The growing electric consumption is anticipated to enhance the electric fuse market. Increasing investments in renewable and energy storage and surging power supply to rural areas will improve the growth rate of the fuse market. Furthermore, technological advancement is a major trend gaining popularity in the electric fuse market. Several companies operating in the market are developing technologically advanced electric fuses that are compatible with electric vehicles to attain a competitive edge in the market.
According to Data Bridge Market Research, the Global Fuse Market is expected to have a CAGR of 8.7% for the forecast period of 2021-2028.
" Increasing Demand of Fuses in Various Industries Surge the Market Growth"
Electrical fuses such as U.L. power fuses are highly needed in several industries such as medical, industrial, power generation, lighting, appliances, climate control, and automobiles that consume a lot of electricity to restrict the overflow and minimize wastage. For instance, as per the U.S. Energy Information Administration (EIA), a statistical agency of the U.S. department of energy, the U.S. consumed around 3.9 trillion kilowatt-hours (kWh) of electricity in 2021, approximately 2% more than in 2020. Therefore, the growing electric consumption will enhance the electric fuse market in the forecast period. Thus, this factor boosts market growth.
What restraints the growth of the Global Fuse Market?
" Alternatives to fuses will challenge the growth rate"
The demand for alternatives such as MCCBS, MCBs, and relays are the factors that will act as restraints for the market's growth. For many domestic applications, miniature circuit breakers (MCB) are extensively used as an alternative to fuses. These fuses are great with feasibility since this switch automatically turns off when the current in a circuit exceeds the safe limit. All these major factors impede the growth of the market.
Segmentation: Global Fuse Market
The global fuse market is segmented on the basis of type, product type, voltage type and end user.
- On the basis of type, the fuse market is segregated into A.C. fuses and D.C. fuses.
- On the basis of product type, the market is segmented into cartridge type fuses, rewirable fuses, switch type fuses, drop out type fuses, striker type fuses, expulsion type HRC fuses, liquid type HRC fuses, cartridge type HRC fuses, and accessories.
- On the basis of voltage type, the market is segmented into low voltage, medium voltage, and high voltage.
- On the basis of end user, the market is bifurcated into oil and gas, power generation, telecom, electrical and electronics, healthcare, mining, food and beverage, construction, transportation and others
Regional Insights: Asia-Pacific is expected to dominate the Global Fuse Market
Asia-Pacific dominates the market due to the increase in electrification projects, industrialization, and urbanization in emerging economies. Furthermore, Further, huge manufacturing base and increasing investment for power generation and development of electricity infrastructure in the emerging nations further enhance the growth of electric and electronic fuse market.
Middle East and Africa is expected to grow in 2021-2028 because of the increased expenditure for modernizing fuses. Also, the increase in the adoption rate of automotive electronics also boost the market growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-fuse-market
Recent Developments in Global Fuse Market
- In 2022, Littelfuse, a U.S.-based circuit protection manufacturer, launched new 828 high-voltage cartridge fuses. This type of electric fuse offers superior overcurrent protection for automotive electric vehicle designs.
The Prominent Key Players Operating in the Global Fuse Market Include:
- AMMO Inc (U.S.)
- BAE Systems (U.K.)
- Chemring Group PLC (U.K.)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (U.S.)
- Hanwha Group (South Korea)
- Nexter group KNDS (France)
- Norinco Private Limited (India)
- Northrop Grumman (U.S.)
- Olin Corporation (U.S.)
- Poongsan Corporation (South Korea)
- RUAG Group (Switzerland)
- REMINGTON OUTDOOR COMPANY (U.S.)
- Rheinmetall AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global fuse market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fuse Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
