Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Global Electric Fuse Market is estimated to reach close to USD 5.6 Billion by 2029 with a CAGR of 5.8% during the forecast span 2022-2029.
A tremendous surge in industrial activities and growing electric consumption throughout the globe are predicted to drive the growth of the market during the forecast duration. Further, positive regulations imposed by the authorities of diverse countries on increasing power capability are additionally expected to reinforce the boom of the electric fuse market in the course of the forecast duration. Historically, internal combustion engines, fossil gasoline-primarily based boilers, and furnaces, amongst others, have used non-electric electricity sources. The industry is becoming increasingly electrified to transition to a low-carbon future and ensure reliable operations. Electrification helps organizations lessen the power and overhead costs while meeting sustainability desires.
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Leading competitors in the Electric Fuse market:
- SAP Overview
- Products Portfolio
- Recent Initiatives
- Company Financials
- Oracle
- JDA
- Infor
- Manhattan Associates
- Epicor Software Corporation
- Descartes Systems Group
- HighJump
- Basware
- Coupa Software
Electricity has greatly contributed to the revolution of human life. Electricity is part of our daily life. Safety and reliability are top priorities when operating electrical equipment. Electric fuses are required for secure operation and to keep away from fire dangers because of short circuits. Fuses act as protection for devices by creating an open circuit when extreme currents flow. The metal strip of the fuse is melted by the excessive heat generated by the extreme current, preventing further damage or shorting. Therefore, fuses not only prevent serious damage to valuable electrical equipment but also save lives by preventing fire hazards caused by short circuits.
Electric Fuse industry has a number of end-user applications including:
- Residential
- Commercial
- Industrial
- Utilities
- Transportation
Different Electric Fuse industry product categories include:
- Power Fuse and Fuse Links
- Distribution Cutouts
- Cartridges and plug fuses
- Others (Capacitor fuses, dropout fuse, battery fuses and fuse pullers)
Electric Fuse industry product categories by Voltage:
- Low Voltage
- Medium Voltage
The planned generation capacity could strain the existing transmission grid if it is not expanded and modernized. These capacity expansions require a new, updated, and expanded T&D infrastructure. Most of the prevailing power infrastructure in a few evolved countries is already previous and desires to be upgraded. Electrical fuses are mainly installed in medium-voltage substations to protect feeders and distribution lines, prevent prolonged power outages due to temporary short circuits and provide customers with reliable continuity of supply.
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In terms of end use, this industry is segregated into Residential, Commercial, Industrial, Utilities, and Transportation. Among these, the Commercial segment accounted highest market share in global electric fuse market. The key factors such as increasing sales of electric and hybrid vehicles, stringent government regulations, increasing awareness towards environmental protection, rapid penetration of EV, HEV, and PHV in the marketplace is driving the global share of Commercial segment in global electric fuse market.
In terms of revenue, Asia-Pacific is segmented into China, Japan, India, Australia, Malaysia, Vietnam, South Korea, and Indonesia. APAC boosted the demand for electric systems and circuit safety devices within the region. In addition, the electricity distribution sector in the region is being improved to improve electrification rates in developing countries.
In September 2018, Little fuse introduced a new line of his PICO 242 series barrier network fuses for hazardous areas to prevent fires and explosions in critical situations. Fuses can prevent circuits from overheating and minimize the risk of short circuits.
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