March 06, 2023 05:03 ET | Source: Research and Markets Research and Markets
Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Electric Fuse Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering. Electric Fuse Market is projected to grow at a CAGR of 6.58% during the forecast period to reach US$5,762.802 million by 2027, from US$3,688.250 million in 2020. Rising power consumption and an increase in demand for an electric fuse in the automobile sector are expected to boost the electric fuse market. Increasing disposable income, changing consumer preferences toward new technology, and industrialization is increasing the demand for automobiles. An electric fuse is increasingly used in automobiles especially in electrical and digital systems in automobiles. PV Circuit Breaker
Furthermore, electric fuses are increasingly used in the EV (electric vehicle) industry mainly for charging purposes in electric charging stations that essentially convert AC power into DC power which requires electric fuses that act as circuit breakers and safety devices that protect the machine from excessive current flow. Additionally, these fuses help in powering hybrid automobile equipment and in the protection of electric motors, batteries, and power conversion devices which further increases their demand in the automobile sector.
Furthermore, according to Little Fuse Inc's annual reports, its net sales in the electronics segment which included all electronic parts particularly fuses, electric vehicles and related infrastructure, power supplies, and others recorded an increase in sales of US$1,300,744 million in 2021 compared to the previous period.
Similarly, its transportation segment engaged in selling high-voltage fuses, commercial vehicle fuses, circuit breakers, and others recorded an increase in sales of US$ 528,058 million in 2021. Furthermore, rising power consumption among the population in recent years has increased the demand for electric fuse to cater to the rising power supply requirements of the people. However, excessive current can burn the fuse wire which needs to be replaced which leads to a rise in maintenance costs and that can hinder the growth of the electric fuse market. Market Developments:
During the forecast period, North America is expected to gain a significant share of the electric fuse market. The demand for electric fuses in North America increased due to an increase in the automotive sector, electronics sector, technological advancements, and increase in power consumption. Furthermore, demand for high-voltage electric fuse increased in the electric vehicle industry for power supply and overcurrent charging protection. Furthermore, an increase in electricity and power consumption particularly from the commercial and industrial sectors increased the demand for electric fuses.
As per Energy Information Administration, USA electricity consumption in 2021 was 3.93 trillion kWh due to a rise in the direct use of electricity from the industrial and commercial sectors. In addition to that, retail sales of electricity increased in the commercial sector by 34.9% in 2021 owing to the use of computers, laptops, refrigerators, and air conditioning. Similarly, retail sales of electricity in the industrial sector increased by 26% in 2021 owing to machine motors, electrical equipment for vehicles, and others. All these factors have further increased the demand for electric fuses in the region. Market Segmentation: By Type
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