Electric Fuse Market size is Anticipated to Garner $9.3 Billion by 2031 | Growing at a CAGR of 7.7%
Electric Fuse Market
WILMINGTON, DELAWARE , UNITED STATES, September 23, 2023 /EINPresswire.com/ -- Allied Market Research published a report on the Electric Fuse Market1 by Voltage, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global electric fuse market size was valued at $4.5 billion in 2021, and is projected to reach $9.3 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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Electrical fuse is a type of safety device that protects electrical equipment against current overflow in an electrical circuit. A metal wire or strip that melts when overcurrent flows through it is an important component of an electrical fuse.
Electric fuses have long been an important component of end-user circuit protection equipment. However, in the low-voltage market, there has been a significant shift away from the use of electric fuse box toward miniature circuit breakers (MCBs) and molded case circuit breakers (MCCBs), as these circuit protection devices are more dependable, safe, reusable, sensitive, have a better interface, and do not require manual intervention. MCBs, MCCBs, protective relays, and increased investments in smart grid vision are likely to limit electric fuse market growth.
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Competitive Analysis:
The competitive environment of the electric fuse industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, electric fuse market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the major key players of the electric fuse industry include:
⦁ Fuji Electric Co., Ltd.
⦁ Eaton Corporation Plc
⦁ Siemens AG
⦁ Schneider Electric SE
⦁ Mersen S.A
⦁ Conquer Electronics Co., Ltd.
⦁ Littelfuse, Inc.
⦁ SCHURTER AG
⦁ ABB Ltd.
⦁ Bel Fuse Inc.
Industry players are investing a lot of effort on the research and development of smart and unique strategies to sustain their growth in the electric fuse market opportunity. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. In January 2019, Mersen announced the release of the class RK1 reducer fuses product line. The newly developed product is ideal for manufacturing facilities and differs from other fuses in terms of reliability, durability, and flash mitigation.
Electric fuse market growth is being driven by increased adoption of electric options for operations of various sectors. Industries use a lot of energy and require a lot of fuel and power to run mechanical drivers, boilers, furnaces, heating, ventilation, and air-conditioning (HVAC) systems, and so on. Traditionally, IC motors, fossil-fuel-based boilers and furnaces, and other non-electric energy sources were used.
To transition to a low-carbon future and guarantee reliable operation, industries are increasingly adopting electric options. This trend is particularly noticeable in developed regions such as Europe and North America, where governments from various nations are actively pursuing carbon-neutral targets.
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Key Benefits for Stakeholders:
⦁ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric fuse market analysis from 2021 to 2031 to identify the prevailing electric fuse market opportunities.
⦁ The market research is offered along with information related to key drivers, restraints, and opportunities.
⦁ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
⦁ In-depth analysis of the electric fuse market segmentation assists to determine the prevailing market opportunities.
⦁ Major countries in each region are mapped according to their revenue contribution to the global market.
⦁ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
⦁ The report includes the analysis of the regional as well as global electric fuse market trends, key players, market segments, application areas, and market growth strategies.
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1 https://www.alliedmarketresearch.com/electric-fuse-market-A09300
2 https://www.alliedmarketresearch.com/press-release/electric-fuse-market.html
