An electric fuse is a tool used to avoid overflow. Electrical fuses have a wide range of applications with different voltage specifications.
What is the market size of electric fuse market, and what are its growth drivers?
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The global electric fuse market is expected to reach US$ 5 billion by 2025 from US$ 2.5 billion in 2018.
The global electric fuse market is supported by the rapid growth of the industrial and residential sectors which have created an enormous demand for electricity. This increasing power demand is giving ample growth opportunity to the electrical fuse industry. A further boost in demand is from the ongoing modernisation of grid systems and improvement of new substation and feeder line protection.
The market growth is also supported by governments’ investments in renewable sectors along with energy storage system and investments plans in transmission and distribution infrastructure. The substantial changes in the automotive and construction sectors will further support demand for electrical fuses. The emergence of the Internet of Things (IoT) and the vast potential of circuit protection devices across different applications will drive industry growth.
The major factor which hinders the electric fuse market growth is the fluctuating prices of raw materials, cost of high voltage electrical fuse and in some cases the sensitivity of fuses which make them prone to short circuit.
The key opportunities and challenges for the electric fuse market is the increasing demand for replacements such as Miniature Circuit Breakers (MCBs), Molded Case Circuit Breaker (MCCBs) along with protective relays and this trend is expected to continue in the coming years.