Electric Fuse Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Power Fuse & Fuse Link, Distribution Cutouts, Cartridge & Plug Fuse), By Voltage (High, Medium, Low), By Material (Copper, Silver, Bronze), By End Use Industry (Energy And Power, Automotive, Manufacturing, Consumer Electronics, Construction, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Jan 2023
- Report Code : KSI061612364
- Pages : 140
Electric Fuse Market is projected to grow at a CAGR of 6.58% during the forecast period to reach US$5,762.802 million by 2027, from US$3,688.250 million in 2020.
Electric fuse works on thermal properties such as the temperature heating effect generated by electrical energy and they perform the function of detection and interruption in fault conditions. It also works as an automatic protector that eliminates potential dangers for example excessive temperature and power surges. Moreover, high-voltage electric fuses are required in big software and hardware enterprises, and vehicles and medium or low-voltage electric fuses are utilized in home appliances such as refrigerators, air conditioners, kitchen appliances such as kettles, mixers, microwaves, and others. Furthermore, rising power consumption is fuelling the growth of the electric fuse market.
Rising power consumption and an increase in demand for an electric fuse in the automobile sector are expected to boost the electric fuse market.
Increasing disposable income, changing consumer preferences toward new technology, and industrialization is increasing the demand for automobiles. An electric fuse is increasingly used in automobiles especially in electrical and digital systems in automobiles. Furthermore, electric fuses are increasingly used in the EV (electric vehicle) industry mainly for charging purposes in electric charging stations that essentially convert AC power into DC power which requires electric fuses that act as circuit breakers and safety devices that protect the machine from excessive current flow. Additionally, these fuses help in powering hybrid automobile equipment and in the protection of electric motors, batteries, and power conversion devices which further increases their demand in the automobile sector. Furthermore, according to Little Fuse Inc's annual reports, its net sales in the electronics segment which included all electronic parts particularly fuses, electric vehicles and related infrastructure, power supplies, and others recorded an increase in sales of US$1,300,744 million in 2021 compared to the previous period. Similarly, its transportation segment engaged in selling high-voltage fuses, commercial vehicle fuses, circuit breakers, and others recorded an increase in sales of US$ 528,058 million in 2021. Furthermore, rising power consumption among the population in recent years has increased the demand for electric fuse to cater to the rising power supply requirements of the people.
However, excessive current can burn the fuse wire which needs to be replaced which leads to a rise in maintenance costs and that can hinder the growth of the electric fuse market.
Key developments
- Littelfuse launched a new 828 series of high-voltage cartridge fuses in May 2022. It is for onboard chargers and power distribution units of electric vehicles and has an operating temperature range of -55 to 125 degree Celsius.
- Eaton Corporation launched the EVK series of Bussmann series fuses in October 2021. The new line has high voltage fuses for high-powered electrified vehicles with voltages up to 1000 VDC and 600 amps.
- Mersen which is a French international company operating in the advanced materials and electronic power segment acquired Hager Groups’ stake in Fusetech in May 2021. The acquisition enabled Mersen to optimize fuse production in the European electric fuse market.
Product Offerings
- EV Fuses Bussmann Series – by Eaton Corporation. The fuses range from 501V to 1000V and are tailored for the protection of electric vehicles with DC auxiliary circuit protection and onboarding charging protection.
- KPLC Series – 600V- UL Class L Time-Delay Fuses – by Littlefuse. The product is ideal for overcurrent protection for circuits from 200 to 6000 amperes, it has silver-plated copper end bells and provides a minimum of 10 seconds time delay at 500% rate current. It is compact and has reduced downtime costs. These can be used in service switches, switchboard mains, motor control center mains, large motor branch circuits, and others.
During the forecast period, North America is expected to gain a significant share of the electric fuse market.
The demand for electric fuses in North America increased due to an increase in the automotive sector, electronics sector, technological advancements, and increase in power consumption. Furthermore, demand for high-voltage electric fuse increased in the electric vehicle industry for power supply and overcurrent charging protection. Furthermore, an increase in electricity and power consumption particularly from the commercial and industrial sectors increased the demand for electric fuses. As per Energy Information Administration, USA electricity consumption in 2021 was 3.93 trillion kWh due to a rise in the direct use of electricity from the industrial and commercial sectors. In addition to that, retail sales of electricity increased in the commercial sector by 34.9% in 2021 owing to the use of computers, laptops, refrigerators, and air conditioning. Similarly, retail sales of electricity in the industrial sector increased by 26% in 2021 owing to machine motors, electrical equipment for vehicles, and others. All these factors have further increased the demand for electric fuses in the region.
COVID-19 Insights
COVID-19 had a significant impact on the electric fuse market. The pandemic increased the demand for electric fuses owing to consumer electronics such as laptops, smartphones, computers, air conditioning, and others. Long hours of work from home required fast and efficient charging along with current protection for devices which further increased the demand for medium and small-voltage electric fuses in the market. Furthermore, electricity consumption increased as a result of rising power supply demand by people for work from home and e-learning which further boosted the demand for electric fuses. As per Bel Fuse's annual reports, its power solutions and protection segment sales increased by 52% in 2020.
Electric Fuse Market Scope:
Report Metric | Details |
Market Size Value in 2020 | US$3,688.250 million |
Market Size Value in 2027 | US$5,762.802 million |
Growth Rate | CAGR of 6.58% from 2020 to 2027 |
Base Year | 2020 |
Forecast Period | 2022–2027 |
Forecast Unit (Value) | USD Million |
Segments Covered | Type, Voltage, Material, End-Use Industry, And Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | Abb Ltd, Schneider Electric, Siemens Ag, Bel Fuse Inc, Legrand, Eaton Corporation, Mersen LP, S&C Electric Company, Hubbel Incorporated Designs, Panasonic Corporation, Mitsubishi Electric |
Customization Scope | Free report customization with purchase |
Market Segments
- By Type
- Power Fuse & Fuse Link
- Distribution Cutouts
- Cartridge & Plug Fuse
- By Voltage
- High
- Medium
- Low
- By Material
- Copper
- Silver
- Bronze
- By End-Use Industry
- Energy and Power
- Automotive
- Manufacturing
- Consumer Electronics
- Construction
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Taiwan
- Others
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. ELECTRIC FUSE MARKET, BY TYPE
5.1. Introduction
5.2. Power Fuse & Fuse Link
5.3. Distribution Cutouts
5.4. Cartridge & Plug Fuse
6. ELECTRIC FUSE MARKET, BY VOLTAGE
6.1. Introduction
6.2. Low
6.3. Medium
6.4. High
7. ELECTRIC FUSE MARKET, BY MATERIAL
7.1. Introduction
7.2. Copper
7.3. Silver
7.4. Bronze
8. ELECTRIC FUSE MARKET, BY END-USE INDUSTRY
8.1. Introduction
8.2. Energy and Power
8.3. Automotive
8.4. Manufacturing
8.5. Consumer Electronics
8.6. Construction
8.7. Others
9. ELECTRIC FUSE MARKET, BY GEOGRAPHY
9.1. Introduction
9.2. North America
9.2.1. United States
9.2.2. Canada
9.2.3. Mexico
9.3. South America
9.3.1. Brazil
9.3.2. Argentina
9.3.3. Others
9.4. Europe
9.4.1. Germany
9.4.2. France
9.4.3. United Kingdom
9.4.4. Spain
9.4.5. Others
9.5. The Middle East and Africa
9.5.1. Saudi Arabia
9.5.2. Israel
9.5.3. Others
9.6. Asia Pacific
9.6.1. China
9.6.2. Japan
9.6.3. South Korea
9.6.4. India
9.6.5. Indonesia
9.6.6. Taiwan
9.6.7. Others
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Abb Ltd
11.2. Schneider Electric
11.3. Siemens Ag
11.4. Bel Fuse Inc
11.5. Legrand
11.6. Eaton Corporation
11.7. Mersen LP
11.8. S&C Electric Company
11.9. Hubbel Incorporated Designs
11.10. Panasonic Corporation
11.11. Mitsubishi Electric
Abb Ltd
Schneider Electric
Siemens Ag
Legrand
Eaton Corporation
Mersen LP
S&C Electric Company
Hubbel Incorporated Designs
Panasonic Corporation
Mitsubishi Electric
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