The global electric fuse market is projected to grow at a CAGR of 4.55% during the forecast period to reach a market size of US$5.019 billion dollars by 2025. The electric fuse market is anticipated to increase due to growing industrialization, automobile sector revolution, rising domestic power demand, increasing demand for power transmission equipment. The rapid lifestyle changes are resulting in an increasing demand for technologically advanced solutions in multiple industries such as automobiles, home appliances, and more. Electric fuses are an important component of the electronic advancements in these fields. Vehicles require a lot of electrical fuses for essential activities such as passenger safety and electric car charging stations resulting in a higher demand for electric fuses in the automotive manufacturing industry and thus fueling the market.
According to the World Bank, the global per capita electric power consumption has reached 3127 kWh in 2014, from 2955 kWh in 2010 (According to the World Bank) inducing an increase in the demand for electrical fuses to cater to the increasing power consumption. Besides, the demand for the electric fuse in the power sector will increase due to grid expansion, setting up new power plants, and generating clean sources of power. Furthermore, the electric fuse market will also increase due to the rising demand for consumer electronic goods in the market. The increasing price of raw material and availability of low-priced circuit breakers will be the main restraints in the electric fuse market.
DRIVERS
Rising investment in renewable energy storage.
Growing demand across telecommunication and consumer electronics.
RESTRAINTS
Rising raw material prices.
INDUSTRY UPDATE
In May 2018, Merson signed the purchase agreement for the acquisition of the capacitor developer and producer, FTCap.
In January 2019, Mersen announced the launch of Modulostar® fuse-disconnector for application with power cylindrical low voltage fuses.
The major players profiled in the global electric fuse market include ABB LTD, SCHNEIDER ELECTRIC, SIEMENS AG, BEL FUSE INC, LEGRAND, EATON CORPORATION, LITTELFUSE INC, MERCER, S&C ELECTRIC COMPANY, HUBBEL INCORPORATED DESIGNS, PANASONIC CORPORATION, and MITSUBISHI ELECTRIC.
Segmentation
The Global Electric Fuse Market has been analyzed through the following segments:
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