What Factors Propelled The Growth Of The Electric Fuse Market In The Past?
The electric fuse market has seen considerable growth due to a variety of factors.
• The size of the electric fuse market has seen robust growth in recent years. It's projected to rise from $4.45 billion in 2024 up to $4.72 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. Factors responsible for this growth during the historic period include industrialization and urbanization, enhanced electrical infrastructure, developments in power electronics, safety and fire prevention measures, the rise in automotive electrification, an increased demand for consumer electronics, growth in the telecommunications sector, and consumer education about electrical safety.
What Is the Forecasted Market Size and Growth Rate for The Electric Fuse Market?
The Electric Fuse market is expected to maintain its strong growth trajectory in upcoming years.
• The electric fuse market is predicted to experience substantial growth in the upcoming years, escalating to a worth of $6.12 billion by 2029 with a compound annual growth rate (CAGR) of 6.7%.
This anticipated growth in the forecast period can be linked to factors such as modernization of electric equipment, stricter safety regulations, rapid expansion of electric vehicles, integration of energy storage systems, increasing complexities in electric networks, demand for smaller and more efficient fuses, and resilience planning in electrical networks. Upcoming trends during this period involve technological innovations in fuse design, advancements in semiconductor technology, digitalization of power distribution, customization of specific applications, miniaturization of component parts, improvements in fuse material, expansion of power distribution networks, and smart grid infrastructure.
What Factors Are Driving Growth In The Electric Fuse Market?
The anticipated rise in electricity usage is set to propel the electric fuse market. Electricity consumption, measured in Wh (or kWh), denotes the quantity of electricity used over a certain duration. This figure is escalating due to factors like population growth, economic progression and technological advancement. There is an increased necessity for electrical fuses like UL power fuses in several sectors such as medical, industrial, lighting, power generation, appliances, climate control, and automobiles, which are heavy electricity users, to control excess flow and minimize waste. As projected by the US Energy Information Administration (EIA), a statistical department of the US energy sector, in 2024, the proportion of electricity generated by renewables is set to increase from 30% in 2023 to 37% in 2026, largely driven by the proliferation of increasingly affordable solar PV. Therefore, this uptick in electricity usage is expected to boost the electric fuse market within the projected timeframe.
What Are The Main Segments Of The Global Electric Fuse Market?
The electric fuse market covered in this report is segmented –
1) By Product Type: Industrial Power And UL Fuses, Axial Radial Thru Hole Fuses, Cartridge Fuses, Surface Mount Fuses, Specialty Power Fuses
2) By Type: Power Fuse And Fuse Links, Distribution Cutouts, Cartridge And Plug Fuses, Other Types
3) By Voltage: Low Voltage, Medium Voltage
4) By End-Users: Utilities, Industrial, Residential, Commercial, Transportation, Other End-Users
Subsegments:
1) By Industrial Power And UL Fuses: Industrial Power Fuses, UL Recognized Fuses
2) By Axial Radial Thru Hole Fuses: Axial Fuses, Radial Fuses
3) By Cartridge Fuses: Type C Cartridge Fuses, Type D Cartridge Fuses
4) By Surface Mount Fuses: Chip Fuses, Thin Film Fuses
5) By Specialty Power Fuses: Motor Protection Fuses, Overcurrent Protection Fuses, Automotive Fuses
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What Emerging Trends Are Influencing The Growth Of The Electric Fuse Market?
The trend towards technological innovation is increasingly prevalent within the electric fuse industry. Leading firms within this sector are continually creating state-of-the-art electric fuses that are suitable for use with electric vehicles, as a means to solidify their market presence. Littelfuse, an American company that specializes in circuit protection manufacturing, revealed their new 828 series of high-voltage cartridge fuses in May 2022. These particular electric fuses offer enhanced overcurrent protection suited to electric vehicle technology. Meeting AEC-Q200 standards, the 828 series fuses are available in two options: 500 through-hole and 300 bolt-down packages. They are not only compliant with RoHS; they are also lead free and free from halogens. The fuses are designed for compatibility with printed-circuit boards or screw-in assemblies, operating within a temperature range of -55 to 125 degrees Celsius. Notably, the series simplifies the installation process with incorporated stand-off leads and bolt-down functions on the end caps, negating the need for additional mounting components or lead-forming processes.
Who Are the Key Players In The Electric Fuse Market?
Major companies operating in the electric fuse market include:
• Schneider Electric SE
• Siemens Aktiengesellschaft
• Mersen S.A.
• ABB Ltd.
• Eaton Corporation PLC
• Bel Fuse Inc.
• Littelfuse Inc.
• Legrand SA
• S&C Electric Company
• G&W Electric Company
• SCHURTER Holding AG
• Hubbell Incorporated
• General Electric Company
• Mitsubishi Electric Corporation
• Emerson Electric Co.
• Bourns Inc.
• SIBA GmbH
• EFEN GmbH
• Hollyland Electronic Technology Co. Ltd.
• Pacific Engineering Corporation
• AEM Components Inc.
• KYOCERA Corporation
• Alstom SA
• Maxwell Technologies LLC
• OptiFuse
• Protectron Electromech Pvt. Ltd.
• Xiamen SET Electronics Co. Ltd.
• Larsen & Toubro Limited
• Pennsylvania Breaker LLC
• Toshiba Corporation
• TE Connectivity Ltd.
What Is The Most Dominant Region In The Electric Fuse Market?
Asia-Pacific was the largest region in the electric fuse market share in 2024. North America was the second-largest region in the electric fuse market analysis. The regions covered in the electric fuse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
