Electric Fuse Market Analysis | 2023-2028

“The Electric Fuse Market is expected to grow from USD 3.16 billion in 2022 to USD 4.01 billion by 2028 at a CAGR of 4.03% during the forecast period”.

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Market Dynamics

Introduction

An electric fuse is an electrical safety device that incorporates a wire or strip of metal with a low melting point, such as copper or aluminum. When excessive current flows through the circuit due to overvoltage, overcurrent, or short circuits, the heat generated causes the fuse's metal to melt, thereby breaking the circuit and stopping the flow of electricity.

This action protects electrical appliances and wiring from damage by preventing excessive current from flowing through them. Fuses are commonly used in household appliances, industrial equipment, and automotive applications. They come in various sizes and ratings to accommodate different voltage and current levels.

Market Drivers

Some of the key factors expected to accelerate the market growth during the forecast period are increasing electrification of the automotive industry, rising consumer preferences for connectivity and digital sources, increasing electric infrastructure spending, and refurbishment of existing grid networks.

Segments Analysis

By Voltage Type

“Low voltage is projected to register strong growth in the market during the forecast period”.

The market is segmented into low voltage and high voltage. Low voltage is projected to register strong growth in the market due to its wide range of applications, particularly in automotive and electronics, and its ability to provide reliable protection to electrical installations against overload conditions and short circuit currents.

Furthermore, high voltage is estimated to witness significant growth in the market on account of the benefits it provides, such as low maintenance requirements, cost-effective operations, and low installation costs.

By Current Rating Type

“The <500A current rating type is estimated to hold the major share of the market during the forecast period”.

The market is segmented as <500A, 500-2000A, 2000-4000A, and >4000A. The <500A current rating type is estimated to hold the major share of the market during the forecast period. The ongoing expansion of residential establishments around the world, paired with improved living standards, has increased the demand for home electrical appliances, fuelling the growth of the < 500-ampere electric fuse market. Because of their increased functionality and compact size, electronic devices are becoming more susceptible to fault conditions, which is likely to drive product adoption even further.  

Furthermore, the > 4000-ampere fuse market is expected to grow significantly due to rising demand across utility and industrial applications. The growing use of electrical equipment increases the demand for power protection systems, stimulating product penetration. Additionally, the ability to protect electrical facilities and ensure operational safety will fuel the growth of the segment over the forecast period.

By Application Type

“Residential application is projected to account for the major share of the market during the forecast period”.

The market is bifurcated into residential, commercial, industrial, and utility. Residential application is projected to account for the major share of the market during the forecast period. Rapid urbanization and commercialization in emerging economies as a result of large-scale suburban migration, as well as favourable regulatory measures ensuring better living conditions for domestic residents, are expected to drive the residential segment’s growth over the forecast period.

The demand for circuit breakers, transformers, solenoids, meters, lighting ballasts, speed drives, and motors is likely to drive significant growth in the industrial electric fuse market. Increasing efforts to prevent thermal damage and catastrophic impact on industrial equipment are expected to promote industry growth in the coming years.

By End-Use Type

“Power transformers are expected to dominate the market during the forecast period”.

The market is segmented as power transformers, electrical cabling, electrical appliances, electronic devices, automotive, and others. Power transformers are expected to dominate the market during the forecast period. The growth of the segment is due to the gradual upgradation and refurbishment of the aging grid infrastructure and the rising need to provide reliable protection for expensive electrical plants.

In addition, automotive is estimated to witness significant growth in the market owing to the increasing electrification of commercial & passenger vehicles and the shifting focus of automakers on advanced propulsion technologies.

Regional Analysis

“Asia-Pacific is projected to lead the market, while Europe is anticipated to see substantial growth during the forecast period”.

The market is broken down geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).  Regarding regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period.

The growth of the region’s market is on account of rising electricity demand, an increasing population, and a shift in government focus toward reducing overload conditions in order to ensure uninterrupted power supply.

Furthermore, Europe is expected to experience significant market growth during the forecast period as a result of decentralized energy supply via renewable energy sources, as well as continuous economic recovery across various countries.

Key Players

The following are the key players in the Electric Fuse Market (arranged alphabetically)

• ABB Limited
• Bel Fuse Inc.
• C&S Electric Ltd.
• Eaton Corporation Plc
• General Electric
• Hubbell Power Systems Inc
• Littelfuse Inc.
• OptiFuse
• Schneider Electric SE
• Siemens AG.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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