Global Electric Fuse Market
The Electric Fuse Market size, according to the analysis by Market Research Future (MRFR), is expected to reach a market valuation of USD 4.26 billion by 2024 with a CAGR of 4.50% over the review period from 2019 to 2024.
Key market players in the electric fuse market identified by MRFR, such as Schneider Electric, ABB, and Legrand, are actively focusing on signing contracts for mergers, strategic business partnerships, and agreements with utilities and industries to supply electric fuses. These are expected to create a vast scope of potential growth opportunities over the review period, contributing to the market growth in the foreseeable future.
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Drivers and Restraints
The major driving factors fueling the growth of the global electric fuse market include rising investments in the transmission and distribution infrastructure, the renewable power industry, and the construction industry. Additionally, the global electrical fuse market is estimated to grow at a high rate during the forecast period owing to the rising adoption of renewable energy sources. Developing countries across the globe are shifting their focus on renewable power generation. This is attributed to the increasing population rate in these countries, which is consequently driving power consumption and increasing the demand. The growing safety issues related to photovoltaic systems and disseminated energy resources are other influential factors driving the need for electrical fuses from the utilities. Higher voltage fuses are used in the fortification of power conversion, while medium and low voltage fuses are used in the circulation of power.
The global Electric Fuse Market has been segmented based on voltage, type, end-use, and region.
On the basis of voltage, the electric fuse market is divided into medium, low, and high voltage. The medium voltage segment is touted to be the fastest-growing segment in the electric fuse market over the review period. There is higher demand for medium voltage fuse owing to the constant construction of transmission and distribution networks along with higher replaceability of fuses.
On the basis of type, the electric fuse market is divided into distribution cutouts, power fuse & fuse link, and cartridge & plug fuse.
On the basis of end-use, the electric fuse market is segmented into industrial, utilities, commercial, residential, and transportation. The transportation segment is expected to record the highest growth rate over the forecast period.
the global market for electric fuse, on the basis of region, is studied in the Middle East & Africa, Asia-Pacific, North America, Europe, and South America.
Asia-Pacific is one of the significant regional markets for electric fuse and accounts for the largest share in the electric fuse market over the assessment period. This remarkable growth is due to increased investments in the T&D spending, smart grid infrastructure development, growing reliance on renewable power generation sources, and infrastructural activities in the recent past. China accounts for the highest installed generation and distribution volume in the region owing to the higher demand for electric supply, resulting in an increased demand for electrical fuse. Similarly, growing power distribution in developing countries such as Australia, India, and Indonesia would fuel the development of electrical fuse in Asia-Pacific.
Additionally, the North American region is expected to be the second-largest market for electric fuse and reach a substantial market valuation over the review period. The US is expected to lead the market in North America, owing to the growing T&D lines.
The European region is also one of the major markets for electric fuse and is expected to register a substantial market share over the review period, at a notable growth rate. The established industrial verticals, presence of significant market players, along with the higher demand for power in European countries such as the UK, the Netherlands, and Germany is expected to fuel the market growth in the European region over the review period.
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