Electric Fuse Market Expected to Reach $9.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Fuse Market," The electric fuse market was valued at $4.5 billion in 2021, and is estimated to reach $9.3 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Electrical fuse is a low melting point copper or other metal wire that breaks due to heat caused by overvoltage or high load to avoid short circuit or failure to the device. An electric fuse is a necessary component of the energy business. It is utilized in high and low voltage installations for overload and short circuit protection. Some of the benefits of having an electrical fuse include no maintenance, a shorter working period than a circuit breaker, and the ability to terminate short circuit current without generating noise or smoke. Electric fuses are an important component of the electrical infrastructure system. Increased power demand, particularly in transmission and distribution networks, drives up demand for electric fuse market size over the anticipated period.

Electric fuse market growth is being driven by increased adoption of electric options for operations of various sectors. Industries use a lot of energy and require a lot of fuel and power to run mechanical drivers, boilers, furnaces, heating, ventilation, and air-conditioning (HVAC) systems, and so on. Traditionally, IC motors, fossil-fuel-based boilers and furnaces, and other non-electric energy sources were used. To transition to a low-carbon future and guarantee reliable operation, industries are increasingly adopting electric options. This trend is particularly noticeable in developed regions such as Europe and North America, where governments from various nations are actively pursuing carbon-neutral targets.

However, some of the disadvantages of electric fuse market analysis include their certain unfavorable properties. When a fuse blows off due to an overload or short circuit, replacing it requires time. It is challenging to distinguish between fuses when they are connected in series unless they have a sizable variation.

If planned power generation capacities aren't increased and modernized, the present electric grid will undoubtedly be under stress. The World Energy Council estimates that an additional power generating capacity of at least 2,000 GW is required worldwide, and that an additional 1,000 GW will be needed within the next ten years to replace the aging infrastructure. These capacity expansions necessitate brand-new, enhanced, and larger T&D networks. Power infrastructures in many wealthy nations need to be upgraded because they are mainly dated. Electric fuse box are typically placed in medium-voltage substations to protect feeder and distribution lines from transient short circuits that could cause prolonged power outages and ensure customers' reliable supply continuity. These factors are anticipated to boost the market growth in the upcoming years.

The global electric fuse market share is segmented based on voltage, end-user, and region. By voltage, it is classified into low, medium, and high. By end-user, it is classified into residential, commercial, industrial, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of Covid-19 on the Global Electric Fuse Industry

• The novel coronavirus has had a significant negative impact on the growth of the electronic industry. Due to the global lockdown, governments were forced to close a number of electronics manufacturing plants and retail locations in order to prevent the virus from spreading.
•  Moreover, the COVID-19 pandemic has caused a decline in demand for electric fuses as the global economy has slowed down. Many industries have reduced their production levels, and consumers have decreased their spending on non-essential items. This has led to a decline in sales of electric fuses.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on voltage, the medium sub-segment emerged as the global leader in 2021 and low sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on end-user, the residential sub-segment emerged as the global leader in 2021 and industrial sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.

The key players profiled in the electric fuse market report include 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.

The report offers a comprehensive analysis of the global electric fuse market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.