Electric Fuse Market Predicted to Make a Robust Comeback After the Pandemic Debacle with a Striking CAGR of 7.7% in the 2022-2031 Timeframe [280-Pages] | Disclosed by Research Dive
The global electric fuse market is expected to witness prominent growth by 2031, due to the increasing applications of electric fuses in the industrial sector. The Asia-Pacific region generated the highest revenue in 2021.
NEW YORK, May 29, 2023 /PRNewswire/ -- Global Electric Fuse Market Forecast Analysis:
As per the report published by Research Dive, the global electric fuse market is anticipated to generate a revenue of $9,246.3 million and rise at a healthy CAGR of 7.7% over the analysis timeframe from 2022 to 2031.
Segments of the Electric Fuse Market
The report has divided the electric fuse market into the following segments:
- Voltage: low, medium, and high
- Low – Expected to have the fastest growth by 2031
The increasing use of low voltage fuses because of their numerous advantages such as providing protection against short circuit damage, easy construction and assembling, and many more are expected to bolster the growth of the market sub-segment over the analysis period. - End-User: residential, commercial, industrial, and others
- Residential – Generated the highest market share in 2021
The increasing preference for low-voltage fuse among residential consumers and for small-scale applications is expected to propel the growth of the market sub-segment during the estimated period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Held the largest share of the market in 2021
The increasing investment in power generation and infrastructure development, and the rising per capita electricity consumption because of increased urbanization and industrialization are expected to drive the regional growth of the market over the analysis period.
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Dynamics of the Global Electric Fuse Market
The rising use of green energy sources and the growing investments in renewable energy sources for electricity generation are the major factors expected to fortify the growth of the electric fuse market during the analysis period. Besides, the increasing use of electric fuses to protect overcurrent flow is further expected to amplify the growth of the market in the coming period. However, the smart grid vision and other alternatives, such as MCBs and MCCBs may hinder the growth of the market throughout the forecast period.
The planned power generation capabilities across various countries are expected to create wide growth opportunities for the market throughout the estimated period. Moreover, the rising use of electric fuses in medium-voltage substations for feeder and distribution line protection and providing continuous power supply from creating long-term power outages are expected to boost the growth of the electric fuse market over the analysis period.
Covid-19 Impact on the Global Electric Fuse Market
The outbreak of the Covid-19 pandemic has had a negative impact on the electric fuse market, likewise, various other industries. This is mainly due to the halt of investments from various end-use industries due to the economic slowdown. Moreover, the disruptions in the supply chain have further delayed the delivery of raw materials and components needed for the production of electric fuses. Additionally, the import-export restrictions and the negative impact on the construction and automobile industries in terms of sales and acquisitions of new projects have drastically decreased the demand for electric fuses over the crisis.
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Key Players of the Global Electric Fuse Market
The major players of the market include
- Littelfuse Inc.
- Eaton Corporation Plc
- Mersen S.A
- Fuji Electric Co. Ltd
- Bel Fuse Inc.
- Schneider Electric SE
- SCHURTER AG
- Siemens AG
- Conquer Electronics Co. Ltd.
- ABB Ltd.
These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to gain a leading position in the global industry.
For instance, in April 2021, Siemens, a German multinational conglomerate corporation announced the launch of its new Sentron 3NA COM LV HRC fuse link which is integrated with communication and measurement functionality. This compact device is designed for 400 volts low-voltage grids and can be broadly used in secondary substations and industrial plants.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Electric Fuse Market:
- A Quick Look at the Different Types of Electric Fuses Available in the Market
- Global Electric Fuse Market to Generate $9,246.3 Million by 2031, Due to Increased Applications of Electric Fuse in Industrial Sector
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