Electric Fuse Market Forecasts to 2028 – Global Analysis By Type (Distribution Cutouts, Power Fuse and Fuse Links and Other Types), Voltage (Low Voltage, Medium Voltage and High Voltage), Current Rating (<500A, 500A-2000A, 2000-4000A and >4000A), Applicat

Electric Fuse Market Forecasts to 2028 – Global Analysis By Type (Distribution Cutouts, Power Fuse and Fuse Links and Other Types), Voltage (Low Voltage, Medium Voltage and High Voltage), Current Rating (<500A, 500A-2000A, 2000-4000A and >4000A), Application (Commercial, Residential and Other Applications), End User and Geography

According to Stratistics MRC, the Global Electric Fuse Market is accounted for $3.77 billion in 2022 and is expected to reach $5.92 billion by 2028 growing at a CAGR of 7.8% during the forecast period. A fuse is a type of electrical device used to guard against high current flow in electrical components. If there is an unneeded increase in the current flow, the fuse melts and separates. In high voltage and low voltage installations, it is utilised for overload and short circuit safety. Electrical fuses have a number of benefits, including no maintenance requirements, shorter working times than circuit breakers, and the ability to interrupt short circuit current without making a sound or producing smoke. An essential component of the system used in electricity infrastructure is the electric fuse.

According to the World Energy Report 2018, electricity generation increased by 2.8% in the last ten years, with emerging economies accounting for about 94% of the increase. According to the World Energy Council, at least 2,000 GW of new power producing capacity is required globally, with an additional 1,000 GW necessary to replace outdated infrastructure within the next decade.

Market Dynamics:

Driver:

Increasing electrification of different industries

The operation of mechanical drives, boilers, furnaces, heating, ventilation, and air-conditioning (HVAC) systems, etc., requires a lot of fuel and electricity, which is why industries require it. Traditional energy sources included those utilised by IC engines, furnaces, and boilers powered by fossil fuels, among others. Industries are electrifying more and more to transition to a low-carbon future and to guarantee reliable operations. This trend is more pronounced in developed places where national governments are actively working toward carbon-neutral objectives. To secure economic savings, industries have been electrifying themselves in other places as well, leading to increasing investments in the process. Companies can achieve sustainability objectives while lowering their energy and overhead costs by electrifying.

Restraint:

Surging demand for substitutes

Electric fuses have historically been a crucial component of circuit protection machinery in end-user industries. In the low-voltage market, however, there has been a noticeable shift in end users from residential and commercial settings from electric fuses to MCBs and MCCBs because these circuit protection devices are more dependable, reusable, safe, sensitive, and have a better interface with no need for manual intervention. Due to their higher reliability and automation capabilities, circuit breakers and protective relays are replacing electric fuses in the medium-voltage segment's existing infrastructures. Across all areas and plants, this has been the general trend. Since most companies are automating their processes, there is a high demand for intelligent devices like MCBs, MCCBs, and relays. Over the course of the projection period, this automation trend is projected to constrain demand for electric fuses worldwide.

Opportunity:

Upgrading of existing substations and feeder line protection

The current power grid will certainly experience stress if planned power generation capacities aren't increased and modernised. According to the World Energy Council, at least 2,000 GW of additional power generating capacity is needed globally, and another 1,000 GW will be required within the next ten years to replace the deteriorating infrastructure. These capacity increases call for brand-new, improved, and enlarged T&D infrastructures. Many affluent countries' current power infrastructures need to be improved because they are largely outdated. In order to safeguard feeder and distribution lines against transient short circuits that could result in protracted power outages and guarantee customers' reliable supply continuity, electric fuses are primarily installed in medium-voltage substations.

Threat:

Delays in grid expansion projects

A large amount of data is necessary for the planning and design of the equipment for a power supply network. Grid expansion projects are delayed by factors like political interference, environmental clearances, and drawn-out government approval processes. Numerous transmission and distribution projects have been examined for historical trends on 5- and 10-year network development plans. It has been noted that certain facilities that were scheduled for commissioning are still in the planning and approval stages. These delays increase the amount of time needed to complete grid expansion projects while lowering demand for electric fuses. For manufacturers of electric fuses, production planning is extremely difficult due to the delays in grid expansion projects.

Covid-19 Impact

The new coronavirus has had a significant negative impact on the growth of the electronic industry. Governments had to close a number of electronics production facilities and retail locations due to the global lockdown in order to stop the virus from spreading. Additionally, the lockout has decreased discretionary income, which further decreased consumer desire for devices. The manufacturing and sales channels have also experienced challenges as a result of supply chain disruptions. The demand for electronic gadgets is predicted to decline further as a result.

The low voltage segment is expected to be the largest during the forecast period

The low voltage segment is estimated to have a lucrative growth, due to their high appropriateness for a wide range of uses, mostly in electronics and automobiles. The penetration of the device will be boosted by its ability to reliably protect electrical installations and signal circuits against overload situations and short circuit current. The continued development of electric mobility has increased the use of comfort features such autonomous controls, air conditioners, and a variety of onboard devices, which will drastically change the industry landscape.

The automotive segment is expected to have the highest CAGR during the forecast period

The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing electrification of passenger and commercial vehicles as well as the increased concentration of automakers on cutting-edge propulsion technologies, the automotive electric fuse market will experience significant penetration. Circuit shrinking and the growing complexity of car electronics will create favourable business conditions. In addition, improvements in battery chemistry, increased manufacturing capacity, and incentives for low- and zero-emission vehicles will all contribute to the growth of the electric vehicle market and boost product demand.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising per capita power consumption, which will be caused by increased urbanisation, industrialisation, the construction industry, and demand for better electric and electronic equipment. In addition, a strong manufacturing base and increased investments in infrastructure and power generation in the region's developing countries are likely to boost the market for electric fuses.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rising digitisation. The demand for dependable energy has increased as a result of the presence of industry titans like Face book, Google, Twitter, Apple, Amazon, and others in the United States, which has prompted the development of electric fuses. The government has proposed several projects to upgrade the transmission and distribution network by replacing the outdated substations, and various authorities are putting safety measures in place in the electric utility to prevent harm and fatalities, which will increase the demand for electric fuses in North America.

Key players in the market

Some of the key players profiled in the Electric Fuse Market include Schneider Electric SE, Eaton Corporation Plc, ABB Ltd., Siemens AG, Mersen S.A, Fuji Electric Co., Ltd, Bel Fuse Inc., Littelfuse, Inc., Conquer Electronics Co., Ltd., SCHURTER AG, Hubbell, Legrand, S&C Electric Company, G&W Mantracourt Electronics, Mitsubishi Materials Corporation, Panasonic Electronic Devices Co., Ltd., Sano Corporation, TE Connectivity Ltd. and Polytronics Technology Corporation.

Key Developments:

In August 2018, Global leader of electrical power and advanced materials, Mersen recently launched globally certified HP15FHM32 1500VDC Helio Protection fuse holder series for photovoltaic application. The new fuse includes finger-safe rotating fuse carrier that accepts 10/14 x 85 mm gPV fuses, offering the next level of safety for utility scale photovoltaic applications.

In May 2018, Mersen announced the signing pact for the acquisition of FTCap that enable the company to broaden its product portfolios such as high-speed fuses, cooling devices and laminated bus bars to capacitors. This will strengthen the Merson’s position in the global power electronics market.

Types Covered:
• Distribution Cut-outs
• Power Fuse and Fuse Links
• Cartridge and Plug Fuses
• Industrial Power and UL Fuses
• Axial Radial Thru Hole Fuses
• Surface Mount Fuses
• Specialty Power Fuses
• Other Types

Voltages Covered:
• Low Voltage
• Medium Voltage
• High Voltage

Current Ratings Covered:
• <500A
• 500A-2000A
• 2000-4000A
• >4000A

Applications Covered:
• Commercial
• Residential
• Electric Utilities
• Industrial
• Other Applications

End Users Covered:
• Electrical Cabling
• Electronic Devices
• Electrical Appliances
• Power Transformers
• Automotive
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements