CHICAGO, Feb. 18, 2019 /PRNewswire/ -- According to the new market research report "Electric Fuse Market by Type (Power Fuse & Fuse Link, Distribution Cutouts, Cartridge & Plug Fuse), Voltage (Low, Medium), End-Users (Utilities, Industrial, Residential, Commercial, Transportation), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Electric Fuse Market is projected to reach USD 4.3 billion by 2023 from an estimated USD 3.5 billion in 2018, at a CAGR of 4.24%. This growth can be attributed to growing investments in renewable and energy storage, increasing investments in T&D infrastructure plans, and revival of investments in construction sector.
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The medium voltage segment is expected to hold the largest share of the Electric Fuse Market, by voltage, during the forecast period.
The medium voltage segment is estimated to dominate the Electric Fuse Market in 2018 and is projected to have the largest market share during the forecast period. The medium voltage range for fuses is defined as fuses with the capacity to open circuit at voltage range above 1 kV to 38 kV. The high demand for medium voltage fuse is due to the continuous construction of transmission and distribution network along with high replaceability of fuses. The major end uses of medium voltage fuses are for electric utilities, transformers & substations, distribution networks, and heavy industries such as oil & gas industry. The medium voltage fuses are mostly the power fuses used for current limiting function, motor circuit protection, and for back up for protection from default current.
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The transportation segment is expected to be the second fastest growing segment of the Electric Fuse Market, by end-use, during the forecast period.
The transportation segment accounted for the second highest CAGR during the forecast period. The demand for electric fuses is driven by the high growth and developments in the global railway industry. Furthermore, the fast commercialization of electric trains and metros from the developing nations is driving the demand for electric fuses from tractions. Furthermore, the concepts of high speed trains, freight wagons, bullet trains will create opportunities for electric fuses in the near future.
Asia Pacific: The largest market for electric fuse.
In this report, the Electric Fuse Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to dominate the global Electric Fuse Market in 2018 owing to the development and growth of countries such as China, Japan, Australia and India, where there is huge requirement for power and infrastructural development due to growing population and urbanization. The transportation infrastructure in the region is at its verge of getting electrified. This also creates opportunities for electric fuses in the Asia Pacific railway and traction segment. Furthermore, the region is the largest consumer of solar energy, and countries such as India and China are driving the renewable energy market. For instance, India has set goals of generating 175 GW of electricity through renewables by 2022. Such factors are likely to drive the Asia Pacific Electric Fuse Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electric Fuse Market. Some of the key players are Schneider Electric (France), Siemens (Germany), Mersen (France), ABB (Switzerland), Eaton (Ireland), Bel Fuse Inc. (US), Littelfuse (US), Legrand (France), S&C Electric Company (US), and Hubbell (US). The leading players are adopting various strategies to increase their shares in the Electric Fuse Market.
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