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EN20113687 |
Pages: 280 |
Mar 2023 |
A fuse protects electrical components from high current. If there is an unexpected increase in current flow, the fuse melts and separates. With the increasing use of electrical equipment and devices in various industries, there is a growing need for electrical safety and protection. Electric fuses play a crucial role in protecting equipment and preventing damage from electrical faults. The renewable energy sector, including wind and solar power, is experiencing significant growth, which is driving the demand for electric fuses. These fuses are used to protect electrical systems in renewable energy applications from overloading, short-circuiting, and other electrical faults. The electric fuse industry is constantly evolving, with new and improved technologies being developed to enhance the performance and safety of electric fuses. For example, advancements in materials science have led to the development of high-performance fuses that can withstand higher current levels and provide better protection. The automotive industry is increasingly relying on electronics for safety, performance, and entertainment features. Electric fuses play a critical role in protecting these electronic systems from electrical faults, making them essential components in modern automobiles. The electric fuse industry is expected to continue growing in the coming years as the demand for electrical safety and protection continues to increase in various industries and applications.
Electric fuses are not reusable and must be replaced when the filament melts due to overheating. The widespread adoption of advanced technologies such as circuit breakers and vacuum interrupters, which provide greater safety and reliability, is expected to restrain the growth of the electric fuse market.
The rapid development of electrical & hybrid vehicles along with increased regulation awareness toward facilitating emission reduction in vehicles are expected to boost market expansion. Companies operating in the global industry are implementing a variety of growth strategies and business tactics, such as partnerships, collaboration, business expansion, and product launches, in order to gain a competitive advantage, which is expected to drive the global electric fuse market growth in the coming years. For instance, in January 2019, Mersen, a global leader in electrical power and advanced materials, introduced the 'Class RK1 Reducer Fuses' electric fuse product line. The newly developed product has high-reliability performance, arc flash mitigation, and durability features that set it apart from other fuses. Through such innovations and developments, the company hopes to broaden its product portfolio. These factors create an excellent opportunity for the market growth.
According to regional analysis, the Asia-Pacific electric fuse market accounted for highest market share in 2021. The expansion of construction activities, combined with the increasing adoption of renewable energy generation sources such as solar and wind, are predicted to drive the market demand in the Asia-Pacific region. Furthermore, governments in countries such as China, India, and Australia have taken the lead in the development of electricity networks, increasing the demand for the Asia-Pacific electric fuse market.
An electrical safety device known as an electric fuse is used to control the amount of current flowing through an electrical circuit and safeguard the source from overcurrent. These fuses are constructed from alloys of silver, copper, and tin, which melt at high temperatures. An electrical fuse is a low-resistance, self-sacrificing device that is constructed in the fuse box and used to break a circuit. Electrical utility firms view circuit breakers and fuses as excellent equipment against high voltages and as a crucial safety device. Automobiles need electric fuses because they contain a range of electric components. Additionally, by minimizing and controlling the electric burden, these electric fuses safeguard household appliances, commercial equipment, and electronic devices against incorrect current fluctuations.
The COVID-19 pandemic outbreak hindered the market for electric fuse market growth. Economic contractions brought on by a halt of investments from various end-use industries are the main cause of this slowdown. The COVID-19 pandemic has resulted in a variety of concerns that have caused serious financial losses for many different enterprises around the world. The pandemic has disrupted global supply chains, which has resulted in delays in the delivery of raw materials and components needed for the production of electric fuses. In addition, major producers of electric fuses like the United States and China were subject to import-export restrictions. Also, the construction and automobile industries were most negatively impacted in terms of sales and the acquisition of new projects, which drastically decreased the demand for electric fuses. For instance, in the construction industry, a number of construction projects were delayed or abandoned because of a lack of labor, raw materials, travel restrictions, and the fear of the COVID-19 virus.
However, governments from many countries around the world, as well as international organizations, play an important role in investments in the renewable energy sector. According to the International Energy Agency (IEA), renewable energy sources will account for the majority of investment in power generation, accounting for more than US$350 billion by 2023. These factors are likely to boost the growth of the electric fuse market in the post-pandemic period.
The market for electric fuses is anticipated to expand rapidly during the forecast period due to the rising use of green energy sources. Renewable energy sources account for the largest share of investments in electricity generation, according to the IEA. Globally, nations are turning their attention to the production of sustainable energy. Additionally, fuses are the most cost-effective elements to provide protection against overcurrent flow. Electric fuses can be used where high fault current exists or where smaller components like DC power supplies or control transformers require protection. Electric fuse’s ability to provide protection from overcurrent flow does not slow down or get adversely affected, thus being a sustainable alternative as compared to circuit breakers and protective relays. These factors are predicted to boost the electric fuse market growth in upcoming years. Furthermore, rising acceptance of electric fuses in the automotive industry, as well as rising energy consumption, are expected to drive the market growth over the forecast period.
To know more about global electric fuse market drivers, get in touch with our analysts here.
Fuse breakers have long been an important component of end-user circuit protection equipment. However, there has been a significant shift away from the use of electric fuses and towards miniature circuit breakers and molded case circuit breakers in the low-voltage market, as these circuit protection devices are more dependable, safe, reusable, sensitive, have a better interface, and do not require manual intervention. MCCBs, MCBs, protective relays, and rising smart grid vision expenses are expected to hinder industry expansion.
The planned power generation capacities are expected to place strain on the current power grid unless they are expanded and fortified. According to the World Energy Council, at least 2,000 GW of new power generation capacity is required globally, with an additional 1,000 GW required to replace old infrastructure within the next decade. This capacity increases the need of construction of fresh, upgraded, and expanded T&D infrastructure. Most of the existing energy infrastructure in several developed economies is outdated and in need of replacement. Electric fuses are primarily used in medium-voltage substations for feeder and distribution line protection, preventing transient short circuits from creating long-term power outages and ensuring that customers have a continuous supply of electricity. The electric fuse market is expected to grow in the near future as existing substations and feeder line protection are improved.
To know more about global electric fuse market opportunities, get in touch with our analysts here.
Based on voltage, the market has been divided into low, medium, and high. Among these, the medium sub-segment accounted for the highest market share in 2021 whereas the low sub-segment is estimated to show the fastest growth during the forecast period.
Source: Research Dive Analysis
The medium subsegment accounted a dominant market share in 2021. Fuses that can open circuit at voltages ranging from 1 kV to 38 kV is considered to be in the medium voltage range. The constant construction of transmission and distribution networks, as well as the high replaceability of fuses, have resulted in a significant demand for medium voltage fuses. The main end uses of medium voltage fuses are in electric utilities, transformers & substations, distribution networks, and oil & gas industry. Additionally, fuse contacts are designed with a high breaking capacity to ensure that the current flows within certain parameters. This market is predicted to expand rapidly throughout the forecast period due to increased demand for medium voltage fuses in T&D networks, transformers, circuit and motor protection, industrial applications, and renewable energy generation and distribution.
The low voltage sub-segment is predicted to be the fastest growing during the forecast period. Low voltage fuses offer several advantages, including safeguarding and protection against short circuit damage. Such advantages propel the low voltage fuse industry forward. Low voltage fuse devices also have the advantage of being simple to construct, assemble, and disassemble, all of which can contribute to market growth.
Based on end user, the market has been divided into residential, commercial, industrial, and others. Among these, the residential sub-segment accounted for highest revenue share in 2021.
Source: Research Dive Analysis
The residential sub-segment accounted a dominant market share in 2021. High voltage fuse is more efficient at protecting against short circuits and power fluctuations, whereas low voltage fuse allows for thinner filament but is easily broken with a minor increase in current inflow. As a result, most industrial and commercial end users prefer high voltage fuse, while residential customers prefer low voltage fuse. The plug-in fuse, on the other hand, is used for residential and small-scale applications and is less efficient than the cartridge fuse, accounting for a smaller market share.
The Electric Fuse market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Asia-Pacific electric fuse market accounted for the highest market share in 2021. Increased per capita electricity consumption as a result of increased urbanization and industrialization and the demand for improved electric and electronic equipment are expected to drive rapid growth in the Asia-Pacific region throughout the projection period. Furthermore, the electric fuse market is expected to grow as a result of the region's developing economies' increased investment in power generation and infrastructure development. Due to increased manufacturing and industrial units, Asia Pacific has a high potential market. China and India are two of the most important capital markets contributing to the growth of the Asia-Pacific electric fuse market.
Investment and agreement are common strategies followed by major market players. For instance, in August 2018, Mersen, a leader in electrical power and sophisticated materials, released the HP15FHM32 1500VDC Helio Protection fuse holder series, which is internationally approved. The new fuse provides the next level of safety for utility-scale photovoltaic installations and features a finger-safe rotating fuse carrier that takes 10/14 x 85 mm gPV fuses.
Source: Research Dive Analysis
Some of the leading electric fuse market players are ABB Ltd., Siemens AG, Schneider Electric SE, Fuji Electric Co., Ltd, Eaton Corporation Plc, Littelfuse, Inc., Mersen S.A, Bel Fuse Inc., SCHURTER AG, and Conquer Electronics Co., Ltd.
| Aspect | Particulars |
| Historical Market Estimations | 2020 |
| Base Year for Market Estimation | 2021 |
| Forecast Timeline for Market Projection | 2022-2031 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Voltage |
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| Segmentation by End-user |
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| Key Companies Profiled |
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1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.5.Market size estimation
1.5.1.Top-down approach
1.5.2.Bottom-up approach
2.Report Scope
2.1.Market definition
2.2.Key objectives of the study
2.3.Report overview
2.4.Market segmentation
2.5.Overview of the impact of COVID-19 on Global electric fuse market
3.Executive Summary
4.Market Overview
4.1.Introduction
4.2.Growth impact forces
4.2.1.Drivers
4.2.2.Restraints
4.2.3.Opportunities
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.4.1.Technology matrix
4.4.2.Regulatory matrix
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.6.PESTLE analysis
4.6.1.Political
4.6.2.Economical
4.6.3.Social
4.6.4.Technological
4.6.5.Environmental
4.7.Impact of COVID-19 on Electric Fuse market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Electric Fuse Market Analysis, by Voltage
5.1.Overview
5.2.Low
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region, 2021-2031
5.2.3.Market share analysis, by country,2021-2031
5.3.Medium
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region, 2021-2031
5.3.3.Market share analysis, by country, 2021-2031
5.4.High
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region, 2021-2031
5.4.3.Market share analysis, by country,2021-2031
5.5.Research Dive Exclusive Insights
5.5.1.Market attractiveness
5.5.2.Competition heatmap
6.Electric Fuse Market Analysis, by End-use
6.1.Residential
6.1.1.Definition, key trends, growth factors, and opportunities
6.1.2.Market size analysis, by region, 2021-2031
6.1.3.Market share analysis, by country, 2021-2031
6.2.Commercial
6.2.1.Definition, key trends, growth factors, and opportunities
6.2.2.Market size analysis, by region, 2021-2031
6.2.3.Market share analysis, by country,2021-2031
6.3.Industrial
6.3.1.Definition, key trends, growth factors, and opportunities
6.3.2.Market size analysis, by region, 2021-2031
6.3.3.Market share analysis, by country,2021-2031
6.4.Others
6.4.1.Definition, key trends, growth factors, and opportunities
6.4.2.Market size analysis, by region, 2021-2031
6.4.3.Market share analysis, by country,2021-2031
6.5.Research Dive Exclusive Insights
6.5.1.Market attractiveness
6.5.2.Competition heatmap
7.Electric Fuse Market, by Region
7.1.North America
7.1.1.U.S.
7.1.1.1.Market size analysis, by Voltage, 2021-2031
7.1.1.2.Market size analysis, by End-use, 2021-2031
7.1.2.Canada
7.1.2.1.Market size analysis, by Voltage, 2021-2031
7.1.2.2.Market size analysis, by End-use, 2021-2031
7.1.3.Mexico
7.1.3.1.Market size analysis, by Voltage, 2021-2031
7.1.3.2.Market size analysis, by End-use, 2021-2031
7.1.4.Research Dive Exclusive Insights
7.1.4.1.Market attractiveness
7.1.4.2.Competition heatmap
7.2.Europe
7.2.1.Germany
7.2.1.1.Market size analysis, by Voltage, 2021-2031
7.2.1.2.Market size analysis, by End-use, 2021-2031
7.2.2.UK
7.2.2.1.Market size analysis, by Voltage, 2021-2031
7.2.2.2.Market size analysis, by End-use, 2021-2031
7.2.3.France
7.2.3.1.Market size analysis, by Voltage, 2021-2031
7.2.3.2.Market size analysis, by End-use, 2021-2031
7.2.4.Spain
7.2.4.1.Market size analysis, by Voltage, 2021-2031
7.2.4.2.Market size analysis, by End-use, 2021-2031
7.2.5.Italy
7.2.5.1.Market size analysis, by Voltage, 2021-2031
7.2.5.2.Market size analysis, by End-use, 2021-2031
7.2.6.Rest of Europe
7.2.6.1.Market size analysis, by Voltage, 2021-2031
7.2.6.2.Market size analysis, by End-use, 2021-2031
7.2.7.Research Dive Exclusive Insights
7.2.7.1.Market attractiveness
7.2.7.2.Competition heatmap
7.3.Asia Pacific
7.3.1.China
7.3.1.1.Market size analysis, by Voltage, 2021-2031
7.3.1.2.Market size analysis, by End-use, 2021-2031
7.3.2.Japan
7.3.2.1.Market size analysis, by Voltage, 2021-2031
7.3.2.2.Market size analysis, by End-use, 2021-2031
7.3.3.India
7.3.3.1.Market size analysis, by Voltage, 2021-2031
7.3.3.2.Market size analysis, by End-use, 2021-2031
7.3.4.Australia
7.3.4.1.Market size analysis, by Voltage, 2021-2031
7.3.4.2.Market size analysis, by End-use, 2021-2031
7.3.5.South Korea
7.3.5.1.Market size analysis, by Voltage, 2021-2031
7.3.5.2.Market size analysis, by End-use, 2021-2031
7.3.6.Rest of Asia Pacific
7.3.6.1.Market size analysis, by Voltage, 2021-2031
7.3.6.2.Market size analysis, by End-use, 2021-2031
7.3.7.Research Dive Exclusive Insights
7.3.7.1.Market attractiveness
7.3.7.2.Competition heatmap
7.4.LAMEA
7.4.1.Brazil
7.4.1.1.Market size analysis, by Voltage, 2021-2031
7.4.1.2.Market size analysis, by End-use, 2021-2031
7.4.2.Saudi Arabia
7.4.2.1.Market size analysis, by Voltage, 2021-2031
7.4.2.2.Market size analysis, by End-use, 2021-2031
7.4.3.UAE
7.4.3.1.Market size analysis, by Voltage, 2021-2031
7.4.3.2.Market size analysis, by End-use, 2021-2031
7.4.4.South Africa
7.4.4.1.Market size analysis, by Voltage, 2021-2031
7.4.4.2.Market size analysis, by End-use, 2021-2031
7.4.5.Rest of LAMEA
7.4.5.1.Market size analysis, by Voltage, 2021-2031
7.4.5.2.Market size analysis, by End-use, 2021-2031
7.4.6.Research Dive Exclusive Insights
7.4.6.1.Market attractiveness
7.4.6.2.Competition heatmap
8.Competitive Landscape
8.1.Top winning strategies, 2021
8.1.1.By strategy
8.1.2.By year
8.2.Strategic overview
8.3.Market share analysis, 2021
9.Company Profiles
9.1.ABB Ltd
9.1.1.Overview
9.1.2.Business segments
9.1.3.Product portfolio
9.1.4.Financial performance
9.1.5.Recent developments
9.1.6.SWOT analysis
9.2.Siemens AG,
9.2.1.Overview
9.2.2.Business segments
9.2.3.Product portfolio
9.2.4.Financial performance
9.2.5.Recent developments
9.2.6.SWOT analysis
9.3.Schneider Electric SE
9.3.1.Overview
9.3.2.Business segments
9.3.3.Product portfolio
9.3.4.Financial performance
9.3.5.Recent developments
9.3.6.SWOT analysis
9.4.Fuji Electric Co., Ltd,
9.4.1.Overview
9.4.2.Business segments
9.4.3.Product portfolio
9.4.4.Financial performance
9.4.5.Recent developments
9.4.6.SWOT analysis
9.5.Eaton Corporation Plc
9.5.1.Overview
9.5.2.Business segments
9.5.3.Product portfolio
9.5.4.Financial performance
9.5.5.Recent developments
9.5.6.SWOT analysis
9.6.Littelfuse, Inc.
9.6.1.Overview
9.6.2.Business segments
9.6.3.Product portfolio
9.6.4.Financial performance
9.6.5.Recent developments
9.6.6.SWOT analysis
9.7.Mersen S.A,.
9.7.1.Overview
9.7.2.Business segments
9.7.3.Product portfolio
9.7.4.Financial performance
9.7.5.Recent developments
9.7.6.SWOT analysis
9.8.Bel Fuse Inc.
9.8.1.Overview
9.8.2.Business segments
9.8.3.Product portfolio
9.8.4.Financial performance
9.8.5.Recent developments
9.8.6.SWOT analysis
9.9.SCHURTER AG.
9.9.1.Overview
9.9.2.Business segments
9.9.3.Product portfolio
9.9.4.Financial performance
9.9.5.Recent developments
9.9.6.SWOT analysis
9.10.Conquer Electronics Co., Ltd
9.10.1.Overview
9.10.2.Business segments
9.10.3.Product portfolio
9.10.4.Financial performance
9.10.5.Recent developments
9.10.6.SWOT analysis
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