New York, USA, May 16, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global electric fuse market. According to the report, the global market is projected to surpass $9,246.3 million and grow at a CAGR of 7.7% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the electric fuse market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Electric Fuse Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global electric fuse market. During the pandemic, market players in electric fuses, such as China and the United States, faced import-export restrictions. Moreover, the pandemic had affected worldwide supply lines, causing delays in the delivery of raw materials and components needed to manufacture electric fuses. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Electric Fuse Market Growth
The key factor boosting the growth of the global electric fuse market is a significant rise in the need for electric fuse because of the growing use of electric fuses in the car sector, as well as increasing energy consumption. Furthermore, the rapid development of electric and hybrid vehicles, as well as higher regulatory awareness aimed at reducing vehicle emissions, are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the widespread use of modern technology such as vacuum interrupters and circuit breakers is anticipated to deter the market’s growth.
The report segments the global electric fuse market into voltage, end-user, and region.
Medium Sub-segment to Grab a Foremost Share of the Market
The medium sub-segment of the voltage segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the rise in demand for medium voltage fuses in T&D networks, circuit and motor protection, transformers, industrial applications, and the production and distribution of renewable energy.
Residential Sub-segment to Witness Rapid Growth
The residential sub-segment of the end-user segment is predicted to grow enormously in the forecast period. This growth is mainly due to the steadily growing construction industry which boosts the demand for electric fuses in residential and commercial buildings.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global electric fuse market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to a need for better electric and electronic equipment, higher per capita electricity consumption driven by increased urbanization, and rising industrialization in this region.
Key Players of the Global Electric Fuse Market
The report states some of the foremost players operating in the global market including
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- Conquer Electronics Co. Ltd.
- Eaton Corporation Plc
- Fuji Electric Co. Ltd
- Littelfuse Inc
- Bel Fuse Inc
- Mersen S.A
- SCHURTER AG
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in March 2022, Mersen, a globally recognized authority in electrical specialty and cutting-edge materials for high-tech sectors, officially launched non-indicating variations of its well-known A2D and A6D Series Class RK1 fuses. With this addition, the Class RK1 Time Delay fuse series provides a full spectrum of ampere ratings ranging from 8 to 600A across both indicating and non-indicating categories.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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
