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The Business Research Company's Electric Fuse Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 9, 2024 /EINPresswire / -- The electric fuse market has experienced robust growth in recent years, expanding from $4.24 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrialization and urbanization, growing electrical infrastructure, advancements in power electronics, safety and fire prevention, automotive electrification, increasing demand for consumer electronics, expansion of the telecommunications sector, consumer awareness on electrical safety.
What Is The Estimated Market Size Of The Global Electric Fuse Market And Its Annual Growth Rate?
The electric fuse global market is projected to continue its strong growth, reaching $5.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to electrical equipment modernization, increased stringency of safety standards, rapid growth in electric vehicles, integration of energy storage systems, increasing complexity of electrical networks, demand for compact and efficient fuses, resilience planning in electrical networks. Major trends in the forecast period include technological innovations in fuse design, advancements in semiconductor technology, digitalization of power distribution, customization for specific applications, miniaturization of components, advancements in fuse materials, expansion of power distribution networks, smart grid infrastructure.
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Growth Driver Of The Electric Fuse Market
The increasing electric consumption is expected to drive the electric fuse market. Electric consumption is the amount of electricity consumed over a specific period, expressed in Wh (or kWh). Electric consumption is increasing due to rising population, economic development, and technological developments. Electrical fuses such as UL power fuses are increasingly needed in a variety of industries such as medical, industrial, lighting, power generation, appliances, climate control, and automobiles that consume a lot of electricity to limit the overflow and reduce wastage.
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Which Market Players Are Steering The Electric Fuse Market Growth?
Key players in the electric fuse market include Schneider Electric SE, Siemens Aktiengesellschaft, Mersen S.A., ABB Ltd., Eaton Corporation plc, Bel Fuse Inc., Littelfuse Inc., Legrand SA, S&C Electric Company, G&W Electric Company, SCHURTER Holding AG, Hubbell Incorporated, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., Bourns Inc., SIBA GmbH, EFEN GmbH, Hollyland Electronic Technology Co. Ltd., Pacific Engineering Corporation, AEM Components Inc., KYOCERA Corporation, Alstom SA, Maxwell Technologies LLC, OptiFuse, Protectron Electromech Pvt. Ltd., Xiamen SET Electronics Co. Ltd., Larsen & Toubro Limited, Pennsylvania Breaker LLC, Toshiba Corporation, TE Connectivity Ltd., Coromandel International Limited, Israel Chemicals Limited, K+S Aktiengesellschaft, ociedad Química y Minera de Chile S.A., Yara International ASA.
What Are The Key Trends That Influence Electric Fuse Market Share And Analysis?
Technological advancement is a key trend gaining popularity in the electric fuse market. Major companies operating in the market are developing technologically advanced electric fuses that are compatible with electric vehicles to gain a competitive edge in the market.
How Is The Global Electric Fuse Market Segmented?
1) By Product Type: Industrial Power And UL Fuses, Axial Radial Thru Hole Fuses, Cartridge Fuses, Surface Mount Fuses, Specialty Power Fuses
2) By Type: Power Fuse And Fuse Links, Distribution Cutouts, Cartridge And Plug Fuses, Other Types
3) By Voltage: Low Voltage, Medium Voltage
4) By End-Users: Utilities, Industrial, Residential, Commercial, Transportation, Other End-Users
Geographical Insights: North America Leading The Electric Fuse Market
Asia-Pacific was the largest region in the electric fuse market share in 2023. North America was the second-largest region in the market analysis. The regions covered in the electric fuse globalmarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Electric Fuse Market Definition
An electrical fuse refers to a safety device that is operated to offer protection against the overflow of current in an electrical circuit. A metal wire or strip is an important component of an electrical fuse that melts when an overcurrent flows through it. Stopping or interrupting the current, helps protect the device. The purpose of a fuse is to protect a circuit and any appliances connected to the circuit if the current exceeds the limit of the fuse due to voltage fluctuations or shorts.
Electric Fuse Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global electric fuse market report covering trends, opportunities, strategies, and more
The Electric Fuse Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric fuse market size , electric fuse market drivers and trends, electric fuse market major players, electric fuse competitors' revenues, electric fuse market positioning, and electric fuse market growth across geographies. The electric fuse global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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