Electric Fuse Holds Huge Potential to Safeguard the Increasing Power Generation. Asia Pacific to Witness the Highest Growth
Electric Fuse Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Electricity provides the main source of power to our homes. Therefore, it must be properly regulated for safety. There are chances of overloads to the electrical power which results in the damage of wires, machinery, appliances etc. and can even result in fires. Every home must be secured with a circuit breaker or fuse type to avoid overloads. The main difference between a circuit breaker and a fuse type is that the circuit breaker can be reset and used over and over while a fuse is a one-shot use and must be replaced. According to the United States, National Association of State Fire Marshals (NASFM) an estimated 50-75% of all fires in homes were caused by electrical wiring faults in the United States in 2019.
Fuses are an important part of automobiles. With the evolution in Automobile, the fuses technology has also advanced. Additionally, the advancement of fuses had also helped the automobile industry. During 1960-70, automobiles were equipped with glass tube fuses which were at that time manufactured by hand. In 1971, this process was automated. Blade fuses (auto fuses) became famous in 1975, which are still the most common type of automotive fuse used today. Blade fuses have a simpler structure a have better qualities like more compact size, lighter weight, and higher durability than glass tube fuses. Blade fuses have gone through a series of improvements since their development with the growing complexity of automotive vehicles and miniaturization of circuits.
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The covid-19 pandemic has had a direct or indirect impact on most industries including the automobile and the power generation industry. Both these industries are the key players in the electric fuse market and have thus indirectly affected the electric fuse market. The electricity demand dropped to Sunday levels during the entire lockdown due to the dramatic reduction in industry and services use, which was only partially offset by the higher residential use. Even after the slow opening of lockdowns during June and July, the electricity demands 10% and 5% respectively below the 2019 level from the same month. Car Sales also showed a decline during the pandemic as most people were confined at home and the need for automobiles decreased. However, the sales of electric cars did shoot up during the pandemic period. The electric car sales grew over 40% from 2019 which also had a record-breaking number of sales of 2.1 million electric cars.
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.
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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.
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. Electric fuses used by the utilities are generally fuse links, power fuses, backup fuses, capacitor fuses and dropout fuses.
Additionally, the report provides detailed initiatives that are being taken in the field of Electric Fuse, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia Pacific dominated the market in 2020, with XX% share.
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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 make Electric Fuse as cost-effective and as widely available as possible.
Electric Fuse Market Segmentation
Market Insight, by Fuse Type
- Power Fuse & Fuse Link
- Distribution Cutout
- Cartridge & Plug Fuse
Market Insight, by Voltage Range
Market Insight, by Application
Market Insight, by Region
- North America Electric Fuse Market
- United States
- Rest of North America
- Europe Electric Fuse Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Electric Fuse Market
- Rest of Asia-Pacific
- Rest of World Electric Fuse Market
Top Company Profiles
- Littelfuse, Inc.
- ABB Ltd.
- Mersen S.A.
- Schneider Electric SE
- Bel Fuse Inc.
- Bourns Inc.
- SCHURTER AG
- Eaton Corporation Plc
- Siemens AG
- SIBA GmbH