Pune, India, May 2019 /MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Electric Fuse Market. The Electric Fuse Market is Expected to Expand at 4.50% CAGR during the period 2019 to 2024.
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.
GLOBAL ELECTRIC FUSE MARKET, 2019-–2024
Asia-Pacific held the largest share of the global electric fuse market in 2018.
The electric fuse market has been segmented into five regions, which are Asia-Pacific, North America, Europe, Middle East & Africa, and South America. In 2018, Asia-Pacific held the largest share of the global electric fuse market, mainly due to the increasing investments in T&D network, rising investments in renewable energy sources, demand for automotive electronics, and high growth in construction sector. The region is also expected to be the fastest growing market during the forecast period. Moreover, factors such as increased power consumption, government mandates on energy efficiency, rising influx of renewable resources in the energy mix, and provide better power to rural areas in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increasing expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are experiencing growth due to the need for infrastructural development and rapid urbanization.
The market in North America is expected to be the second-largest owing to increasing demand for energy and modernization of infrastructure. The US is expected to dominate the North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some of the key players in Europe such as Legrand, Schneider Electric, and ABB. Germany is expected to dominate Europe due to the new electric fuse projects, especially designed for automotive systems. Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the Middle East & Africa and South America, respectively.
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. On the basis of type, the global market is segmented as power fuse & fuse link, distribution cutouts, 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.
The global electric fuse market is expected to grow at 4.50% CAGR during the forecast period.
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The key players operating in the global electric fuse market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Hubbell (US), Mersen (France), Bel Fuse (US), S&C Electric Company (US), Little Fuse (US), Legrand (France), and G&W Electric (US).
Scope of the Report
North America accounts for the largest market share whereas Asia-Pacific is the fastest growing region.
This report provides an in-depth analysis of the global electric fuse market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric fuse market by type, voltage, end-use, and region.