Global Electric Fuse Market to Generate $9,246.3 Million by 2031, Due to Increased Applications of Electric Fuse in Industrial Sector

Electric fuse is an electrical device whose main function is to protect the electrical device from short circuit current or overloading. Typically, an electric fuse is a metal wire or strip which melts when a current exceeding a normal value passes through it, thus protecting the rest of the circuitry from damage and device failure. Electric fuses are mainly of two types- DC fuse and AC fuse and both have different applicability in the industrial sector.

Forecast Analysis of the Electric Fuse Market

In recent years, there has been an increase in the applicability of electric fuses in the industrial sector which is expected to be the primary growth driver of the global electric fuse market in the forecast years. Along with this, rapid development of electrical & hybrid vehicles is expected to push the market further. Also, planned power generation across various countries of the world is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, availability of other alternatives such as such as MCBs and MCCBs may restrain the growth of the Electric fuse market in the forecast period.

Regionally, the electric fuse market in the Asia-Pacific region is expected to be the most dominant by 2031. The growing demand for improved electric and electronic equipment across the whole region is anticipated to become the main growth driver of the market in the forecast period.

According to the report published by Research Dive, the global electric fuse market is expected to gather a revenue of $9,246.3 million by 2031 and grow at 7.7% CAGR in the 2022-2031 timeframe. Some prominent market players include ABB Ltd., Eaton Corporation Plc, Bel Fuse Inc., Siemens AG, Littelfuse, Inc., SCHURTER AG, Schneider Electric SE, Mersen S.A, Conquer Electronics Co., Ltd., Fuji Electric Co., Ltd, and many others.

Covid-19 Impact on the Eletric Fuse Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The electric fuse market faced a similar fate due to the pandemic. The massive slowdown witnessed by the overall industrial sector brought down the demand for electric fuses which reduced the growth rate of the market during the pandemic.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the electric fuse market to flourish. For instance:

• In February 2021, Mersen, an electrical specialties company, announced the acquisition of Fusetech, a leading electrical installations company. This acquisition, as per Mersen, is done to ramp up their electric fuse production capacity and will help the company to expand its market share in the industry substantially in the coming period.
   
• In March 2021, Bel Fuse Inc., a global electronic circuit supplier, announced the acquisition of EOS, an electric utility company. This acquisition is predicted to help the acquiring company, i.e., Bel Fuse, to expand its operations and cater to the demands of the industrial sector in a holistic manner.
   
• In April 2021, Mersen, an electrical power company, announced a collaboration with Autoliv, Inc., an automotive safety systems company. This collaboration is aimed at developing devices that will add to the security features of electric vehicles. With this partnership both the companies will be able to integrate their resources and expertise together and achieve their intended aim successfully.