The global electrical fuses market size is set to reach USD 6.5 billion by 2032. It is anticipated to exhibit steady growth at a CAGR of 4.8% in the estimated time frame from 2022 to 2032. The market stood at a valuation of USD 4.1 billion in 2022.
Three main trends anticipated to propel the electric fuse industry are increased investment in smart cities, rising electric consumption, and shift toward renewable energy sources. However, government involvement and environmental approvals in the implementation of infrastructure capacity expansion are likely to hinder growth during the projection period.
An electronic safety device known as an electronic fuse is used to control the amount of current flowing through an electrical system. It helps to safeguard the source against overcurrent. These fuses are constructed from alloys of metal, copper, and tin, which melt at high temperatures.
An electromagnetic fuse is a low-resistance, self-sacrificing device that is placed in the junction box and used to break a circuit. Electrical utility companies view circuit breakers and fuses as outstanding gear against high voltages. These are also considered to be a crucial safety device.
Automobiles need electric fuses since they contain a wide range of electric components. By minimizing and controlling the electric load, these electric fuses safeguard household appliances, industrial equipment, and electronic devices against improper current fluctuations.
Demand for electricity is continuously rising as a result of an improved economy, more business activity, and upbeat government policies. Governments all across the world are implementing a wide range of innovative programs.
A few of these are delivering power around-the-clock, increasing the capacity of power plants, and modernizing existing distribution infrastructure. Production, transmission, distribution, and exchange of energy are projected to undergo fast change. It would result with continued technical development and investment in the power producing industry.
In the last 10 years, power generation increased by 2.8%, as reported by the Statistical Review of Global Energy Report 2018. Emerging economies were responsible for 94% of the surge. With 49% or more than a quarter of total power generation, renewable energy accounted for a prominent share of the total energy produced.
In order to cut off power to a broken system and provide vital overload & short-circuit protection, fuses are frequently used in power generation & distribution. Increasing expenditure in energy production and related infrastructure, which is a crucial part of an electric system, is driving the global market ahead.
| Attributes | Key Insights |
|---|---|
| Electrical Fuses Market Estimated Size (2022E) | USD 4.1 billion |
| Projected Market Valuation (2032E) | USD 6.5 billion |
| Value-based CAGR (2022 to 2032) | 4.8% |
| USA Value-based CAGR (2022 to 2032) | 3.7% |
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According to a report by Future Market Insights (FMI), the global electrical fuses market exhibited a CAGR of 5.7% in the historical period. It is anticipated to witness a CAGR of 4.8% from 2022 to 2032.
In various industries, electrical fuses have long been a crucial part of circuit protection equipment. Use of miniature circuit breakers and molded case circuit breakers has significantly replaced the use of electric fuses in low-voltage applications.
However, these safety interlock gadgets are much more reliable, secured, recyclable, and delicate than miniature circuit breakers and molded case circuit breakers. These have outstanding functionality, and do not necessitate manual input. High investments in smart energy vision are anticipated to constrain the market.
Prospective energy production capacities are expected to put strain on the current power grid unless they are increased and fortified. The World Energy Council predicts that a minimum of 2,000 GW of new power-generating capacity is required worldwide. Within the next ten years, an additional 1,000 GW will be needed to replace the aging infrastructure.
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Asia Pacific to Remain Dominant with Rising Use of Electric Fuses across Energy Generation Plants
Asia Pacific electrical fuses market size was USD 1.9 billion in 2021. It stood at USD 2.0 billion in 2022. The region is likely to be worth USD 3.3 billion in 2032. The estimated CAGR from 2022 to 2032 for the region is expected to be 50.9%.
Asia Pacific is the predominant developing region in the world. Rapid industrialization and urbanization in the region have increased the consumption of energy significantly. Governments in the region are also investing heavily in the electrification of rural areas.
Expansion of the electrical grid is projected to increase demand for energy in the region. As an electric fuse is an essential component in an electrical system, the market is set to broaden by 2032. It is also a crucial component in energy generation plants.
China is a significant producer of energy in the world. It produced around 6000 terawatt-hours in 2018. The total energy production in the country increased to about 8000 terawatt-hour in 2021.
Rising power production is projected to expand the market for electric fuses in Asia Pacific. It is attributed to increasing use of high-voltage electric fuses in energy generation plants to prevent short circuits and fires.
High Sales of Air Conditioning Units in the USA to Propel Need for Electrical Fuse Boxes
The USA electrical fuses industry is expected to be worth USD 901.0 million by 2032. It is set to create an absolute dollar growth of USD 273.8 million in the forecast period.
The USA witnessed moderate growth at a CAGR of 2.6% from 2017 to 2021. It is expected to broaden at a CAGR of 3.7% from 2022 to 2032.
The USA has a significant demand for consumer electronics such as televisions and air conditioners. Demand for electric fuses is projected to expand as these are an essential component in consumer electronics.
In air conditioners and televisions, it protects the appliance from catching fire in case of a malfunction or a short circuit. Rising consumer electronics demand in the country is projected to expand the market for electric fuses during the assessment period.
In 2018, there were around 5.6 million air conditioning units sold in the USA. It rose to around 6.28 million units in 2021. Surging demand for consumer electronics such as air conditioning units is likely to boost the electric fuse sales in the country.
Increasing Demand for Electric Vehicles to Bolster Electric Fuse Panel Sales in the United Kingdom
The United Kingdom electrical fuses market is anticipated to surpass USD 168.6 million by 2032. It is set to create an incremental opportunity of USD 46.7 million in the next ten years.
The United Kingdom market witnessed growth at a CAGR of 1.3% from 2017 to 2021. It is expected to broaden at a CAGR of 3.3% in the forecast period.
The United Kingdom has been widely adopting electric vehicles in recent years due to rising awareness about the negative impacts of greenhouse gases. Increased support from the government in the form of subsidies would also drive demand.
Electric vehicles use electrical fuses to protect sensitive components, as well as prevent short circuits in vehicles. Rising adoption of electric vehicles in the country is projected to push electric fuse demand by 2032.
In 2018, there were around 60,000 units of electric vehicles sold in the country. It is projected to expand to around 680,000 units by 2025. Rising adoption of electric vehicles in the country is expected to propel the market for electric fuses during the assessment period.
Demand for Electric Fuse Breakers in China to Expand amid Surging Demand for Electricity
China electrical fuses industry is likely to cross USD 1.7 billion in 2032. It would create an absolute dollar opportunity of USD 782.5 million in the next ten years. China showcased considerable growth at a CAGR of 7.7% from 2017 to 2021. It is expected to boost at a CAGR of 6.3% from 2022 to 2032.
China is a significant producer of electricity in the world. It is due to rapid urbanization and a significant expansion of the manufacturing sector within the country. Power generation plants utilize high-voltage electric fuses to protect instruments such as transformers from short circuits and causing a fire. Due to rapid industrialization, demand for power has significantly increased in recent years.
Since electric fuses play a crucial role in power generation, high demand for power in the country is projected to expand its power generation capacity. It would hence increase the demand for electrical fuses by 2032.
Government Investments in Japan to Support Sales of Electric Fuse Box Panels by 2032
Japan electrical fuses market is anticipated to be worth USD 1.2 billion by 2032. It is likely to create an incremental opportunity of USD 450.9 million during the estimated time frame. The Japan market witnessed growth at a CAGR of 6.7% from 2017 to 2021. It is expected to elevate at a CAGR of 5.1% from 2022 to 2032.
The government of Japan in 2020 announced that it aims to become emission-free by 2050. To achieve this goal, the government is providing incentives to buy electric vehicles, thereby making them more affordable.
The government also announced that by 2035, all the cars sold in the country would be powered by electricity. Since electric fuses are used in electric vehicles, rising adoption of electric vehicles is projected to expand the market in Japan.
In 2020, the number of electric cars sold in Japan was around 20,000. It expanded to around 54,000 electric cars in 2021. The total number of electric cars in use in Japan stands at around 138,000 cars. Rising adoption of electric vehicles in the country is projected to expand the market for electric fuses by 2032.
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Power Fuse & Fuse Link to Dominate by 2032 with Rising Use among Power Distribution Networks
Based on type, the power fuse & fuse link segment is projected to witness significant growth. It exhibited growth at a CAGR of 5.4% from 2017 to 2021. It is expected to accelerate at a CAGR of 4.7% from 2022 to 2032.
Power transmission and distribution networks, as well as circuit and motor protection, consume a lot of power fuses. Rising per capita energy usage and increasing investments in the area of power generation would also boost expansion of the segment.
Sales of Low-voltage Electric Fuse Boxes to Expand as Construction of Apartments Burgeons
Low voltage fuses are anticipated to witness a prominent electrical fuses market share by 2032. It showcased steady growth at a CAGR of 5.2% from 2017 to 2021. It is expected to escalate at a CAGR of 4.6% from 2022 to 2032.
Low voltage fuses are the predominant type of electrical fuses used worldwide. These fuses are extensively utilized in apartment complexes and consumer appliances.
These fuses generally have a capacity of around 10,000 amperes. With rising demand for consumer devices and rapid urbanization, the segment is projected to expand during the estimated period.
The global electrical fuses market is highly competitive with the presence of numerous small- and large-scale companies. They are mainly focusing on launching innovative products by conducting extensive research and development activities. A few other firms are aiming to engage in strategic collaborations and acquisitions & mergers to strengthen their positions.
A few recent developments in the electrical fuses market:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 4.1 billion |
| Projected Market Valuation (2032) | USD 6.5 billion |
| Value-based CAGR (2022 to 2032) | 4.8% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | USA, United Kingdom, Germany, France, Spain, Italy, Japan, China, Singapore, Malaysia, Sri Lanka, Kingdom of Saudi Arabia, United Arab Emirates, South Korea, Finland, Hungary, Rest of the World |
| Key Segments Covered | Type, Voltage, Region |
| Key Companies Profiled | ABB; Eaton; Schneider Electric; Siemens; Hubbell; Mersen; Legrand; Bel Fuse; S&C Electric Company; Littelfuse; G&W Electric |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Electrical Fuses market CAGR for 2032 is 4.8%.
The Asia Pacific region is the leading region in the market.
The projected market value of the market for 2032 is USD 6.5 billion.
Key players are developing the market by forming strategic partnerships.
China, India, the United States, Japan, and Germany are the major countries in this market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 5.1. Power Fuse & Fuse Link 5.2. Distribution Cut-outs 5.3. Cartridge & Plug Fuse 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Voltage 6.1. Low 6.2. Medium 6.3. High 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. ABB 15.2. Eaton 15.3. Schneider Electric 15.4. Siemens 15.5. Hubbell 15.6. Mersen 15.7. Legrand 15.8. Bel Fuse 15.9. S&C Electric Company 15.10. Littelfuse 15.11. G&W Electric 16. Assumptions & Acronyms Used 17. Research Methodology
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Electrical Fuses Market
