Global Electric Fuse Market Overview
The key driver impacting the electric fuse market is the huge investments in the renewable energy industry and transmission and distribution infrastructure, which will likely augment the need for an electric fuse in the forecast period. For instance, in the U.S., the Edison Electric Institute (EEI) members had invested around $21.9 billion in transmission infrastructure in 2017. Moreover, it is expected to invest a further $89 billion in the transmission system during 2021. Similarly, As per the Institute For Energy Economics And Financial Analysis, India's transmission network capacity increased at a compounded average growth rate of 12% between 2013 to14 and 2017-18. Also, The Indian government planned investment of US$2.15bn to electrify around 212 million households under the ‘Saubhagya' scheme. It is a project which aims to offer electricity to all homes, and by 2018, almost 99% household got electrified. Moreover, constantly growing industrialization in the Asia Pacific and considerable investments in local manufacturing contribute to the electric fuse market demand in the coming years.
According to Value Market Research, the global electric fuse market size was valued at about USD 3.7 Billion in 2020 and is estimated to grow at a CAGR of around 6% during the forecast period 2021 to 2027.
The growing demand for electric fuses in the construction sector due to the rapidly expanding construction sector across the globe is likely to augment the need for an electric fuse in the forecast period. However, the surging demand for substitutes such as MCBs, MCCBs, and relays hinders the market growth in the long run. In addition, the delay in grid expansion projects is impeding market growth. Nevertheless, the industry trends, growing efforts to upgrade existing substations and feeder line protection, and implementation of definite service programs and performance-based incentive schemes might provide massive market opportunities to the market's key players.
The electric fuse market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players in the report are Schneider Electric, Siemens, Mersen, ABB, Eaton, Bel Fuse Inc., Littelfuse, Legrand, S&C Electric Company, G&W Electric Company, Schurter, and Hubbell.
Global Electric Fuse Market Share by Region (Representative Graph)
In this research report, the electric fuse market is segmented by type, voltage, end-user, and region.
Analysis by Type:
By Type, the report is categorized into power fuse and fuse links, distribution cutouts, cartridge and plug fuses, and others (capacitor fuses, dropout fuse, battery fuses, and fuse pullers). The power fuse and fuse links segment dominates the type segment with the largest market share in 2020. There is a rising utilization of high voltage fuses to protect power conversion and medium and low voltage fuses in the distribution of power. Moreover, it has low refilling cost and coordinates better with transformers and distribution networks which majorly creates demand from utilities and industries to avoid short-circuits and meter tripping contributing to the growth of the ceramic glass segment growth in the forecast period.
Analysis by Voltage:
By application, the report is segmented into low voltage and medium voltage. The medium voltage segment dominates with the highest market share in 2020. There is an escalating utilization of medium voltage fuse due to the constant construction of transmission and distribution networks and the increased need for replaceability of fuses. Moreover, rapidly growing end-user industries such as electric utilities, distribution networks, transformers & substations, and heavy industries like the oil & gas industry contributed to the high demand for medium voltage fuses segment in the coming years.
Analysis by End-Users:
By end-user, the report is divided into residential, commercial, industrial, utilities, and transportation. The utility industry segment is expected to hold the highest CAGR of 6.5 percent in the coming years. There is an ever-increasing demand for fuses across the utility sector as it is constantly facing the challenge to manage grids and the high need to supply secured and reliable power. Moreover, the demand for electric fuses from utilities is recurrent as fuses have a short life span and low replaceability cost, contributing to high demand from the utility sector in the forecast period.
Analysis by Region:
In the regional outlook of the global electric fuse market, the Asia Pacific region dominates with the largest market share in 2020. It is due to the enormous investment in grid infrastructure and modernization of the grid, particularly in developing nations, like India and China. Moreover, the increasing need for power and infrastructural development due to the rapidly growing population, urbanization, and industrialization contribute to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Type
- Power Fuse and Fuse Links
- Distribution Cutouts
- Cartridge and Plug Fuses
- Others (Capacitor Fuses, Dropout Fuse, Battery Fuses, and Fuse Pullers)
By Voltage
- Low Voltage
- Medium Voltage
By End- Users
- Residential
- Commercial
- Industrial
- Utilities
- Transportation
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.