Global Electric Fuse Market Size By Type (Power Fuse & Fuse Links, Distribution Cutouts, Cartridge & Plug Fuses), By Voltage (Low, Medium, High), By End-user (Residential, Commercial, Industrial), By Geographic Scope And Forecast
Report ID: 348918|No. of Pages: 202
Global Electric Fuse Market Size By Type (Power Fuse & Fuse Links, Distribution Cutouts, Cartridge & Plug Fuses), By Voltage (Low, Medium, High), By End-user (Residential, Commercial, Industrial), By Geographic Scope And Forecast
Electric Fuse Market Size And Forecast
Electric Fuse Market size was valued at USD 3.56 Billion in 2024 and is projected to reach USD 5.18 Billion by 2031, growing at a CAGR of 4.80% from 2024 to 2031.
- An electric fuse is a safety device that prevents electrical circuits from overheating and causing damage. It is composed of a thin metallic wire or strip manufactured from materials with low melting points, such as tin or lead.
- Electric fuses are widely employed in a variety of contexts to ensure the safety and protection of electrical devices. They are typically found on residential distribution boards and protect domestic appliances from overloads. In automotive applications, fuses protect vehicle electrical systems such as vehicles and motorcycles.
- Furthermore, fuses are built into electronic equipment such as computers, printers, and game consoles, providing critical protection against high currents, which could cause device failure.
Global Electric Fuse Market Dynamics
The key market dynamics that are shaping the global electric fuse market include:
Key Drivers
- Growing Electricity Demand and Power Infrastructure Development: The growing global demand for electricity is driving the need for reliable power distribution systems, especially electric fuses. According to the International Energy Agency (IEA), worldwide electricity demand is expected to increase by 2.1% each year until 2040. Despite the COVID-19 epidemic, worldwide electricity demand declined by about 1% in 2020 and is predicted to return and expand by about 3% in 2021. The continual increase in energy demand needs the expansion and improvement of power infrastructure, hence increasing the electric fuse mark
- Rapid Urbanization and Smart City Initiatives: Urbanization and smart city projects are increasing the demand for improved electrical systems and protection equipment. According to the United Nations Department of Economic and Social Affairs, 68% of the global population is expected to reside in cities by 2050, up from 55% in 2018. This urbanization trend is accompanied by several smart city efforts around the world. For example, the Indian government’s Smart Cities Mission intends to create 100 smart cities, necessitating major investments in electrical infrastructure, such as fuses to protect against overloads and short circuits.
- Increasing Adoption of Renewable Energy Sources: The shift to renewable energy sources is opening up new potential for the electric fuse market. According to the International Renewable Energy Agency (IRENA), renewables accounted for 29% of worldwide energy generation in 2020, up from 27% in 2019. According to IRENA, by 2050, renewable energy could account for 86% of total electricity generation. This shift to renewable energy necessitates the usage of specialized fuses for solar panels, wind turbines, and other renewable energy systems, resulting in increased demand for electric fuses.
Key Challenges:
- Availability of Alternative Circuit Protection Technologies: The availability of alternative circuit protection technologies is a significant limitation on the worldwide electric fuse market. As electrical and electronic systems progress, alternate solutions such as circuit breakers and electronic fuses become more prominent. These alternatives provide capabilities such as resettability and remote monitoring, reducing the necessity for traditional fuses in specific applications.
- Cost Sensitivity and Price Competition: In price-sensitive markets, the higher cost of sophisticated fuse technologies is a barrier to their adoption. Budget limits force many rising nations and developing regions to prioritize cost over advanced features. While modern fuse technologies improve safety and efficiency, their high costs prevent widespread implementation in these markets.
Key Trends:
- Miniaturization and Increased Efficiency: The electric fuse market is experiencing a trend toward downsizing and increased efficiency in fuse design. Traditional large fuses are being replaced by more compact and streamlined alternatives, especially in low-voltage applications like residential and commercial structures. These smaller fuses not only save space in electrical panels but also increase heat dissipation and overall performance.
- Integration of Smart Features and Connectivity: The integration of smart features and interaction with automation systems is a major trend influencing the electric fuse market. With the introduction of smart grids and the growing acceptance of building automation technologies, there is an increased demand for fuses with sensors and communication capabilities. These “smart fuses” can provide real-time data on current flow and potential overloads, and even anticipate fuse health, allowing for proactive maintenance and remote monitoring of electrical circuits.
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Global Electric Fuse Market Regional Analysis
Here is a more detailed regional analysis of the global electric fuse market:
North America:
- According to Verified Market Research, North America is estimated to exhibit substantial growth within the electric fuse market over the forecast period. North America has experienced a huge move toward renewable energy, which is boosting demand for specialized electric fuses. According to the United States Energy Information Administration (EIA), renewable energy sources accounted for approximately 21% of total electricity generation in the United States in 2020, up from 17% in 2019. The EIA predicts that renewables will account for 42% of US power output by 2050, up from 21% in 2020. This transformation necessitates specialized fuses for solar panels, wind turbines, and energy storage systems, which is driving growth in the electric fuse market.
- Furthermore, the necessity to upgrade and modernize aging electrical infrastructure in North America is driving the electric fuse market. According to the American Society of Civil Engineers’ 2021 Infrastructure Report Card, the majority of the United States’ electric grid is aging, with 70% of transmission and distribution lines older than 25 years. The United States Department of Energy forecasts that an additional USD 177 Billion in investment is required for power distribution infrastructure by 2025. This modernization endeavor includes the installation of new protective devices, such as improved electric fuses, to improve grid stability and safety.
Asia Pacific:
- The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia-Pacific region is experiencing significant expenditures in power generation and grid infrastructure, which is driving the electric fuse market. According to the International Energy Agency (IEA), Southeast Asia’s electricity demand is expected to increase at a 4% annual rate until 2030. To accommodate this demand, governments are quickly increasing power generation capacity. For example, India expects to reach 523 GW of renewable energy capacity by 2030, up from 150 GW in 2021. The growth of power infrastructure is increasing the demand for electric fuses in power distribution systems.
- Furthermore, the Asia Pacific region is experiencing tremendous industrial expansion, which is increasing demand for electric fuses in a variety of manufacturing industries. According to the Asian Development Bank (ADB), developing Asia’s industrial production increased by 6.9% in 2021 and is expected to rise by 5.4% in 2022. China, the region’s main manufacturing base, had a growth in industrial production of 9.6% year on year in 2021. This industrial expansion is driving up demand for electric fuses to protect machinery and electrical systems in factories and manufacturing facilities.
Global Electric Fuse Market: Segmentation Analysis
The Electric Fuse Market is segmented based on Type, Voltage, End-User, and Geography.
Electric Fuse Market, By Type
- Power Fuse and Fuse Links
- Distribution Cutouts
- Cartridge and Plug Fuses
Based on Type, the market is segmented into Power Fuse & Fuse Links, Distribution Cutouts, and Cartridge & Plug Fuses. The distribution cutouts segment is estimated to dominate the electric fuse market due to its vital role in protecting electrical circuits from overloads and short circuits, especially in utility applications. As global industrialization and infrastructure growth continue, the requirement for dependable distribution networks has increased, highlighting the need for distribution cutouts. Their ability to provide continuous power supply and protect equipment strengthens their position as the market leadership.
Electric Fuse Market, By Voltage
- Low
- Medium
- High
Based on Voltage, the market is segmented into Low, Medium, and High. The medium voltage segment is estimated to dominate the electric fuse market due to increased investments in energy transmission and distribution networks, which necessitate dependable protection systems. Medium voltage fuses, which are commonly used in utility applications to protect transformers and substations, are preferred due to their simplicity of replacement and effectiveness in preventing electrical problems. As global infrastructure development continues, demand for medium-voltage fuses is projected to stay high.
Electric Fuse Market, By End-User
- Residential
- Commercial
- Industrial
Based on End-User, the market is segmented into Residential, Commercial, and Industrial. The residential segment is estimated to dominate the electric fuse market during the forecast period due to the growing demand for low-voltage fuses, which are critical for safeguarding household appliances and delicate electronics against overcurrents and short circuits. As urbanization progresses and living conditions improve, there is a considerable increase in the installation of electrical systems in residential buildings, driving up the need for dependable electric fuses to ensure house safety and performance.
Electric Fuse Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on Geography, the Electric Fuse Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to dominate during the forecasted period owing to rising industrialization and urbanization in countries such as China and India. In 2021, this region had the biggest demand for electric fuses, due to significant investments in infrastructure development and power generation projects. The rising per capita energy consumption, combined with a burgeoning manufacturing sector, drives the demand for dependable circuit protection solutions in a variety of applications across the Asia-Pacific region.
Key Players
The “Electric Fuse Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ABB, Siemens, Schneider Electric, Fuji Electric, Eaton Corporation, Littelfuse, Mersen, Bel Fuse, SCHURTER, and Conquer Electronics.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Electric Fuse Market Recent Development
- In March 2022, Mersen, a global pioneer in breakthrough materials and electrical power, launched non-indicating variants of its popular A2D and A6D Series fuses. The Class RK1 Time Delay fuse family now offers an amperage range of 8 to 600A in both expressing and non-indicating categories.
- In December 2019, Protectron Electromech introduced electric vehicle fuse kits. It is a well-known manufacturer of electromechanical equipment. They claim to give the entire system protection. The fuses are rated for currents up to 150 amps and DC voltages of up to 450 volts.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ABB, Siemens, Schneider Electric, Fuji Electric, Eaton Corporation, Littelfuse, Mersen, Bel Fuse, SCHURTER, and Conquer Electronics. |
| SEGMENTS COVERED | Type, Voltage, End-User, and Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Frequently Asked Questions
1 INTRODUCTION OF THE GLOBAL ELECTRIC FUSE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
3.5 Market attractiveness
4 GLOBAL ELECTRIC FUSE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL ELECTRIC FUSE MARKET, BY TYPE
5.1 Power Fuse and Fuse Links
5.2 Distribution Cutouts
5.3 Cartridge and Plug Fuses
5.4 Others
6 GLOBAL ELECTRIC FUSE MARKET, BY VOLTAGE
6.1 Low
6.2 Medium
6.3 High
7 GLOBAL ELECTRIC FUSE MARKET, BY END USER
7.1 Residential
7.2 Commercial
7.3 Industrial
7.4 Others
8 GLOBAL ELECTRIC FUSE MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL ELECTRIC FUSE MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
9.4 ACE Matrix
10 COMPANY PROFILES
10.1 Siemens AG
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 ABB Ltd.
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Eaton Corporation Plc
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Fuji Electric Co., Ltd.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Littelfuse
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 SCHURTER AG
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Development
10.7 Conquer Electronics Co., Ltd.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Schneider Electric SE
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Development
10.9 Bel Fuse Inc.
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Development
10.10 Mersen S.A
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Development
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
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Industry Analysis Matrix
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