Rising Demand for Wired Power Transmission Devices in Several Industries
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It has been observed that specifically wired devices or equipment are most reliable source to transfer the energy, or power due to their ability to adapt and quickly transfer the signals. The demand for such devices is increasing at a very high pace globally due to its usage and applicability in most used products such as consumer electronics, automotive and many more. Industries, namely data center, oil & gas, telecom, transportation, and healthcare widely use wired devices for the basic function of power transmission.
For instance, the big data market has market volume of USD 7.6 billion in the year 2011 which has been increased to USD 35 billion in 2017, that showed an increase of nearly 460% from the year 2011 to year 2017. Big data center industry is one of the largest industries to use the electric fuse for efficient working of their devices.
Growing Urbanization and Industrialization
Due to technological advancement and increasing need for the least chances of error, has led to the rising adoption of industrialization in almost every industry. The government of many countries are focusing towards industrialization as well as urbanization as it helps to make a country economically strong in ways by increasing GDP, per capita income, exports and many more.
The government of countries such as China, India are taking major steps in making the cities modern and smart which induce more flow of electronic devices within the city or the area.
Asia is being considered as one of the largest open market for fuse because the urbanization percentage within Asia is nearly 49% which can be explained as approximately 50 % market is open and in demand for fuse devices proportionally.
Continuous Replacement due to short-circuit
Fuses have the capacity to absorb excessive electrical current which is flowing within the wires. But it needs to be replaced when it is done with its process which means whenever uneven current or voltage is being passed through fuse it absorb the variation and its metal body gets melted after the passage of current through it. Although fuse is highly effective for the protection but it needs to be replaced every time whenever it completes its function at the time of oversupply of power.
It increases the cost of new fuse as well as installation of fuse every time whenever it gets replaced. Circuit breakers are the replacement for fuses, as the life of circuit breaker is more than the life of fuses and it can be used more than once after any power failure. In fuses the body of fuse absorbs and it gets melted in order to stop the current flow through the wires, where as in circuit breaker whenever the current passes, its metal strip gets bend and flips the switches to avoid the fire. Circuit breaker reduces the replacement cost of new component as well as the installation cost due to its feature of flipping the switch. So, this factor will act as a restrain for the market growth.
Increasing Demand in Electronics & Electrical Industry
It has been observed that the electronic and electrical industry is growing at a very high rate due to increase in the disposable income of an individual. Electronics and electrical industry includes consumer electronics, electric industrial equipment and others which is being used in smart homes and automated industry respectively.
It has been observed that the telecommunication segment is one of the fastest growing segments within consumer electronics due to the efficient penetration of smart phone with internet technology across the globe. In year 2010, revenue of telephony segment in consumer electronics in US was nearly USD 28,600 million and in year 2016 it has jumped to nearly USD 54,200 million. It can be interpreted that there was nearly 100% growth in just 6 years in such a developed nation. This states that countries such as China, India, Ethiopia which are fast developing nations that further creates a huge scope for electronics & electrical industry. These countries have huge market for fuse because of rising development and usage of traditional electronic equipment within the nation and the demand for this industry will boost the demand for fuse as fuse needs to be integrated within electronic devices to maintain the smooth supply of electricity and to avoid any device damage.
Unorganized Aftermarket of Fuses:
The aftermarket specifically in fuse segment is unorganized in nature. Rules and regulation within a particular market make the segment organized and more efficient towards the growth. Unorganized market may lead to uneven pricing, monopoly, oligopoly within the particular product segment. This may also lead to counterfeit fuse supply within the market.
Until now there has been no specific stringent protocol which is made by any of the government specially in fuse segment which is hampering the demand for fuse market as well as the automotive market. According to economic times it was mentioned that the usage or penetration of counterfeit parts has been declined from nearly 36% to 5% within the time period of 2010-2017 but this share of percentage in spare parts has been taken over by unorganized players.
Some of the prominent participants operating in this market are Siemens, Schneider Electric, Eaton, Littelfuse, Blue Sea Systems, PolyTrans, MERSEN, Fuji Electric Co., Ltd, Bel Fuse Inc., S&C Electric Company, Weber South Pacific, ABB, HINODE ELECTRIC CO.,LTD., Pacific Engineering Corporation, Matsuo Electric Co.,Ltd., Eti, DF Electric., Legrand, AEM Inc., Schurter Holding AG., SIBA, Panasonic Corporation and lawsonfuses-india
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