Global Electrical Fuse Market Expected To Reach USD 5.1
Newark, NJ, May 24, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global electrical fuses market is expected to increase from 3.3 billion USD in 2020 and reach 5.1 billion USD by 2028, with a CAGR of 5.6% during the forecast period 2021-2028.
The electrical fuses market has experienced significant growth in recent years. This growth is attributed to increasing investments in energy storage and renewable energies, telecommunications and automotive, increased investments in T&D infrastructure plans, increased investments in the sector of construction and an increase in demand for automotive electronics. Electrification is carried out by industries to ensure the movement of a low carbon future and for reliable operations. Growing pressure from the government to meet environmental carbon neutrality goals is further fueling demand for electricity infrastructure.
An electrical fuse is a protective instrument used to protect devices against sudden voltage fluctuations and short circuits. The fuse is an electrical component used as a safety device to limit current fluctuations in an electrical circuit. The electrical fuse blows and cuts the electrical circuit in the event of an unnecessary sudden increase in current flow or voltage fluctuations. Container type fuses are commonly used in industries and automotive applications.
The global electrical fuses market is expected to experience significant growth owing to increasing government pressure to achieve carbon neutrality targets in the environment, increasing investments in energy storage and renewable energy, telecommunications and automotive, increased investment in T&D infrastructure plans, increased investment in the construction sector and increased demand for automotive electronics. The factors limiting the market are rising funds in the vision of smart grids, soaring commodity prices, growing demand for replacements and relays.
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The major players in the global electrical fuses market are Siemens, Legrand, G&W Electric Company, Hubbell, Schneider Electric, Mersen, S&C Electric Company, Schurter, Littelfuse, ABB, Bel Fuse Inc., Eaton and others. To gain a striking market share in the global electrical fuses market, major players are now focusing on adopting strategies such as mergers and acquisitions, joint ventures, product innovation, product development, partnerships and collaborations.
- In January 2020, Siemens India acquired C&S Electric.
- In January 2019, Mersen expanded its product portfolio with the launch of the RK1 Class Reducing Fuses product line. The RK1 Class Reducing Fuse is ideal for its high reliability performance, arc flash attenuation and durability characteristics that set it apart from other fuses.
The medium electrical fuses segment dominated the market and held the largest market share of 60% in 2020
On the basis of voltage, the overall electrical fuse is segmented into low voltage and medium voltage. The medium electrical fuses segment dominated the market and held the largest market share of 60% in 2020. Transformers and substations, electric utilities, heavy industries like oil and gas industry and distribution networks are the main end users of medium voltage. fuses. It is used for motor circuit protection, current limiting function and fault current protection.
Power fuses and fuses segment dominated the market and held the largest market share of 45% in 2020
On the basis of type, the overall electrical fuse is segmented into distribution cutouts, power fuse and link and cartridge fuses and fuse plug. Power fuses and fuses segment dominated the market and held the largest market share of 45% in 2020. Power fuse and fuse are used in various applications such as circuit and motor protection, transmission and distribution networks, transformers and renewable energies. generation. The price of power fuse and fuse is medium, which is more incentive for industries and utilities to use this fuse to avoid meter tripping and short circuits.
The utilities segment dominated the market and held the largest 50% market share in 2020
On the basis of end user, the global electric fuse is segmented into industrial, commercial, residential, transportation and utilities. The utilities segment dominated the market and held the largest market share of 50% in 2020 and is expected to experience the highest CAGR of 6.1% in value during the forecast period. The surge in safety concerns related to distributed energy resources and photovoltaic systems has increased the demand for electrical fuses from utilities.
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Regional segment of the electrical fuses market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, rest of MEA)
On the basis of geography, the global electrical fuses market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific holds the largest market share in China and India. The growth of the Asia-Pacific region is attributed to increasing urbanization, industrialization in emerging economies, rise of electrification projects, increased investment in grid integration and sources of electricity. renewable energies. The Middle East and Africa are expected to experience significant growth, due to huge investments to develop electricity infrastructure in rural areas. With the help of increasing network investment in 2020, especially in emerging and developing economies, the Asia-Pacific region market is expected to continue growing during the forecast period.
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About the report:
The global electrical fuses market is analyzed on the basis of value (billion USD). All segments were analyzed globally, regionally and nationally. The study includes analysis of over 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to gain key insights into the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.
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