who are actively engaged in product development, product launch, and
innovations. Ongoing efforts to update electrical gird and widespread adoption
of renewable energy sources has propelled the growth of the market in the US.
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