ID: MRFR/E&P/6462-HCR | February 2021 | Region: Global | 111 pages
An electric fuse is a component used to safeguard the electrical components from high currents. A metal wire or strip is an essential component of an electric fuse, as it melts when high current flows through it, thereby interrupting the electric current. It is used for overload and short circuit protection in high voltage and low voltage installations. Advantages of electric fuse includes, zero maintenance, lesser operation time compared to operation of circuit breaker, and the ability to interrupt short circuit current without producing noise or smoke.
The Electric Fuse Market size is projected to reach USD 4.26 billion by 2024 from an estimated USD 3.45 billion, with a CAGR of 4.50 from 2019 to 2024. The major factors driving the growth of the global electric fuse market includes rising investments in the renewable power industry, transmission and distribution infrastructure, and construction industry. According to OECD, the cumulative power sector investment from 2017 to 2040 would approximately reach USD 5.9 trillion for transmission and USD 2.1 trillion for distribution network. Thus, the demand for electric fuse are estimated to increase during the forecast period.
Additionally. the global electric fuse market is projected to grow at a high rate during the forecast period due to the increasing adoption of renewable energy sources. According to IEA, renewable energy sources holds the largest share of investment in power generation, owing to investments of approximately USD 350 billion annually. Countries across the globe are shifting their focus towards renewable power generation. For instance, the government of China aims to spend USD 360 billion on renewable energy by 2020, leading to increase in the demand for electric fuses in the country.
Key players in the electric fuse market such as ABB, Schneider Electric, and Legrand are actively focusing on signing contracts and agreements with utilities and industries to supply electric fuses. Moreover, according to the Energy Information Administration (EIA), in the US, the investment in circuit protection equipment have increased by 69% over the last decade, which would result in growing opportunities for the usage of electric fuses by the utilities. The rising safety issues associated with photovoltaic systems and distributed energy resources are other factors driving the demand for electric fuses from the utilities. High voltage fuses are used in the protection of power conversion, while medium and low voltage fuses are used in the distribution of power.
The global electric fuse market has been segmented based on type, voltage, end-use, and region. On the basis of voltage, the global market is classified into low, medium, and high voltage. Medium voltage segment is expected to be the fastest growing segment in the electric fuse market. There is high demand for medium voltage fuse due to the continuous construction of transmission and distribution networks along with high replaceability of fuses. On the basis of type, the global electric fuse market is segmented into power fuse & fuse link, distribution cutouts, and cartridge & plug fuse. On the basis of end-use, the market is segmented into utilities, industrial, residential, commercial, and transportation. The transportation segment is estimated to register the highest growth rate during the forecast period.
The global electric fuse market is expected to grow at ~4.50% CAGR during the forecast period.
The key players operating in 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).
The global electric fuse market is expected to witness substantial growth during the forecast period owing to the growing offshore investments in renewable power, T&D, and construction industry. According to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India by 2022.
On the basis of region, the global electric fuse market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest share in the electric fuse market due to increased investments in the smart grid infrastructure development, T&D spending, growing dependence on renewable power generation sources, and infrastructural activities in the recent past. China accounted for the highest installed generation and distribution capacity in the region due to the high demand for electric supply, resulting in an increased demand for electric fuse. Similarly, growing power distribution in countries such as India, Australia, and Indonesia would drive the growth of electric fuse in Asia-Pacific. Moreover, North America is expected to be the second-largest market for electric fuse. The US is expected to dominate the market in North America, owing to the growing T&D lines.
Frequently Asked Questions (FAQ) :
The electric fuse market is poised to mark 4.5% CAGR.
The electric fuse market is projected to value at USD 4.26 Bn.
The key players are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), Mersen (France), Hubbell (US), Legrand (France), S&C Electric Company (US), Little Fuse (US), Bel Fuse (US), and G&W Electric (US).
The voltage-based segments are medium, low, and high.
APAC is presumed to hold the pole position.