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Electric Fuse Market to Record USD 4.6 Bn Growth; Driven by growing investments in renewable and energy storage

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Electric Fuse Market to Record USD 4.6 Bn Growth; Driven by growing investments in renewable and energy storage

November 16
22:08 2022
Electric Fuse Market to Record USD 4.6 Bn Growth; Driven by growing investments in renewable and energy storage
The leading players in the electric fuse market are Schneider Electric (France), Siemens (Germany), Mersen (France), ABB (Switzerland), Eaton (Ireland), Bel Fuse Inc. (US), Littelfuse (US), Legrand (France), S&C Electric Company (US), G&W Electric Company (US), Schurter (Switzerland), and Hubbell (US).
The global electric fuse market is expected to grow from an estimated USD 3.5 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 5.8%. The growth of this market is driven by growing investments in renewable and energy storage, increasing investments in T&D infrastructure plans, and revival of investments in the construction sector.

According to the new market research report, The global electric fuse market is projected to reach USD 4.6 billion by 2026 from an estimated USD 3.5 billion in 2021, at a CAGR of 5.8%. This growth can be attributed to factors such as growing investments in renewable and energy storage, increasing investments in T&D infrastructure plans, and revival of investments in the construction sector.

The Asia Pacific region is estimated to be the largest and the fastest growing market for electric fuse during the forecast period. The region has been segmented, by country, into China, Japan, India, Malaysia, Australia, Vietnam, South Korea, and Indonesia. The growth of this region is primarily driven by countries such as China, India and Japan which are among the top 5 economies in the world. The electric fuse market in the region is mainly driven by the growing power demand and renewable energy generation targets. For instance, China and India are already among the top countries for renewable energy generation and China has plans to integrate at least 35% of electricity consumption by 2030 through renewable energy. On the other hand, India has plans to generate 100 GW of solar power by 2022 with an aim to reduce its dependency of fossil fuels and meet the increasing urban energy demand.

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The electric fuse market, by type, is segmented into power fuse and fuse link, distribution cutout, cartridge & plug fuse, and others. The distribution cutouts segment is expected to grow at the fastest rate during the forecast period. The distribution cutouts are medium voltage fuses with voltage ranges starting from 8 kV up to 38 kV and above. These fuses are specially designed to protect overhead distribution networks and for harsh climatic conditions. The companies offering distribution cutout are ABB, Eaton Cooper, Hubbell, and S&C Electric Company. The distribution cutout is majorly applied in transformers, capacitors, and for protecting cables and wires. These fuse cutouts are ideal for outdoor distribution and, thus, these are demanded by the electric utilities, with the average cost being little higher than other fuses.  

The electric fuse, by voltage, is segmented into low voltage and medium voltage. Low voltage segment is expected to grow at the fastest rate during the forecast period. The growth is attributed to rising investments in renewable energy generation & distribution and rising demand for energy storage on a large scale. Moreover, the residential and commercial sector is increasing its expenditure for the protection of electrical power systems. The type of fuses in the low voltage range are mainly miniature fuses, cartridge fuses, plug fuses, PV fuses, and link type fuses.

The report segments the electric fuse market, by end-use, into residential, commercial, industrial, utilities, and transportation. The utilities segment is expected to be the largest and the fastest growing for the electric fuse market globally. Utilities face the challenge to manage grids and provide reliable and secured power and, thus, the demand for fuses remain steady despite the availability of substitutes. The electric fuses that are used by the utilities are generally power fuses, backup fuses, fuse links, capacitor fuses, and dropout fuses. The utilities operate at a high voltage level at 11 kV, 22 kV, and 33 kV, thus medium voltage electric fuses are preferred. Moreover, the demand from utilities for electric fuses is frequent due to the short life span of these fuses and low replaceability cost.

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Asia Pacific: The largest market for electric fuse.

Asia Pacific is estimated to dominate the global electric fuse market in 2018 owing to the development and growth of countries such as China, Japan, Australia, and India, where there is a huge requirement for power and infrastructural development due to growing population and urbanization. The transportation infrastructure in the region is at the verge of getting electrified. This also creates opportunities for electric fuses in the Asia Pacific railway and traction segment. Furthermore, the region is the largest consumer of solar energy, and countries such as India and China are driving the renewable energy market. For instance, India has set goals for generating 175 GW of electricity through renewables by 2022. Such factors are likely to drive the Asia Pacific electric fuse market.

The global electric fuse market is dominated by few major players that have a wide regional presence. The leading players in the electric fuse market are Schneider Electric (France), Siemens (Germany), Mersen (France), ABB (Switzerland), Eaton (Ireland), Bel Fuse Inc. (US), Littelfuse (US), Legrand (France), S&C Electric Company (US), G&W Electric Company (US), Schurter (Switzerland), and Hubbell (US).

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