Pune, May 26, 2021 (GLOBE NEWSWIRE) -- Electric Fuse Critical in Vehicles Charging to Ensure Electrical Safety
The electric fuse market outlook appears extremely promising, witnessing continual demand in the utilities, industrial, commercial, and transportation sectors. Besides, the growth in grid infrastructures worldwide and investments in refurbishing aging grid infrastructure stimulates global electric fuse market size. Electric fuses are also extensively used in electric vehicles' safety systems for circuit protection.
Fuse durability simulations are unique in the EV industry and help OEMs reduce risk. With rising governmental goals of slashing greenhouse gas emissions to half by 2030 and dramatically overhauling a large part of the economy, electrification in the transportation sector is projected to escalate to newer heights. Moreover, costs decline, and the acceleration of EV adoption is encouraging governments to phase out of the internal combustion engine (ICE).
These factors, as a result, would foster the electric fuse market demand. With the continually rising electric vehicle industry, the electric fuse market is projected to grow even more speedily in the years to come. According to Market Research Future, the global electric fuse market is expected to reach an exponential valuation by 2027, growing at an impressive 5.65% CAGR during the forecast period (2020-2027).
Advances in safety systems used in autonomous vehicles to protect them against a complete failure following sudden problems drive the electric fuse adoption, marking a groundbreaking step toward safe and reliable autonomous driving. In today's electrical system architectures for automated vehicles, it is standard practice that areas affected by a fault are isolated utilizing an overload protection system.
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COVID-19 Impact
The onset of the COVID-19 pandemic hit the electric fuse industry severely, causing huge revenue loss. Fuse manufacturers faced various problems, such as obtaining raw materials & components required for the production, attracting workers from quarantines, and delivering end products. Electrification jobs, mainly in the governmental and industrial sectors, were postponed due to strict lockdown mandates.
This further impacted the electric fuse industry hugely, bringing production capacities to a halt and cutting down production output. Besides, the pandemic-driven lockdown put a brake on the manufacturing of component and device production, which spiked overall product prices and lowered the market demand.
However, the electric fuse market is rapidly returning to normal, witnessing a steadily increasing demand, especially from industrial sectors. The market demand is estimated to pick up further following the uplift of the lockdown in many countries.
Industry Trends
Growing offshore investments in renewable power, T&D, and the construction industry are major market trends. Additionally, the increasing electrification substantiates the growth of the market, driving power consumption. Advantages of an electric fuse like zero maintenance, lesser operation time than the operation of a circuit breaker, and the ability to interrupt a short circuit current without producing noise or smoke escalate the market growth.
Technological advances and increasing demand for effective and improved fusing technology boost the electric fuse market size. Robust growth in the construction industry and the advent of advanced electric fuses impact the market growth positively. Rising safety concerns associated with photovoltaic systems and distributed energy resources create substantial market demand.
Furthermore, the increasing adoption of renewable energy sources and rising investments in power generation boost market growth. On the other hand, fluctuating prices and the demand-supply gap in raw materials are major factors projected to impede the market growth. Nevertheless, the high demand for medium voltage fuses and developments in transmission and distribution networks would support the market during the assessment period.
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Segmentation
The electric fuse market analysis is segmented into type, voltage, application, end-use, and region. The type segment is sub-segmented into power fuse & fuse link, distribution cutouts, and cartridge & plug fuse. The voltage segment is bifurcated into low, medium, and high voltage.
The medium voltage segment accounts for the largest market share, witnessing high demand led by the continuous construction of transmission and distribution networks and high replaceability of fuses. The end-user segment is sub-segmented into utilities, industrial, residential, commercial, and transportation. Among these, the transportation segment accounts for the largest market share.
Regional Analysis
Asia Pacific dominates the global electric fuse market. The market growth attributes to the proliferation of electric vehicles and increased use of fuses in utilities, commercial, and industrial sectors.
Besides, vast investments in smart grid infrastructure development and research and development activities for new product development and improve performances of existing product lines drive the market growth.
Growing dependence on renewable power generation and infrastructural activities substantiate the market size. Moreover, burgeoning end-user industries such as automotive and electronics industries in the region create substantial market demand.
China holds the highest installed generation and distribution capacity, resulting in an increased demand for the electric fuse. Similarly, growing power distribution in India, Australia, and Indonesia boosts the region's electric fuse market share. The APAC electric fuse market is expected to continue with its leadership throughout the forecast period.
North America holds the second-largest share in the global electric fuse market. The market growth is driven by the growing construction projects and infrastructure development projects in the region. Additionally, the growing electronics and electrical sectors in the region create vast market demand. The US leads the regional market, owing to the growing T&D lines. The North American electric fuse market is expected to register a significant CAGR during the assessment period.
Europe acquires a substantial share in the global electric fuse market. The market is witnessing increased electrification works that require various electrical components. Also, the rapidly growing use of electric fuses in the medical device industry fosters market growth.
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Competitive Analysis
The electric fuse market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Industry leaders are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on April 29, 2021, Sensata Technologies, leading industrial technology and sensor-rich solutions provider, announced securing a new business contract with a leading truck OEM to provide its Power Distribution Units for DC fast charging of electric trucks. Sensata would provide a critical solution to EV safety and equipment lifetime, protecting the vehicle operator and batteries.
Key players involved in the market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Hubbell (US), Siemens (Germany), Mersen (France), Bel Fuse (US), Legrand (France), S&C Electric Company (US), G&W Electric (US), and Little Fuse (US).
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