Emphasis on Fuse Type (Power Fuse & Fuse Link, Distribution Cutout, Cartridge & Plug Fuse); Voltage Range (Low, Medium, High); Application (Utilities, Industrial, Residential, Commercial, Transportation); Region and Country
Electric Fuse Electric Fuse Market was valued at US$ 3.5 billion in 2020 and is expected to grow at a CAGR of 6% over the forecast period (2021-2027). A fuse is an electric safety device which protects an electric circuit from excessive electric current. Electric fuses have a long history. They have widely been used for both high voltage and low voltage power systems. The pre-arc I-t (current vs. time) is an important parameter of electric fuse. Traditionally, the electrical fuse is designed by experiment and the I-t characteristics are then obtained through experiments. The fuse is an intentional weak link in a circuit. It is a thermally responsible device which is designed to provide overcurrent protection. The fuse is used to protect equipment’s and conductors from over damaging and can quickly deenergize faulted circuits which helps to minimize the hazards to personnel. Fuses are of many types like fast-acting, time delay or current limiting and non-current limiting.
Key reasons for the industry growth include is the growth of industries which are energy-intensive and require large amounts of fuel and electricity for the operation of mechanical drivers, furnaces, boilers, ventilation, heating, and air-conditioning (HVAC) systems etc. Traditionally, the industries used IC engines, furnaces, and fossil-fuel boilers among others as non-electric sources of energy. Most industries are shifting towards electrification with the global movement towards the use of low carbon future and to ensure reliable operations. With this increase in electricity use, the use of electric fuse is also increasing, which is influencing the market growth. According to the 2017 report Electrification Futures Study by the National Renewable Energy Laboratory (NREL), currently only 25% of the total world energy demand is met by electricity. According to the US Energy Information Administration, the machinery industry is expected to increase its electrification by up to 13% and the electrical products and plastics industry by 8% by 2050. Few industries like that of electrical products, machinery and computers already fulfill up to 50% of their energy requirements by electricity. This increased use of electricity in all compartments of industries is influencing the growth of the electric fuse market.
Types of Fuses
Littelfuse, Inc., ABB Ltd., Mersen S.A., Schneider Electric SE, Bel Fuse Inc., Bourns Inc., SCHURTER AG, Eaton Corporation Plc, Siemens AG, and SIBA GmbH are some of the prominent players operating in the Electric Fuse market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Fuse Type, Power Fuse & Fuse Link segment holds the major share”
Based on fuse type, the electric fuse market is segmented into Power Fuse & Fuse Link, Distribution Cutout, and Cartridge & Plug Fuse. Amongst fuse type, the power fuses and fuse links segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. These are generally medium voltage fuses with the rating between 1.5 kV and 63 kV. These are mainly used in transmission and distribution network, circuit and motor protection, transformer, in industrial applications and in renewable energy generation and distribution.
“Amongst Voltage Range, Medium Segment holds the major share”
Based on Voltage Range, the electric fuse market is segmented into Low, Medium, and High. Amongst voltage range, medium segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Medium voltage range fuses are fuses with the capacity to open circuits at a voltage range above 1 to 38 kV. Medium voltage fuses are in high demand due to the continuous construction of transmission and distribution networks along with the high replaceability of fuses.
“Amongst Application, Utilities Segment holds the major share”
Based on application, the electric fuse market is segmented into Utilities, Industrial, Residential, Commercial, and Transportation. The utilities segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. Utilities must manage grids and provide reliable and secure power. Thus, the demand for fuses is there even with the availability of substitutes.
“Asia Pacific represents one of the largest markets of Electric Fuse market”
For a better understanding of the market dynamics of the Electric Fuse market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to the growing industrialization in the region.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis (industry At A Glance)
4. Executive Summary
5. Electric Fuse Market Revenue (us$ Bn), 2021-2027f
6. Covid-19 Impact
7. Market Insights By Fuse Type
8. Market Insights By Voltage Range
9. Market Insights By Application
10. Market Insights By Region
11. Electric Fuse Market Dynamics
12. Electric Fuse Market Opportunities
13. Electric Fuse Market Trends
14. Legal And Regulatory Framework
15. Demand And Supply Side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Electric Fuse market were the three major steps undertaken to create and analyze the adoption of Electric Fuse in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Electric Fuse market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Electric Fuse through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Electric Fuse market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Fuse Type, Voltage Range and Application. Further country-level analyses were conducted to evaluate the overall adoption of Electric Fuse in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Electric Fuse. Further, we conducted factor analysis using dependent and independent variables such as industrialization in developing countries and increasing rate of power generation over the years. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Electric Fuse sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Electric Fuse market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Electric Fuse market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Electric Fuse market.
The main objective of the Electric Fuse Market Study
The current & future market trends of Electric Fuse were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional level analysis of the industry
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