Electric Fuse Global Market Report 2024

The global electric fuse market has grown strongly in recent years. It will grow from $4.24 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrialization and urbanization, growing electrical infrastructure, advancements in power electronics, safety and fire prevention, automotive electrification, increasing demand for consumer electronics, and the expansion of the telecommunications sector.

The global electric fuse market is expected to see strong growth in the next few years. It will grow to $5.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to the modernization of electrical equipment, a heightened focus on safety standards, the rapid growth of electric vehicles, the integration of energy storage systems, the increasing complexity of electrical networks, a rising demand for compact and efficient fuses, and the emphasis on resilience planning in electrical networks. Major trends expected in this period include technological innovations in fuse design, advancements in semiconductor technology, the digitalization of power distribution systems, customization for specific applications, miniaturization of components, advancements in fuse materials, the expansion of power distribution networks, and the development of smart grid infrastructure.

The electric fuse market is set for significant growth, primarily propelled by the escalating electric consumption worldwide. With electric consumption on the rise due to factors such as population growth, economic development, and technological advancements, the demand for electrical fuses, including specialized variants like UL power fuses, is witnessing an upswing. These fuses play a crucial role in various industries, including medical, industrial, lighting, power generation, appliances, climate control, and automobiles, where substantial electricity usage occurs. Their function is vital in limiting overflow and reducing wastage. Notably, in 2021, the United States consumed approximately 3.9 trillion kilowatt-hours (kWh) of electricity, marking a 2% increase from the previous year, as reported by the US Energy Information Administration. This upward trend in electric consumption is poised to be a driving force for the electric fuse market in the forecast period.

The electric fuse market is expected to experience robust growth, driven by the expanding consumer electronics sector. Consumer electronics, encompassing electronic devices designed for everyday use, have become integral parts of modern life. Electric fuses play a critical role in ensuring the safety of consumer electronics by interrupting electrical circuits during overcurrent or short-circuit events. The growth in consumer electronics is evident in the success of companies like LG, a South Korea-based consumer electronics giant, which achieved record-breaking annual revenue of over $60 billion in 2022. This surge in consumer electronics sales, up 12.9% from the previous year, underscores the increasing reliance on electronic devices and, consequently, the growing demand for electric fuses to ensure their safe operation.

Technological advancements emerge as a prominent trend in the electric fuse market, with major companies focusing on developing innovative and technologically advanced solutions. Notably, Littelfuse, a US-based circuit protection manufacturer, introduced the 828 series high-voltage cartridge fuses. These fuses, designed for automotive electric vehicle applications, adhere to AEC-Q200 standards and offer superior overcurrent protection. The advanced features include compliance with RoHS, lead-free composition, and a wide operating temperature range. The integration of advanced technologies in electric fuses, especially for electric vehicles, showcases the industry's commitment to staying at the forefront of innovation to meet evolving market needs.

Major companies in the electric fuse market are strategically focusing on the introduction of automotive electric fuses to gain a competitive edge. Automotive electric fuses play a crucial role in safeguarding a vehicle's electrical system by interrupting the flow of electrical current during fault conditions. Microchip Technology Incorporated, a US-based company, exemplifies this strategy with the launch of an E-Fuse Demonstrator designed to protect power electronics in electric vehicles. This innovative demonstrator utilizes silicon carbide (SiC) technology, providing a faster and more reliable method for safeguarding power electronics in EV applications. The demonstrator's advanced features, including rapid response times and the ability to detect and interrupt fault currents in microseconds, position it as a cutting-edge solution in the automotive electric fuse segment.

In May 2021, Mersen, a France-based company specializing in advanced materials and electrical power products, successfully completed the acquisition of Fusetech for an undisclosed amount. This strategic move is geared towards enhancing the efficiency of Mersen's European electric fuse production lines. Fusetech, based in Hungary, is recognized for its expertise in manufacturing low-voltage and high-voltage fuse-links, making it a valuable addition to Mersen's portfolio.

Major companies operating in the electric fuse market report are Schneider Electric SE, Siemens Aktiengesellschaft, Mersen S.A., ABB Ltd., Eaton Corporation PLC, Bel Fuse Inc., Littelfuse Inc., Legrand SA, S&C Electric Company, G&W Electric Company, SCHURTER Holding AG, Hubbell Incorporated, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., Bourns Inc., SIBA GmbH, EFEN GmbH, Hollyland Electronic Technology Co. Ltd., Pacific Engineering Corporation, AEM Components Inc., KYOCERA Corporation, Alstom SA, Maxwell Technologies LLC, OptiFuse, Protectron Electromech Pvt. Ltd., Xiamen SET Electronics Co. Ltd., Larsen & Toubro Limited, Pennsylvania Breaker LLC, Toshiba Corporation, TE Connectivity Ltd., Coromandel International Limited, Israel Chemicals Limited, K+S Aktiengesellschaft, ociedad Química y Minera de Chile S.A., and Yara International ASA.

Asia-Pacific was the largest region in the electric fuse market share in 2023. North America was the second-largest region in the electric fuse market analysis. The regions covered in the electric fuse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric fuse market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric fuses come in various types, including industrial power and UL fuses, axial radial thru-hole fuses, cartridge fuses, surface mount fuses, and specialty power fuses. Industrial power fuses are employed in diverse industrial applications, while UL fuses provide circuit protection for electronic components. These fuses encompass power fuse and fuse links, distribution cutouts, cartridge and plug fuses, among others, catering to low and medium voltages. End-users of electric fuses span utilities, industrial facilities, residential settings, commercial spaces, transportation systems, and more.

This report provides electric fuse market statistics, including electric fuse industry global market size, regional shares, competitors with an electric fuse market share, detailed electric fuse market segments, market trends and opportunities, and any further data you may need to thrive in the electric fuse industry. This electric fuse market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electrical fuse market consists of sales of capacitor fuses, dropout fuses, battery fuses, and fuse pullers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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