The global electric fuse market is expected to grow tremendously due to the growing industries such as aerospace, automobile, power transmitting equipment, and increasing power demand. Demand for advanced electronic & electrical equipment is rising due to which the demand for electric fuse is simultaneously increasing. An electric fuse is a safety device which is used to prevent electrical overload and protect electrical & electronic devices which are connected to the circuit. Depending on the applications, there are different fuse designs with a specific voltage and current ratings. An electric fuse is made by the mixture of copper, silver, and tin and its chamber are generally filled with boric acid as its refilling cost is low and it integrates better with distribution networks and transformers. It is one of the cheapest types of protection in an electrical circuit and requires no maintenance.
Browse the full report description of "Electric Fuse Market by Type (Cartridge & Plug Fuse, Power Fuse & Fuse Link, Distribution Cut-outs), by Voltage (Low Voltage and High Voltage), by End-User (Industrial, Residential, Commercial, Transportation, and Others) Industry Size, Share, Global Trends, Competitive Analysis and Forecast, 2019 to 2025" at https://www.omrglobal.com/industry-reports/electric-fuse-market
Factors driving the global electric fuse market
In today’s digital world where most of the existing things are somehow depending upon electricity, electricity demand has increased immensely. The major factor that is increasing the demand for electric fuse is the investment in renewable energy and energy storage devices. As the energy requirements across the globe are increasing and simultaneously prices of fossil fuels increase. Due to this, the government is tilting towards renewable energy and see it as a potential primary source for energy. This creates enormous opportunities for global electric fuse market in the near future.
Additionally, adoption of electric fuse in automotive electronics is boosting across the globe. Automotive electronics share 30-40% of the total manufacturing costs of a vehicle. The use of automotive electronics has boosted attributed to the increasing demand for advanced systems such as advanced driver assistance systems, premium audio systems, diagnostic systems, electronic transmission, and infotainment systems.
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The expansion of the construction industry is also contributing to the rising demand for electric fuses. As the construction projects are increasing in developing countries such as India and China. Additionally, African economies are becoming strong due to which more and more building construction are being performed. The need for improving power safety measures and power management are leading to higher usage of electric fuses.
Additionally, smart grid demand is increasing rapidly in the market, due to the uses of power-hungry devices which is boosting electricity consumption tremendously. Smart grids are useful for electricity transmission and can be used for electricity restoration at the time of power disturbance. This system is primarily used for controlling, analyzing and monitoring communications. Smart grid has a variety of connected devices which includes smart meters, energy-efficient resources, smart load controls, renewable energy sources. This need for a smart grid is also increasing the growth of electric fuse market.
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Industry Key Players
The major players that contribute to the growth of the global electric fuses market include ABB Ltd., Bel Fuse Inc., Eaton Corp., G&W Electric Co., Hubbell Inc., Legrand SA, Littelfuse, Inc., Mersen Corporate Services SAS, S&C Electric Company, Schneider Electric SE, Schurter, Inc., and Siemens AG.
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